Can Peanut the Squirrel 3500% Surge Push PNUT to $3?

• Peanut the Squirrel (PNUT) saw a 40% increase and hit an all-time high at $2.47.
• Since its launch in early November, PNUT has skyrocketed by over 3480%, reflecting its rapid rise in value and popularity.

The global crypto market is buzzing with the rapid rise of a new memecoin, Peanut the Squirrel (PNUT), which has surged by more than 490.70% in a single day. Today, the Solana-based memecoin PNUT reached a new all-time high of $2.47 from a low of $0.4181, which was recorded on Nov 13. 

This dramatic rise has pushed its market cap to $1.88 billion, overtaking Popcat (SOL) and Brett (Based) to secure the 56th spot in the crypto rankings. Further, the 24-hour trading volume for PNUT skyrocketed to $5.16 billion, an increase of over 85%.

While the broader crypto market is experiencing a bull run fueled by the Donald Trump victory and Bitcoin’s $93K entry, PNUT’s story is one to watch.

But what’s behind this sudden rise? The story begins with a viral tweet from Elon Musk, who posted that, “America was saved by a squirrel and a meme coin.” His endorsement quickly caught fire, sparking massive interest in the token. Musk’s involvement with memecoins is no secret, as his tweets have previously fueled the growth of tokens like Dogecoin (DOGE).

PNUT also owes its rapid rise to a unique backstory. The coin was created in response to an incident where New York officials euthanized a pet squirrel named Peanut. The heartbreaking story sparked outrage, and figures like Musk voiced their dismay, generating a wave of support for the token.

PNUT Memecoin Holds Strong Above $1.8 After 40% Surge

Things took a further turn for the better when Binance listed PNUT, boosting its legitimacy. With this milestone, it now ranks as the third-largest Solana-based memecoin, trailing dogwifhat (WIF) and Bonk (BONK).

Since its launch in early November, PNUT has climbed by over 3480%, highlighting its rapid growth in value and popularity.

By the time of writing, the PNUT price was adjusted to $1.94 but still holding its foot strong above $1.80. Additionally, memecoin’s 24-hour surge of 40% makes it the largest daily gainer in the market.

On the technical side, PNUT’s RSI has hit 80.30, signaling that the asset is in an overbought zone and suggesting that a correction may be coming soon. Still, with strong buying pressure reflected in the Chaikin Money Flow, the momentum doesn’t seem to be slowing down anytime soon.

Moreover, PNUT’s rapid rise has made it one of the fastest-growing memecoins, joining the ranks of PEPE and WIF. 

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