Peanut The Squirrel (PNUT) has become the latest sensation in the meme coin world, quickly climbing to a price near $2 in just a few weeks. Launched in early November 2024, PNUT is inspired by a viral pet squirrel named Peanut, whose untimely euthanization sparked a wave of internet outrage and celebrity reactions, ahead of US elections.
The coin saw its first major surge after being listed on HTX exchange on November 12. In just 48 hours, its trading volume soared to over $230 million. The price skyrocketed by more than 2,900% from November 4 to 18, reaching as high as $1.91.
The token’s success was also fueled by attention from high-profile figures like Elon Musk and U.S. presidential candidate Donald Trump, who condemned the government’s action against the squirrel, further boosting PNUT’s popularity.
Beyond its emotional origins, PNUT’s performance is remarkable. As of today, it has a market cap of around $1.7 billion, with a 24-hour trading volume of nearly $1.6 billion. This incredible momentum has made PNUT one of the hottest meme coins in the market, surpassing even established tokens like Dogecoin in recent days.
On-chain data shows that large investors, or “whales,” are heavily backing PNUT, with one holder sitting on 27 million tokens worth $51 million. With strong community support and growing investor interest, PNUT looks set to continue its upward trajectory in the coming weeks.
As PNUT continues to climb, it’s clear that the squirrel-inspired token has captured the crypto community’s attention, with many investors eagerly watching to see how high it can go.
Also Read: PNUT Coin Rockets 1,500%, Market Cap Reaches $1.9 Billion
