Reason for $PNUT Price 100% Pumping
2024-11-16
Bittime - Elon Musk's presence has shaken the crypto market again. This time, the spotlight is on $PNUT, a meme coin inspired by a squirrel named Peanut. In the last 24 hours, the price of $PNUT surged by 100%, attracting the attention of the global crypto community.
How can a simple tweet create huge waves in the crypto market? Let's discuss it more deeply in this article.
The Elon Musk Phenomenon and Its Influence on Meme Coin
The name Elon Musk is no stranger to the crypto world. Several times, statements or tweets from the CEO of Tesla have succeeded in increasing the price of digital assets, especially meme coins.
This time, Musk's attention was focused on Peanut the Squirrel, a squirrel who has become a political symbol and meme in the United States.
Musk tweeted that "America was saved by a squirrel and a meme coin," referring to the squirrel's symbolic role in the US Presidential election. The result? The price of $PNUT immediately shot up, bringing the token close to a $1 billion market cap in just a matter of hours.
Read also: Reasons of PNUT Market Cap Reaching $1 Billion in a Matter of Days
$PNUT: From Controversy to Market Capitalization
$PNUT is not just an ordinary meme coin. The token was born out of a political event that captured the public's attention: the New York government's controversial action in confiscating and euthanizing an internet-famous squirrel. This incident sparked anger among small government supporters, including Elon Musk.
Musk's support for this token is not only in the form of tweets. He also discussed the event on the Joe Rogan Experience podcast, which further popularized $PNUT.
Shortly after, Binance, one of the largest crypto exchanges in the world, added $PNUT to their list. This move became an additional catalyst for the surge in the price of the token.
$PNUT Price and its Market Capitalization
Since being tracked by CoinMarketCap on November 4, the price of $PNUT has increased by 1,692%. Currently, the token is trading at $0.946, with an increase of 98% in a day and 909% in a week.
The market capitalization of $PNUT has almost reached $1 billion. This makes it one of the most valuable meme coins.
The popularity of $PNUT shows that the meme coin trend is not only centered on dogs like Dogecoin or Shiba Inu. Other animal-themed tokens such as Peanut the Squirrel are now starting to attract attention.
The combination of a unique theme, an emotional story, and the support of a public figure like Elon Musk seems to be the new formula for success in the crypto market.
Moreover, $PNUT is not just a token without a purpose. It also carries relevant political messages among society, making it attractive to various groups, from crypto investors to political activists.
Will the $PNUT Surge Continue?
Although this price surge is impressive, the potential for continued growth in the price of $PNUT is still a big question mark. The crypto market is notorious for its volatility, especially for assets based on memes or short-lived trends.
However, with strong community support and growing story potential, $PNUT has a chance to remain in the spotlight for some time to come.
Read also: What is Peanut the Squirrel (PNUT)?
Conclusion
The $PNUT price soaring by 100% is clear evidence of how the crypto market is highly influenced by social trends and public figures. The combination of a unique story, Elon Musk's support, and a listing on a major exchange has taken $PNUT to impressive levels.
Will $PNUT continue to soar or is it just a temporary trend? We just have to wait. For now, the $PNUT spike is a valuable lesson that the crypto world is always full of surprises.
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