PNUT Climbs 200% For Fresh ATH After Elon Musk Tweet – Details
15 November 2024 - 5:30AM
NEWSBTC
Peanut the Squirrel has rapidly gained prominence in the
cryptocurrency sector, establishing itself as a leading memecoin on
the Solana blockchain. Within a 24-hours span, PNUT surged
almost 200% to attain an all-time high price of $2.4 on November
14, before stabilizing at approximately $2.23. Related Reading:
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Growth Ahead? This rapid ascent has rendered it the highest daily
gainer and elevated its market capitalization to about $1.8
billion, securing its position within the top 50 cryptocurrencies.
The Excitement Surrounding The Increase: The Elon Musk Influence
The increase in PNUT’s price can be mostly ascribed to a tweet from
Elon Musk, in which he remarked, “America was saved by a squirrel
and a meme coin!” This tweet rapidly gained popularity, akin to the
other endorsements made by Elon Musk that have propelled other
memecoins, such as Dogecoin, to new heights. The origin of PNUT
enhances its appeal; it was established in reaction to popular
indignation about the euthanasia of a pet squirrel named Peanut by
New York City’s Department of Environmental Conservation. This
occurrence elicited extensive sympathy and discourse on social
media channels, highlighting the token. Apart from the influence of
Elon Musk, PNUT has profited from the broader increase in the
bitcoin market, partly resulting from recent political developments
following the triumph of the Republicans in the US elections. While
these factors are associated with a period of increased market
activity and speculation, many investors are now turning their
attention to PNUT in anticipation of possible gains. PNUT: Trading
Activities And Market Positioning The escalation of the trading
volume of the meme coin courtesy of an Elon Musk social media post,
however, increased by nearly 280% during the same 24-hour period
making it approximately $5.75 billion. This upsurge in trading
activity is indicative of the strong fervor and expectation level
possessed by investors towards the token’s future performance.
Subsequent to its recent debut on Binance, PNUT has garnered
attention and is currently ranked as the third-largest memecoin on
Solana, following established entities such as dogwifhat (WIF) and
Bonk (BONK). Market analysts exhibit optimism regarding PNUT’s
future prospects. Technical indications indicate a bullish trend,
with forecasts suggesting a potential 300% gain in value in the
forthcoming days. Should PNUT surpass its existing resistance level
of $2.3, it could facilitate the attainment of elevated ambitions.
Related Reading: Solana Rising: Key Metrics Hint At Serious
Ethereum Competitor The Road Ahead Many investors want to find out
if PNUT can keep its momentum and reach fresh highs. There is clear
excitement about this memecoin; some estimate it may hit $6
immediately if it continues its increasing trend. All
cryptocurrencies still naturally have volatility, though. Peanut
the Squirrel’s rise reflects bitcoin’s rapid wealth swings. PNUT’s
unique tale and solid sponsorships have drawn cryptocurrency
newcomers and veterans. As the story progresses, PNUT’s ability to
dominate the ever-changing digital asset market will be
highlighted. Featured image from Pexels, chart from TradingView
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