Peanut ($PNUT) is a Solana-based memecoin that has reached a phenomenal $1 billion market capitalization after only two weeks since its creation, thanks to exchange listings and the current euphoria of the bull run market.
More recently, the exchange listings on Binance have been helpful in the token’s significant upward trend and increased liquidity on the Bybit exchange. At the time of this writing, the token is at $1.40, a 230.4% spike within the last 24 hours.
The general market and the $PNUT stock have increased, and the cryptocurrency Bitcoin has hit its highest value at $89,000. Such a wave, at least partially due to the support of the president-elect, Donald Trump, has introduced much more friendly conditions for the emergence of cryptocurrencies. This has triggered what is now known as a meme coin supercycle, with investors on the lookout for the next big thing in an ever-growing sector.
PNUT’s Journey to $1B: What’s Behind the Surge?
Born on the Solana platform, PNUT attracted much attention after its listings on Binance and Bybit left the token at the center of attention among the broader users of cryptocurrencies. The availability of these new platforms to sell the underlying asset and become more liquid also contributed to the coin’s upsurge by over 1,084 percent in just a week.
This is also true with the token, as the low price can also be attributed to how it was launched in the first place. Following this, Pnut was prompted by Peanut the Squirrel, a social media celebrity who trended in the summer of 2020 after being seized by the New York Department of Environmental Conservation. Such online reactions led to an increasing string of endorsements on Twitter, of which Elon Musk was instrumental in popularizing this token.
Musk adopting the squirrel’s cause made the social movement go viral, making PNUT more than just a memecoin. Created shortly after the controversy, the token leveraged a faithful audience that reacted to the squirrel’s narrative.
Is $ 1B Market Capitalization the Starting Point for PNUT?
Though its value of $1B is considered enormous, analysts are now asking if this is the high for the PNUT in the Solana ecosystem. Nevertheless, PNUT is still not as firmly planted in crypto as meme coins, such as DOGE or SHIB, which exploded in popularity during the 2021 bull market. But its different origin and heavily focused community give it a competitive advantage over the rest of the meme coins.
The token’s journey mirrors the larger meme coin market, where people invest with expectations of earning very high yields. However, some optimistic analysts still believe in PNUT’s future because meme coins commonly fluctuate between high interest and market failure.
On the other hand, since PNUT is based very much on social aspects and the meme coin’s motto is becoming increasingly famous, the meme token could very well stick quite a lot in the market, even in the current hype. Whether it will transform into the next Dogecoin remains in the future, but the climb gives a glimpse into the tent of Meme-based cryptos.
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