Bittime - Meme coin PNUT, inspired by the famous squirrel on social media named Peanut, has seen a significant price surge.
PNUT price has increased by 19%, reaching $1.27 with a market cap of $1.27 billion. What caused the price of the meme coin PNUT to increase? Read this article to find out more!
PNUT Coin Meme Background
The meme coin PNUT has a controversial backstory. The token started gaining attention because of the squirrel Peanut, who inspired the token.
The squirrel was confiscated and euthanized by New York state authorities last October due to rabies concerns.
However, this incident actually sparked widespread attention to the PNUT meme coin. In fact, PNUT became one of the popular meme coins in the Solana ecosystem.
Also Read: Top 5 Meme Coins Worth Buying at the End of 2024
PNUT Meme Coin Price Rises
Source: Bittime.com
PNUT is the most valuable token ever launched through Pump.fun , a Solana-based platform that has launched over 4 million meme coins this year.
Based on the Bittime market, the price of PNUT rose by 11.32% and was traded at Rp20,049 or around $1.26 at the time this article was written.
The reason for the increase in the price of PNUT is thought to be due to the announcement from Coinbase that it will list the PNUT token.
PNUT Meme Coin Price: Still Below ATH
Although PNUT managed to climb to $1.26, the token is still 45% below its all-time high of $2.44 reached on November 14. At that time, the price spike occurred after PNUT was listed on Binance.
However, volatility remains a key feature of meme coins like PNUT. Meme coin prices can soar in the short term, but they can also plummet just as quickly.
Also Read: 5 Best Meme Coins on SUI Network
Meme Coin FAQ
What is Meme Coin?
Meme coins are a type of crypto asset inspired by viral memes on the internet.
Is Meme Coin a Good Investment?
Meme coins are crypto assets with high volatility, making them suitable or good for investors who expect short-term profits.
Which Meme Coins Have Reached $1?
There are several meme coins that have currently reached the $1 level, such as Popcat (POPCAT), Dogwifhat (WIF), and Peanut the Squirrel (PNUT).
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Reference
Logan Hitchcock, Peanut the Squirrel Meme Coin Jumps on Coinbase Plans as Gigachad Hits All-Time High , accessed December 12, 2024.
Coinmarketcap, Coinmarketcap Currency Peanut the Squirrel , accessed December 12, 2024.
Author: IPR
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