Coinspeaker
Viral Squirrel-Inspired PNUT Token Rockets Over 2,900% in Two Weeks
Peanut the Squirrel (PNUT) has captured the spotlight in the meme coin market with an extraordinary price surge. Introduced in early November 2024, the token skyrocketed nearly $2, reflecting a staggering gain exceeding 2,900% within two weeks, according to CoinMarketCap. Such rapid growth has drawn intense interest from crypto enthusiasts and social media users.
The token’s rise stems from the viral fame of Peanut, a pet squirrel whose tragic death sparked public outrage, coinciding with the US election season. The incident gained widespread attention, amplified by figures such as Elon Musk. The public criticism of government actions against the squirrel played a pivotal role in elevating the coin’s status and fueling its cultural impact.
Supreme Court Justice Neil Gorsuch referenced the case of Peanut the Squirrel as a classic example of government overreach.
Speaking at a Federalist Society event yesterday, Gorsuch stated: “I’ve just seen too many cases like that. You have just the other day, some of you might… pic.twitter.com/UD06KfqKOo
— Ian Miles Cheong (@stillgray) November 15, 2024
PNUT Rockets to $1.90 after HTX Listing
PNUT began its rapid ascent towards nearly $2 on November 12 after listing on the HTX exchange, marking the beginning of a notable surge. The listing propelled the token, driving an immediate increase in trading activity. Within just 48 hours, trading volume surged past $230 million, and the price climbed to $1.90 by November 18. At the time of writing, the token is trading at $1.62, marking a 3.64% increase in the last 24 hours.
Source: CoinMarketCap
The token’s rise quickly captured widespread attention, not only from celebrities and influencers but also from the broader crypto community. Investors recognized PNUT’s potential, and within days, its market capitalization reached around $1.7 billion. The token’s 24-hour trading volume neared $1.67 billion, surpassing well-known meme coins like Dogecoin.
PNUT’s rapid success also attracted significant backing from large investors, or “whales”. One investor alone holds 27 million tokens, valued at approximately $51 million. This considerable support, alongside a growing and passionate community, has fueled PNUT’s momentum, establishing it as one of the leading meme coins in the market.
Can PNUT Overcome Resistance to Continue Rising?
While the price surge is remarkable, the future of PNUT remains uncertain, with some volatility in the token’s short-term trajectory. According to analysts, the price could face challenges if it fails to break through the $2.45 mark, which is seen as a key resistance level. If it succeeds in breaking out, the next targets for PNUT could be as high as $3.73 and even $5.83. However, should the price face rejection, a significant correction could follow, potentially pushing it back down to $0.45.
On November 11, PNUT’s price experienced another boost after breaking out of a descending parallel channel. This breakout coincided with its listing on Binance, one of the world’s largest cryptocurrency exchanges. The price then surged further on November 13 following a tweet from Elon Musk, who referred to an old meme about a squirrel, calling it “The prophecy has been fulfilled”.
Viral Squirrel-Inspired PNUT Token Rockets Over 2,900% in Two Weeks
