financetom
Cryptocurrency
financetom
/
Cryptocurrency
/
Peanut the Squirrel (PNUT) Soars by 25% Daily: Is This the Potential Reason?
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Peanut the Squirrel (PNUT) Soars by 25% Daily: Is This the Potential Reason?
Dec 12, 2024 3:52 AM

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 CoinGeckos data).

PNUT Price, Source: CoinGecko The meme coins 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 Simons Cat (CAT) are among the very few experiencing minor losses. 

PNUTs 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 assets 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:

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Bitcoin Price Prediction: What’s the Next Target and is a Liquidity Crisis Coming?
Bitcoin Price Prediction: What’s the Next Target and is a Liquidity Crisis Coming?
Mar 15, 2024
The price of Bitcoin (BTC) has reached new all-time highs much faster than analysts had expected. A substantial upswing kicked off a few weeks after the approval of the Bitcoin Spot ETF. BTC started the week with an intense burst of volatility, as it topped $73K, tumbled to $69K, and then climbed its way back above $70K — all in...
​​​​​FTSE 100 Drops Back from Eight
​​​​​FTSE 100 Drops Back from Eight
Mar 15, 2024
FTSE 100, Dow Jones, Nasdaq 100 Daily Price and Charts ​​​FTSE 100 retreats from a ten-month high ​Wednesday saw the price reach its highest level in ten months, but a reversal on Thursday might suggest that more declines are in store, at least towards the 50-day simple moving average. ​Below this lies 7600, where buying pressure appeared in the second...
US Dollar Closes in on Resistance, GBP/USD Testing Support, Interest Rate Decisions Near
US Dollar Closes in on Resistance, GBP/USD Testing Support, Interest Rate Decisions Near
Mar 15, 2024
US Dollar Price, Analysis, and Charts Major central bank policy decisions next week.US dollar index nears a cluster of resistance points.British Pound edging lower ahead of UK inflation report. Recommended by Nick Cawley Building Confidence in Trading The latest US PPI report showed that wholesale inflation remains sticky, denting the recent disinflation story. US y/y inflation rose 1.6% in February,...
Shiba Inu (SHIB) Explodes 13% Overnight but Rival Meme Coin Outperforms
Shiba Inu (SHIB) Explodes 13% Overnight but Rival Meme Coin Outperforms
Mar 18, 2024
Meme coins are back at it with significant gains throughout the past 24 hours. The market is recovering, in general, but some meme coins are undoubtedly performing better than the rest. Shiba Inu (SHIB) is up a whopping 13% over the past 24 hours, trading at slightly below $0.0003. The cryptocurrency remains down some 10% on the weekly chart, outlining...
Copyright 2023-2025 - www.financetom.com All Rights Reserved