One of the memecoins of the moment, Peanut the Squirrel (PNUT), has surprised with explosive growth, achieving an increase of 1,351% in just one week.
After its launch less than a month ago, the currency has left investors speechless, and its history, as particular as its rise, has trending events behind it.
The fast PNUT’s rise has as its background a history of indignation and support on social networks. Inspired by Peanut, a squirrel that was removed from its home by the New York Department of Environmental Conservation (NYSDEC) and euthanized, this pet had won the hearts of Internet users.
After his unexpected death, a cryptocurrency was created in his honor through pump.fun, a platform on the Solana network specialized in launching meme cryptocurrencies.
Since then, PNUT has been seen as an expression of protest and affection towards Peanutgaining traction among investors and memecoin fans.
Let’s remember that memecoins are all those digital currencies inspired by jokes, images and famous Internet memes.
PNUT has had a striking increase
The following chart shows the explosive price growth of PNUT:
This increase has allowed it to achieve second place among the memecoins with the highest weekly increase and has boosted its market capitalization to an astonishing $1.87 billion, placing it among the top 100 cryptocurrencies on the market in record time, according to CoinMarketCap data.
Its historical maximum, of $2.47, was reached yesterday, November 13, reflecting the strength of the trend it continues to set.
One of the factors that has propelled this currency upwards is the influence of Elon Musk. The CEO of Tesla and advisor to Donald Trump harshly criticized the decision to sacrifice the squirrel, publishing on
These words resonated in the market, driving not only PNUTbut also to other meme cryptocurrencies, especially after the recent electoral victory of Donald Trump in the United States.
The president-elect has announced that he intends to promote a more open regulatory environment towards cryptocurrencies since he takes office in January 2025, which has generated optimism in the market and among memecoin investors like PNUT.
Additionally, it plans to create a Department of Government Efficiency (DOGE), a direct reference to the name of the famous meme cryptocurrency Dogecoin.
The department will be headed by Musk, who has been a fervent supporter of Dogecoin and, as is well known, he usually promotes this cryptocurrency with his publications.
An example of this is that It has a market capitalization that reaches 58,000 million dollars. Dogecoin has been the flagship of memecoins, even surpassing the value of large automotive companies such as Volkswagen, BMW and Ford, as reported by CriptoNoticias.
Binance added to PNUT
This favorable environment has allowed Binance, the world’s largest cryptocurrency exchange, to list PNUT since last November 11, according to a company statement.
The added boost was reinforced by the application of a “seed tag” for PNUT on the platform, highlighting this Solana memecoin and helping to attract new investors.
Before Binance’s announcement, PNUT’s market capitalization was around $128 million, but it has since increased almost tenfold.
The exchange has understood the importance of memecoins and has therefore decided to list more and more assets of this type.
In fact, in a report reported by CriptoNoticias, the exchange points out that The popularity of memecoins is due to their simplicity and the connection they manage to establish with internet culture.
Furthermore, unlike more technologically complex cryptocurrencies, memecoins allow retail investors to easily understand their proposal, which contributes to their success.
According to Binance, if this trend continues, memecoins “may continue to grow in popularity and garner increasing interest within the cryptocurrency market.”
The ease of creating meme cryptocurrencies on platforms like pump.fun on the Solana network has also been key to its success. These platforms They have simplified the process of creating memecoinsallowing any user to launch their own cryptocurrency without advanced technical knowledge and sell them in their own environments.
The altseason that includes memecoins
The future outlook for memecoins looks promising. Analysts like Nikolai Galozi, financial consultant, anticipate an “altcoin season” or altseason in 2025a period when major tokens typically outperform bitcoin.
According to Galozi, bitcoin dominance could be close to peaking, opening the door to a high growth phase for altcoins and memecoins.
If this trend is confirmed, 2025 could be the year where these highest risk and least stable assets attract a greater number of investors, looking for quick and high returns.
In words from analyst and investor Monin, with more than 100,000 followers on the social network X: “We have just witnessed a trailer that shows how things can go parabolic in a short period of time.”
This parabolic phenomenon, as it is known in market terms, shows how a cryptocurrency can skyrocket in a short periodespecially when it manages to capture the interest of a mass audience.
The memecoin fever is here to stay, and PNUT, the squirrel immortalized in the form of a cryptocurrency, It seems to be one of those that have marked this end of 2024.
With the support of influential figures and the backing of the largest exchange platforms, memecoins are making their way as an asset class that, although volatile, has the potential to revolutionize the way retail investors interact with the exchange market. cryptocurrencies.