3 Reasons Why the PNUT Price is Up 1,500% Weekly

  • November 15, 2024
3 Reasons Why the PNUT Price is Up 1,500% Weekly

TL; DR

  • The squirrel-themed meme coin PNUT is the best-performing leading 100 cryptocurrency in the previous week.
  • Have a look at which aspects have actually added to its bull run.

The Binance Effect

The trending meme coin Peanut the Squirrel (PNUT) has actually been amongst crypto’s finest entertainers in the previous week. Its cost took off by 1,500% throughout that duration, briefly reaching a record of practically $2.50 and presently trading at around $2.06 (per CoinGecko’s information).

PNUT Price, Source: CoinGecko

One primary element setting off the significant rally was Binance’s assistance. Previously today, the greatest crypto exchange noted PNUT with a seed tag and advised that tokens contributed to that classification might experience greater volatility and present dangers to financiers.

Such listings generally lead to a significant rate spike for the included cryptocurrencies due to increased liquidity, ease of access, and reliability.

Other meme coins that have actually rallied following assistance from Binance in the previous couple of weeks consist of Ponke (PONKE), Simon’s Cat (CAT), and others.

Support From Elon Musk

PNUT is a Solana-based meme coin, influenced by an animal squirrel called Peanut. The animal drew substantial attention previously this month when New York state authorities euthanized it to check for rabies, following an event where it supposedly bit a Department of Environmental Conservation (DEC) employee throughout a seizure operation.

Lots of, consisting of Tesla’s CEO Elon Musk, slammed those actions. The animal allegedly lived inside your home for years and revealed no indications of the illness. Musk explained the effort as a “federal government overreach,” provocatively stating that “Donald Trump would conserve the squirrels.”

He later on discussed PNUT in a few of his X posts, possibly adding to its more rate rise. On November 13, for example, he mentioned that “America was conserved by a squirrel and a meme coin.”

Musk is amongst the most prominent individuals in the world, and his recommendations typically lead to extreme rate changes for the properties he discuss. His preferred cryptocurrency– Dogecoin (DOGE)– is an apparent example.

The leading meme coin has actually been at the leading edge of gains, just recently striking a three-year high following Musk’s intents to spearhead the upcoming Department of Government Efficiency (D.O.G.E.). Previously today, Trump ensured that Tesla’s CEO will lead the department, explaining it as “The Manhattan Project” of our time.

The Meme Coin Frenzy

The 3rd component possibly sustaining PNUT’s pump is the total revival of the meme coin sector. Leading tokens like Pepe (PEPE), dogwifhat (WIF), Bonk Inu (BONK), Floki Inu (FLOKI), Popcat (POPCAT), and many more are up by double digits on a 24-hour scale.

The very couple of ones charting some small losses consist of SPX600 (SPX), Gigachad (GIGA), and CorgiAI (CORGIAI).

The overall market capitalization of the meme coin specific niche is presently sitting at an all-time high of over $125 billion. In contrast, the figure stood at around $60 billion at the start of the month.

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