Newcomer to the Solana meme coin scene, Peanut the Squirrel ($PNUT), is only three weeks old, but it’s already stealing the show. Thanks to a significant price surge, $PNUT is now the eighth-largest meme coin with a market cap of 1.6 billion USD.
In the past seven days, Peanut the Squirrel has surged 325% and is currently trading at 1.63 USD. This surge makes it the cryptocurrency with the biggest increase among the top 100 cryptos by market cap.
Overall, most of the major meme coins have seen significant gains over the past seven days. Dogecoin (DOGE), the market leader and the first meme coin, is up 25% and is currently trading around 0.36 USD.
Meanwhile, Pepe (PEPE), the largest non-dog-based meme coin, surged 69% to trade at 0.00002071 USD.
The phenomenon occurred amid the rise in the price of Bitcoin which has continued to set new records since the re-election of pro-crypto US President Donald Trump. Bitcoin itself rose 9%, while the coin that supports Peanut’s blockchain, Solana, rose 11% to 243 USD.
Peanut the Squirrel ($PNUT): Introduction and Analysis
Peanut the Squirrel launched on Halloween this year via Solana’s meme coin launchpad, Pump.fun. In just three weeks, $PNUT has risen to become the 73rd largest cryptocurrency.
This incredible price movement doesn’t seem to be stopping. The majority of Peanut the Squirrel rise over the past seven days occurred on November 13, when its price shot up 300% in less than 24 hours. The trigger was a series of tweets from X CEO Elon Musk.
Since then, the price of $PNUT has stabilized at the current level. This has helped its relative strength index (RSI) drop to 48, indicating consolidation at the current price. Thus, $PNUT is potentially ready to skyrocket again.
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