Meme Coin Mania! Why Peanut the Squirrel ($PNUT) Is Trending Today

The crypto market is abuzz with Peanut the Squirrel (PNUT), a quirky Solana-based meme coin that’s stealing the spotlight. Inspired by the internet-famous squirrel Peanut, this token is turning heads with its wild price moves and an unexpected backstory. Following Coinbase’s announcement to list $PNUT for trading, the coin soared 19% in just an hour, hitting $1.27 with a market cap of $1.27 billion.

The coin’s popularity has also been fueled by public outrage over Peanut’s controversial euthanization by New York authorities. Viral stories and market trends can really collide to create overnight sensations!

Could this be the next big thing in crypto?

The Elon Musk Impact

An X post from Elon Musk caused PNUT’s market cap to skyrocket from $3 million to $140 million in just 24 hours. While the token had seen steady growth since mid-November, it recently slipped 9.7%, now trading at $1.11. Analysts believe this dip reflects broader market trends rather than any issue with PNUT itself.

While Bitcoin is circling the $100K mark with recent ups and downs investors are taking a chance with As Bitcoin hovers near the $100,000 mark with fluctuating prices, many investors are looking to diversify into smaller, low-cap coins like PNUT. These assets offer the potential for high returns and help spread investment risk.

Recent weeks have seen significant activity in meme coins and altcoins, with many experiencing notable price surges.

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Yet Another Meme Rises with “Coinbase Effect”

Coinbase’s focus on meme tokens has added momentum to PNUT’s rally. Tokens like Mog Coin (MOG) and Turbo (TURBO) have also benefited, with GIGA hitting a high of $0.077 and TURBO gaining 15% after its listing announcement. PNUT’s 19% surge reflects the so-called “Coinbase Effect,” where coins often see price spikes after being listed or announced for listing.

Despite these gains, PNUT remains 45% below its November peak of $2.44, reached after a Binance listing sparked a 320% price surge. The Binance listing also solidified PNUT’s place as the top meme coin on Solana’s Pump. fun platform, home to over four million meme tokens.

High Risk, High Reward

Meme coins like PNUT offer significant profit potential but come with high volatility. For instance, one trader reportedly turned $16 into $3 million, but such massive swings also highlight the risks associated with these tokens.

Market Rally Brings Altcoins Back to Life

The broader crypto market is also rebounding, with Bitcoin reclaiming the $100,000 milestone and boosting major altcoins like XRP, Dogecoin, and Solana. This recovery follows U.S. inflation data meeting expectations, which has lifted investor confidence.

In this rally, PNUT has outpaced larger coins, signaling the potential for a meme coin surge in early 2025. PNUT is currently trading at $1.34 with a market cap of $1.34 billion.

Crypto analysts are optimistic about PNUT’s future. Some predict a potential 463% price increase, making it one of the most promising meme coins in the market.

With its growing popularity and strong community backing, PNUT could lead the next wave of meme coin success.

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