Peanut the Squirrel crypto rises 200%, hits $2.4 ATH – Thanks to Elon Musk?

• Peanut the Squirrel crypto surges by triple-digits.
• The token now ranks as the 7th largest memecoin.

The crypto market has a new star and it’s Peanut the Squirrel [PNUT]. The Solana [SOL]-based memecoin surged by nearly 200% in a day to peak at a new all-time high [ATH] of $2.4 on the 14th of November.

At the time of writing, the price had adjusted to $2.23. As per CoinMarketCap, this represented an appreciation of 167% over the last 24 hours, making PNUT the largest daily gainer.

Source: CoinMarketCap

Furthermore, since its launch, PNUT has skyrocketed by over 4,000%, a testament to its rapid rise in popularity and value.

Peanut the Squirrel’s $2.2B crypto milestone 

Worth noting that the surge in price elevated PNUT’s market cap to $2.2 billion. Along with the price rise, the trading activity surged 279.62%, bringing the 24-hour trading volume to a remarkable $5.75 billion.

This rise has made PNUT one of the fastest growing memecoins.

Interestingly, it has also secured a spot among the top 50 assets by market capitalization. At press time, PNUT ranked as the 47th largest cryptocurrency.

However, what caused this sudden rise? Is it just the sentimental value attached to the token or is it the memecoin mania?

What’s driving PNUT’s meteoric rise?

Well, while the broader crypto market is undergoing a bull run on the heels of the Republican victory and the massive surge in Bitcoin [BTC], there’s more to PNUT’s story.

The memecoin gained momentum after SpaceX and Tesla CEO Elon Musk took to X [formerly Twitter] and posted,

“America was saved by a squirrel and a meme coin!”

This message quickly went viral, aligning with Musk’s pattern of endorsing memecoins, which has previously driven major surges in tokens like Dogecoin [DOGE].

Additionally, Musk is no stranger to PNUT. For those unfamiliar, the token was created in response to a viral story about a pet squirrel named Peanut. 

New York City’s Department of Environmental Conservation euthanized the squirrel, sparking widespread outrage on social media.

Prominent figures, including Musk, voiced their dismay over the incident. This fueled public interest and sympathy which, in turn, boosted PNUT’s popularity.

PNUT takes the spotlight in Solana’s memecoin scene

Meanwhile, despite being only a few days old, PNUT is giving tough competition to other established memecoins. AMBCrypto recently reported that it gained a spot on Binance, a listing that further increased investor interest and optimism. 

Now, with this new milestone, PNUT has risen to become the third-largest Solana-based memecoin, trailing only dogwifhat [WIF] and Bonk [BONK]. 

Additionally, it now ranks as the 7th largest memecoin across all blockchains, an impressive feat for a newcomer.

Whether PNUT can maintain its momentum remains to be seen, but for now, it has firmly established itself as a major player among memecoins.