PNUT price increase is not because of Trump, this is why!

Bittime - PNUT price increased by 300%, not because of Donald Trump, but because of the listing on Binance and Elon Musk's support. Discover the reason for this surprising rise in PNUT token price.

On November 11, the PNUT or Peanut the Squirrel token experienced an incredible price spike, increasing by 300% in a day. This increase in PNUT's price immediately attracted attention, especially because of rumors that Donald Trump had a large stake in this token.

However, recent data from Arkham Intelligence refutes these claims, revealing that the PNUT price increase was not due to Trump, but other more fundamental factors.

Trump Rumors and Clarification from Arkham Intelligence

A post from CoinTelegraph on X spread the word that Donald Trump was the largest holder of PNUT with around 1.7% of the total supply. However, investigations from Arkham Intelligence, a blockchain analytics platform, suggest otherwise.

Trump portfolio. Source: Arkham Intelligence

According to Arkham's data, Trump owns no PNUT tokens at all, and no connected wallets record his ownership of these tokens. Arkham, which has the ability to track crypto transactions and holdings across multiple networks, confirmed that Trump is not the holder of these tokens, which means the rumors are untrue.

Also read: AI Memecoin: ACT Token Skyrockets Over 1000% After Listing

PNUT Price Spike Due to Listing on Binance

The rise in PNUT price was actually triggered more by the listing of PNUT tokens on Binance. The listing significantly increased interest and trading volume in PNUT, with the market capitalization skyrocketing from $95 million to $405 million in just 24 hours.

This huge surge brought PNUT to the 215th position on the list of the largest cryptos by market capitalization, according to CoinMarketCap data as of November 11.

Apart from Binance, the token is also listed on Crypto.com, which adds to the accessibility and expands the market for PNUT tokens. Investor enthusiasm for the token has also increased with its availability on major crypto exchanges, making it an attraction among crypto enthusiasts and new investors.

Elon Musk's Support and Effect on PNUT Token Price

In addition to listing on major exchanges, endorsements from Elon Musk have also played a huge role in the increased interest in PNUT tokens. Elon Musk, who is known as a supporter of meme tokens, highlighted PNUT in his conversation on Joe Rogan's podcast recently. Endorsements from public figures like Musk tend to trigger price spikes in meme tokens, and PNUT is no exception.

Additionally, this moment coincides with increased attention on the approaching US elections, which has also more or less helped boost PNUT's appeal among the crypto community.

The Importance of Being Careful of Meme Tokens

While the rise in the price of PNUT tokens looks promising, it is important to be cautious about investing in meme tokens. As reported by Finbold, as many as 97% of meme tokens end up “dead” due to unsustainable price spikes and minimal utility.

Coins like PNUT do offer quick profit opportunities, but their high volatility can lead to drastic price drops.

In conclusion, PNUT's price increase is driven more by strategic factors such as listing on Binance and Elon Musk's support, not rumors of Trump's ownership. Even so, investors still need to consider the high risk of investing in meme tokens like PNUT.

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