TL;DR
- PNUT surged to almost $1.40 before stabilizing at $1.27, driven by Coinbase adding it to its “roadmap” and an overall resurgence in the meme coin sector.
- Inspired by a controversial incident involving a pet squirrel, PNUT gained massive attention after its launch in November, with early investors reaping significant profits during its explosive bull run.
PNUT on the Run Again
Peanut the Squirrel (PNUT) – a Solana-based meme coin which saw the light of day in November this year – took center stage today (December 12) thanks to its rapid price increase. Its valuation jumped by around 25% on a daily scale, reaching almost $1.40. In the past several hours, PNUT lost some steam, falling to its current $1.27 (per CoinGecko’s data).
The meme coin’s latest rally was likely triggered by the leading crypto exchange Coinbase, which placed the asset on its “roadmap.” It is worth noting that tokens added in that section are still in the experimental zone and must meet certain criteria before being officially listed.
Some well-known cryptocurrency exchanges that have already embraced PNUT include Binance, Bybit, Bitget, HTX, Gate.io, and more.
Another factor which could have positively affected the price of the squirrel-themed asset is the overall resurgence of the meme coin sector. In the past 24 hours, the market capitalization of the niche has soared by 8%, nearing $140 billion.
Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), dogwifhat (WIF), Bonk Inu (BONK), Floki Inu (FLOKI), and many other memes have charted significant gains for the aforementioned period. Conversely, Mog Coin (MOG) and Simon’s Cat (CAT) are among the very few experiencing minor losses.
PNUT’s Launch and Explosive Rally
As mentioned above, the meme coin went live at the start of November. It is inspired by a pet squirrel named Peanut, which reportedly bit a Department of Environmental Conservation (DEC) worker during a seizure operation and was later euthanized to test for rabies.
Its death caused huge controversy, with many people labeling the move as unnecessary since the animal had lived indoors for years and showed no signs of the disease. Elon Musk was among the critics, describing the effort as a “government overreach ” and provocatively saying that “Donald Trump would save the squirrels.”
The massive interest in PNUT (among other factors) fueled a bull run for the asset’s price, with some savvy investors making millions due to entering the ecosystem in the early days and cashing out at the right time. Those willing to see how one trader turned a $17 investment in the meme coin into more than $3 million, feel free to take a look at our dedicated video below:
The post Peanut the Squirrel (PNUT) Soars by 25% Daily: Is This the Potential Reason? appeared first on CryptoPotato.
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Dimitar Dzhondzhorov
https://cryptopotato.com/peanut-the-squirrel-pnut-soars-by-25-daily-is-this-the-potential-reason/
2024-12-12 11:28:36
