- Meme coin is rallying due to Department of Government Efficiency (DOGE) launch.
- The squirrel’s unjust death went viral and developed into a SOL meme coin.
- Peanut’s on-chain launch achieved a market capitalization of $1.5 billion in the first two weeks.
Squirrel-themed meme coin PNUT is gaining popularity across social media with triple-digit gains, reaching a market capitalization of $1.5 billion in just two weeks. PNUT epitomizes outrage over New York City officials euthanizing peanut the squirrel due to fears of rabies.
Definition of PNUT fuels bull market
Elon Musk and Donald Trump intensified their anger when PNUT Coin discovered its price a day before Trump’s re-election. The viral story caught the attention of cryptocurrency enthusiasts, sending the Solana (SOL) token to an all-time high of $1.79 nearly five hours ago, according to CoinGecko.
With an explosive gain of 269% in the last 24 hours, PNUT joins the big three in the Solana meme coin category. Solana’s top individuals Dogwifhat (WIF) and Bonk (BONK) are leading the rally with weekly gains of over 55%, but PNUT outperforms both on massive volume of $4,222,607,733.
Elon Musk drops clues about PNUT
Musk retweeted a meme six years ago depicting a squirrel in iron armor, then wrote: “Swerve to avoid the squirrel. Before you know it, the squirrel promises to repay you a lifetime debt. Darkest hour.” A squirrel arrives.” Mentioning newfound social media hero Peanut.
“Prophecy fulfilled,” Elon declared in another post, adding a peanut emoji. PNUT defied the odds on Tuesday, surging 77% despite the cryptocurrency market correction. PNUT has roughly the same supply as WIF, with 999M tokens compared to WIF’s 998M tokens and current price of $3.69.
On the flip side
- In addition to $4 billion in volume across the spot market, the leveraged market was abuzz with $11.13 billion in volume over a 24-hour period, according to CoinGlass.
- Leveraged Plays The short-to-short ratio is slightly on the long side, but the increased use of leverage has wiped out $12.55 million of long positions out of a daily total of $30.8 million.
Why This Matters
Meme coins can form communities with similar political views and beliefs, in this particular case condemning cruelty to animals.
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