Memecoin Peanut the Squirrel (PNUT) Inches Closer to $1 After 90% Surge

• Peanut the Squirrel (PNUT) soared 1505.29% since its debut in early November.
• The memecoin’s market cap surpassed the $900 million mark.

Solana-based memecoin Peanut the Squirrel (PNUT) surged over 97.3% over the past 24 hours to mark its new all-time high (ATH). Notably, Elon Musk’s recent tweet on X, mentioning a ‘squirrel and meme coin’ as the saviors of America, emerged as the stimulus behind the price rally.

Certain activities of Tesla’s CEO on social media have fueled the rallies of several memecoins. Dogecoin (DOGE) is the biggest beneficiary, as Musk has both directly and indirectly endorsed the coin. Recently, PNUT has emerged as another memecoin in this category alongside DOGE.

This memecoin gained attention during the pre-election phase, recording impressive price rallies. Recently, crypto exchange Binance announced the listing of PNUT alongside another AI-related memecoin, ACT (Act I: The AI Prophecy), sparking a rally in both coins and turning heads in the crypto community. So, how did PNUT rise to fame, and what is its connection to Elon Musk?

Here’s a brief story. In early November, PNUT originated in the crypto meme space to honor ‘Peanut,’ the squirrel euthanized by New York’s Department of Environmental Conservation (DEC). Musk supported the animal’s justice on X, thereby spurring the story’s visibility on the internet.

Since its debut, PNUT price surged over 1627%, claiming a market share of $931 million. At press time, the memecoin traded at $0.9337. 

Peanut the Squirrel (PNUT) Price Trend Analysis

30 months ago, the crash of Terraform Labs’ altcoin Terra Classic (LUNC), previously LUNA, from a high of $119 to $0, triggered the 2022 crypto bear market. Amid the ongoing crypto bull run, Solana memecoin PNUT jumped 147% from $0.3854 to $0.9890 in the last 30 hours.

The hourly price chart shows the bullish trend of PNUT’s current price action. Meanwhile, investor sentiment around the memecoin appears bullish, as two metrics — On-Balance Volume (OBV) and Chaikin Money Flow (CMF) — indicate this. The rise in OBV highlights increasing buying pressure, while the increase in CMF points to more capital flowing into PNUT.

According to CoinMarketCap data, the daily trading volume of Peanut the Squirrel (PNUT) spiked 39.5% to reach $1.78 billion.

Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment or financial advice. TheNewsCrypto team encourages all readers to do their own research before investing.

Highlighted Crypto News Today
Trump Appoints Elon Musk and Vivek Ramaswamy to Lead DOGE