With 900% weekly increase, the PNUT cryptocurrency enters the top 100
If you opened a cryptocurrency price explorer today you may have asked yourself “What is this?!” when seeing which was the digital asset with the highest weekly increase.
The thing is that a new memecoin (as if there were few) has entered the top 100 cryptocurrencies by market capitalization.
It is about Peanut the Squirrel (PNUT) or, in Spanish, “Peanut the squirrel.”
The market is no longer satisfied with shiba inu dogs, dogs with hats, or frogs. Now a squirrel leads the weekly rise of cryptocurrencies and with a not inconsiderable 900% increase in its price in the last 7 days.
The following graph, taken from the CoinMarketCap platform, shows how the price of this Solana network token has evolved since its inclusion on that page at the beginning of November:
May you rest in peace, Peanut 😭
Like almost all memecoins, PNUT has its curious history. It can be read in the website from this memecoin: “Beloved Peanut the squirrel was removed from his home by the New York Department of Environmental Conservation (NYSDEC) and euthanized. The seven-year-old rescued squirrel represented P’Nut’s Family Freedom Farm Animal Sanctuary, an organization dedicated to rescuing and rehabilitating injured and abandoned animals. He no longer walks among us, but lives forever in our hearts. Peanut forever.
PNUT is not listed (at least, for now) on large centralized exchanges. Your purchase and sale can be done on decentralized exchangesfor example, on Raydium.
It is worth clarifying that this is a highly volatile asset, which does not provide any technological innovation or solve any specific problem. Therefore, can be classified as a very high-risk “investment” (or bet, perhaps?).
Memecoins dominate the rise of cryptocurrencies
As CriptoNoticias reported this morning, several of the cryptocurrencies with the highest weekly rise are memecoins, as can be seen in the following graph taken from CoinMarketCap:
This phenomenon is largely driven by the confirmation that Donald Trump – president-elect of the United States – will create the Department of Government Efficiency, whose acronym is DOGE (yes, just like the dogecoin ticker).
What is happening leads us to reflect on what is valuable. The idea that value can arise from something as intangible as a community united by humor suggests that The modern economy is beginning to redefine the very purpose of money.
Clarification: This article is written for informational purposes. It does not represent an investment recommendation or financial advice. Each investor is responsible for conducting his or her own research.