- Peanut the Squirrel (PNUT) surged by around 25% on December 12th, reaching almost $0.14 before stabilizing at $0.127
- The rally was likely driven by Coinbase adding PNUT to its roadmap and an overall resurgence in the meme coin sector
- PNUT gained massive attention after its launch in November, inspired by a controversial incident involving a pet squirrel, with early investors reaping significant profits during its explosive bull run
The world of cryptocurrencies is always filled with surprises, and one of the recent headline makers is ‘Peanut the Squirrel’ (PNUT), which has seen an impressive surge by 25% in a single day. This article delves into the potential reasons behind this astronomic rise.
A Close Look at PNUT’s Recent Surge
Peanut the Squirrel (PNUT), a Solana-based meme coin that was launched in November, stole the limelight on December 12th due to its significant price hike. Its value soared by roughly 25% in a single day, peaking at nearly $1.40 before settling down at $1.27 according to CoinGecko’s data.
This remarkable rally can be attributed to Coinbase, a leading cryptocurrency exchange, which included PNUT in its experimental category. However, it’s important to note that tokens in this section need to meet certain criteria before they can be officially listed. In addition to Coinbase, several renowned cryptocurrency exchanges such as Binance, Bybit, Bitget, HTX, Gateio, and more have already accepted PNUT.
The Resurgence of Meme Coins
Another contributing factor to the price increase of this squirrel-themed asset is the overall resurgence of the meme coin sector. The market capitalization of this niche has surged by 8% in the past 24 hours, approaching $140 billion. Meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), dogwifhat (WIF), Bonk Inu (BONK), Floki Inu (FLOKI), and many others have also seen substantial gains during this period.
PNUT’s Launch and Its Explosive Rally
The meme coin PNUT was launched in the wake of a controversial incident involving a pet squirrel named Peanut. Following the euthanization of the indoor-living squirrel for rabies testing after it bit a Department of Environmental Conservation (DEC) worker, the coin gained massive attention.
This controversy, among other factors, sparked a bull run for the asset’s price, with some early investors making millions by entering the ecosystem in the early days and cashing out at the right time. One such investor managed to turn a $17 investment in the meme coin into more than $3 million.
Conclusion
In conclusion, the rise of Peanut the Squirrel (PNUT), driven by its inclusion on Coinbase’s roadmap and the overall resurgence in the meme coin sector, underlines the unpredictable and exciting nature of the cryptocurrency market. As the crypto world continues to evolve, it will be fascinating to see how PNUT and other meme coins perform in the future.
