PNUT Climbs 200% For Fresh ATH After Elon Musk Tweet – Details

Christian Encila

Last Updated: November 15, 2024 4:30 am

2 mins read

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Peanut the Squirrel has rapidly gained prominence in the cryptocurrency sector, establishing itself as a leading memecoin on the Solana blockchain. Within a 24-hours span, PNUT surged almost 200% to attain an all-time high price of $2.4 on November 14, before stabilizing at approximately $2.23.

This rapid ascent has rendered it the highest daily gainer and elevated its market capitalization to about $1.8 billion, securing its position within the top 50 cryptocurrencies.

PNUT hits a new ATH today. Source: CoinMarketCap

The Excitement Surrounding The Increase: The Elon Musk Influence

The increase in PNUT’s price can be mostly ascribed to a tweet from Elon Musk, in which he remarked, “America was saved by a squirrel and a meme coin!”

This tweet rapidly gained popularity, akin to the other endorsements made by Elon Musk that have propelled other memecoins, such as Dogecoin, to new heights.

The origin of PNUT enhances its appeal; it was established in reaction to popular indignation about the euthanasia of a pet squirrel named Peanut by New York City’s Department of Environmental Conservation. This occurrence elicited extensive sympathy and discourse on social media channels, highlighting the token.

PNUT is currently trading at $1.92. Chart: TradingView

Apart from the influence of Elon Musk, PNUT has profited from the broader increase in the bitcoin market, partly resulting from recent political developments following the triumph of the Republicans in the US elections.

While these factors are associated with a period of increased market activity and speculation, many investors are now turning their attention to PNUT in anticipation of possible gains.

PNUT: Trading Activities And Market Positioning

The escalation of the trading volume of the meme coin courtesy of an Elon Musk social media post, however, increased by nearly 280% during the same 24-hour period making it approximately $5.75 billion. This upsurge in trading activity is indicative of the strong fervor and expectation level possessed by investors towards the token’s future performance.

Subsequent to its recent debut on Binance, PNUT has garnered attention and is currently ranked as the third-largest memecoin on Solana, following established entities such as dogwifhat (WIF) and Bonk (BONK).

Market analysts exhibit optimism regarding PNUT’s future prospects. Technical indications indicate a bullish trend, with forecasts suggesting a potential 300% gain in value in the forthcoming days. Should PNUT surpass its existing resistance level of $2.3, it could facilitate the attainment of elevated ambitions.

The Road Ahead

Many investors want to find out if PNUT can keep its momentum and reach fresh highs. There is clear excitement about this memecoin; some estimate it may hit $6 immediately if it continues its increasing trend. All cryptocurrencies still naturally have volatility, though.

Peanut the Squirrel’s rise reflects bitcoin’s rapid wealth swings. PNUT’s unique tale and solid sponsorships have drawn cryptocurrency newcomers and veterans. As the story progresses, PNUT’s ability to dominate the ever-changing digital asset market will be highlighted.

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.