PNUT Meme Coin Goes Parabolic, Rallies 10x after Binance Listing
PNUT crypto is rallying after Peanut the squirrel was euthanized by authorities in New York. Now, 30 days before launch – all eyes are on another gem, Pepe Unchained.
Forget BONK, WIF, or even GOAT; a fresh new meme coin is taking over Solana: Peanut the Squirrel (PNUT).
PNUT is on steroids, adding a massive 10X in less than three days after listing on Binance, one of the world’s largest crypto exchanges.
Peanut Died But A Meme Coin Legend Was Born
The meme coin is inspired by a real-life squirrel, Peanut.
Unfortunately for Peanut, the New York State Department of Environmental Conservation (DEC) choose to euthanize him after biting one of the DEC workers.
As expected, there was an outcry from animal rights advocates since many felt Peanut posed no risk and showed no signs of rabies. Choosing to kill it was, some complained, unnecessary.
This controversy made Peanut a meme icon, and Elon Musk even chimed in on a post on X.
America was saved by a squirrel and a meme coin!
— Elon Musk (@elonmusk) November 13, 2024
For crypto degens, this quirky tweet was the most important rocket fuel for PNUT to soar.
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PNUT Rallies 10X After Binance Listing
According to Coingecko, PNUT is up 1,119% in the past week alone, adding a whopping 200% on the last day.
At this pace, PNUT is trading for $1, only the third meme coin in the top 10 to break the $1 milestone.
(Source)
Others are Popcat, at $1.46 at spot rates, and WIF, the most expensive meme coin, changing hands at $3.05 when writing on November 13.
Interestingly, less than two weeks after launching, PNUT now commands a market cap of over $1.3 billion, rallying by over 15X.
(Source)
PNUT became the first meme coin in history to reach a record $1 billion market cap in 10 days.
The meme coin launched on November 4 but fell briefly to as low as $0.03187 on November 4. However, for those who got in early, buying the token for cents, they are up 40X in nine days.
PNUT is yet another meme coin launched via Pump.fun before graduating and listing on Raydium.
Less than 90% of Pump.fun meme coins list on the DEX. Therefore, that PNUT quickly listed on Raydium points to surging community interest, drawing the interest of Binance, OKX, Bitget, and other exchanges.
(Source)
For now, PNUT shows no signs of slowing down.
However, the pace at which the token grows will depend on whether crypto will continue rallying. Any uptick of Bitcoin or Solana to fresh all-time highs will only fuel PNUT to perhaps breach the $2 level mark in the coming years.
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PNUT In Focus: Trader Interest Soars
Those who got in early might see this as an opportunity for a quick flip. Trader interest and position liquidation, per Coinglass, remain a leading indicator.
From the over $6.6 billion in leveraged volume across crypto exchanges, mostly Binance, more than $216 million of mostly long positions are opened.
(Source)
Over $12 million of shorts have been liquidated in the past hour alone, while $8 million of longs were forcefully closed.
Presently, this is not the time to short PNUT. There is interest, and millions of shorts have already been liquidated.
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Is Pepe Unchained (PEPU) The Next PNUT?
Given this growth, it remains to be seen whether PNUT will be another PEPE and remain a staple.
Amid this heightened demand, the focus is also on another meme coin, Pepe Unchained.
The layer-2 solution for Ethereum is gaining traction, raising over $28 million.
Interest is in its plan to launch a scalable yet vibrant meme coin-centric ecosystem on top of Ethereum.
If it achieves this major feat, it will be the first of its kind on Ethereum. This explains why analysts on YouTube expect PEPU to rally by at least 100X on the DEX listing.
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