Why is the cost of PNUT three times higher than a week ago?
Peanut the Squirrel, a memecoin based on the Solana blockchain, has experienced a significant surge in popularity and price. In November 2024, PNUT reached an all-time high of approximately $2.47, but then underwent corrections and consolidations. However, in the last week, the memecoin has experienced a 180% price increase, with its current value around $0.445 per token [1].
The renewed interest in memecoins following periods of volatility in the crypto market has also contributed to PNUT's price increase. Additionally, the Solana ecosystem's efficiency and scalability have attracted innovative projects and users seeking alternatives to more congested and expensive blockchains, benefiting PNUT [6].
PNUT's viral origin story played a significant role in its rapid rise. Created in response to the controversial euthanasia of a real-life squirrel named Peanut, the memecoin has capitalized on an emotional and viral narrative, generating a strong sense of community and support among its followers [2].
Beyond its speculative nature, PNUT's ties to real-world issues and its emotional resonance with users have helped sustain interest. The token's mission to raise awareness about important causes, such as digital rights and wildlife welfare, provides a deeper sense of purpose beyond typical meme coins [3].
PNUT's community-driven approach and engagement have resonated with users. This community-focused strategy includes spreading memes and promoting the token, further increasing its visibility and appeal [4].
Trading PNUT safely can be done on platforms like Bit2Me. However, investing in crypto assets like PNUT carries high risks, and it may not be suitable for retail investors due to its high volatility. There is a risk of losing the entire amount invested in crypto assets like PNUT [5].
As of now, PNUT's trading volume fluctuates around $800 million daily, and its market capitalization is approaching $430 million [1]. With its rapid growth potential, PNUT is an attractive option for those seeking tokens with significant upside in the current market environment.
References:
- CoinGecko
- CoinDesk
- Decrypt
- The Block
- Bloomberg
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