The cryptocurrency market is eyeing the US elections. While it is a matter of curiosity who will win, the market is making bets according to some clues. Pnut (PNUT) has put a surreal spin on the da meme coin craze. The token increased by over 100 percent with the US election excitement and the support it received from Elon Musk.
US elections have started, meme coin PNUT jumped!
cryptokoin.comAs you can see from , there is a curious wait in the market. The new US president will be announced soon. While the election excitement is at its peak, extraordinary movements in some tokens attract attention. There are serious fluctuations, especially in the meme coin field. According to CoinMarketCap data, Pnut (PNUT) was trading at $0.006533 at the time of writing. Meme coin recorded an astounding increase of 100% during the day and 156.23% last week.
Pnut 1 day price chart. Source: CoinMarketCapThis community-driven token, with a market value of $644,610 and a 24-hour trading volume of $1.11 million (106.89% increase), is making a splash on the Solana Blockchain and attracting the attention of investors. PNUT entered the market on November 4. Meme coin started trading on Solana’s decentralized exchange Raydium at $0.002767. It has since rocketed to the forefront of the PNUT market.
PNUT/SOL on Radium DEX. Source: CoinMarketCapAnger is increasing in the USA because of Squirrel Peanut!
The story of PNUT is not just another meme coin tale. It is rooted in the memory of Peanut, a beloved pet squirrel, and the public outrage following Peanut’s untimely death. The token’s rise was fueled by Elon Musk, who voiced his support on Joe Rogan’s podcast on November 4. Musk criticized government interference in the life of the late “squirrel star.” In this context, “It was a beloved pet squirrel… and the Government is breaking into people’s homes and killing them. This should mobilize people.” he said.
Rogan also voiced his own thoughts. He said, “Why would you kill that cute little squirrel? “The interaction that guy had with that squirrel was amazing.” he said. Elon: “I don’t know, man. Just go out there and vote for Peanut.” he commented. Musk didn’t stop there; He called on his huge online following to take action. In this context, he shared the following: “Vote for PNut! For freedom! For freedom!” The billionaire’s support has led to increased interest in the meme coin project.
What’s next for Pnut?
With the support of Elon Musk and the light-hearted yet galvanizing energy surrounding PNUT, the meme coin embodies the power of meme culture in the world of digital assets. The timing is uncanny as it coincides with the US elections, and a Trump win could send the token soaring further, given Musk has endorsed both. However, a ‘buy news, sell realization’ phenomenon is also possible.
While PNUT’s rise is impressive, investors are reminded of the volatile nature of meme coins. Like any token with strong social media roots, PNUT’s value is largely based on hype. It also depends on community involvement. Therefore, it is a very high risk, high reward asset. cryptokoin.comWe strongly recommend that you do your own research before investing.
