Solana Memecoin $PNUT Reaches $1B Market Cap in Just Two Weeks

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Hassan Shittu

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Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

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November 13, 2024 06:56 EST

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Solana-based memecoin Peanut ($PNUT) has quickly become a major sensation, reaching a remarkable $1B market cap just two weeks after launch.

This rapid rise is primarily due to PNUT’s recent listings on Binance and Bybit, which significantly increased its visibility and liquidity and enticed new investors.

At the time of writing, PNUT is trading at $1.40 and has surged by 230.4% within the past 24 hours alone.

The token’s rise has also been propelled by an unprecedented bull market, with Bitcoin recently breaking a record high of $89,000.

This market rally, partially driven by the re-election of pro-crypto U.S. President Donald Trump, has resulted in a more favourable regulatory environment for digital assets.

These developments have created a ‘meme coin supercycle,’ in which coins like PNUT gain outsized attention as investors seek new opportunities in the market’s rising gains.

PNUT’s Meteoric Rise: Is $1B Market Cap the Peak?

PNUT’s astonishing journey to a billion-dollar valuation is intertwined with recent market shifts and its unique backstory.

The token was launched on the Solana blockchain and started gaining traction when it was first listed on Binance and Bybit, instantly bringing it into the spotlight.

These listings and the overall surge in the crypto market have provided the token with substantial liquidity, allowing PNUT to rise by over 1084.2% within the past seven days.

Furthermore, PNUT’s unusual origin story centered around a social media icon, has given it a relatable and compelling angle that appeals to the meme-driven culture fueling much of today’s crypto enthusiasm.

The token was inspired by Peanut the Squirrel, a pet and social media star of digital creator Mark Longo.

Peanut became widely known after being confiscated by New York’s Department of Environmental Conservation (NYSDEC), which sparked outrage across social media and a movement that included high-profile endorsements from figures like Elon Musk.

Musk’s commentary on the squirrel’s plight amplified PNUT’s presence within online communities, transforming it into a social rallying point among fans of the story.

Soon after, PNUT was launched on Solana, capturing the public’s imagination with its meme-worthy concept and tapping into a loyal base of supporters who valued its unique narrative.

Given the significant interest in PNUT, its initial trading volumes skyrocketed. The token reached a price of $0.45 in its early days before climbing to its current valuation.

Analysts have noted that while it lacks the longstanding recognition of Dogecoin or Shiba Inu, PNUT’s distinct identity and compelling story have led some investors to view it as a promising alternative in the meme coin category.

PNUT’s Potential as a Market Leader: Is This the Next Doge?

PNUT’s ascent is not isolated but part of a wider phenomenon as meme coins continue to soar in popularity.

Many investors see the meme coin sector as highly speculative but potentially lucrative, and PNUT’s success has positioned it as one of the top contenders in this space.

The crypto’s story has set it apart from other meme coins, building a strong community of supporters who identify with the token’s origin and purpose.

Although some investors are cautiously optimistic, a price correction is possible, especially given the tendency for meme coins to experience initial hype and then moderate as market enthusiasm cools.

However, PNUT’s strong social foundation and the positive sentiment surrounding meme coins could help it retain a stable position in the market even after the current surge levels off.