The unprecedented bull run that has dominated the crypto market has seen Bitcoin surge to a new all-time high of $89,000 Monday. Yet, the leading token isn’t the only asset getting the benefit of positive sentiment. Indeed, the newest Peanut the Squirrel (PNUT) meme coin on Solana surged as much as 325% in a single night amid the Bitcoin run.
The crypto market is enjoying an unprecedented run following the 2024 presidential election. With Donald Trump set to embark on his second term, the country has officially voted into office the first pro-crypto president. That fact has the market looking to reach new heights this coming year. That has led many to wonder how high PNUT could go next?
Also Read: Donald Trump Could Pass Bitcoin Reserve Bill in First 100 Days
PNUT Up Over 500% In a Week as Bitcoin Sets New Records
2024 has proven to be a massive year for the cryptocurrency sector. Despite its opposition, the US Securities and Exchange Commission (SEC) approved two crypto-based ETFs. Now, the asset class is surging in value after Donald Trump became the president-elect. With his second term looming, the industry is set up to enjoy a monumental 2025.
That boost has already been felt by some of the top cryptos, but the meme coin market is facing equally impressive gains. Specifically, one Peanut the Squirrel (PNUT) on Solana is up as much as 300% in one night as Bitcoin continues its massive run. Indeed, the meme coin is proving to have massive potential.
Also Read: Peanut the Squirrel Sparks Solana Meme Coin Frenzy: $200 Target
Over the last 30 days, the meme coin is up more than 758%, according to CoinMarketCap. The asset may not have the reach or community of a Dogecoin (DOGE) or Shiba Inu (SHIB), but It has sown the potential to eventually compete with those market leaders.
The coin itself was created in honor of the New York squirrel that became a social media sensation. Although he was a pet, the animal was seized by the state Department of Environmental Conservation (NYSDEC) by Paul Longo. The animal was taken due to reports of Longo owning wildlife illegally. Shortly after he was taken, the animal was put down.
P’Nut became a meme that caught on with the internet community. Moreover, it then became the subject of its very own meme coin offering. Indeed, it was launched on Solana and has already reached a market cap above $454 million. The token honoring the pet has developed a strong community, as the PNUT token has reached a $0.45 price already.
Credit: Source link