Meme coin season continues with many cryptocurrencies buying and selling increased after Donald Trump received the 2024 presidential election, together with a coin primarily based on Peanut the Squirrel, a social media star.
This is a glance again at how a lot an funding in Peanut the Squirrel PNUT/USD coin, which is predicated on the Solana SOL/USD blockchain, could be price at the moment.
What Occurred: The value of Peanut the Squirrel coin has soared in latest days, bolstered by the 2024 election consequence and mentions of the viral social media star by Tesla CEO Elon Musk.
Peanut the Squirrel was a rescue squirrel owned by a New York resident. The squirrel attracted a big following on Instagram with tons of of hundreds of followers.
New York state officers confiscated and later euthanized Peanut in early November resulting from alleged potential rabies publicity.
The demise of Peanut grew to become a rally cry forward of the 2024 election and noticed mentions from Musk on X.
“President @realDonald Trump will save the squirrels. RIP P’Nut,” Musk tweeted on Nov. 2.
The Tesla CEO and billionaire later that day shared a meme of a squirrel resembling a jedi.
“Should you strike me down, I’ll change into extra highly effective than you could possibly presumably think about,” Musk mentioned, referring to a quote on the meme with the character being proven as “Obi PNut Kenobi.”
Extra mentions of Peanut the Squirrel, the social media star serving to Trump win the election and listings of the meme coin on exchanges like Binance have despatched the worth of the cryptocurrency hovering in latest days, passing a market capitalization of greater than $1 billion.
Learn Additionally: Peanut The Squirrel’s Coin PNUT Catapults 343% Higher To $420 Million Valuation: ‘The Squirrel Who Saved The Election,’ Quips Venture Capitalist
Investing $100 In PNUT: Buyers who purchased PNUT after Musk began mentioning the viral squirrel and meme coin on X have been pleasantly rewarded.
PNUT traded at a excessive of $0.1258 on Nov. 2 when Musk made his first tweets. An investor shopping for the coin on the highest value of the day might have bought 794.9126 PNUT.
Immediately, the $100 could be price $1,573.93, up 1,473.9%, primarily based on a value of $1.98 for PNUT on the time of writing.
What’s Subsequent: Buyers have made massive earnings within the Peanut the Squirrel meme coin and the Instagram account of the deceased squirrel now has over 900,000 followers.
Some traders imagine the meme coin will go increased, citing the potential affect of Musk and his past comments on Dogecoin DOGE/USD serving to to place consideration on that meme coin and sending it increased.
Wednesday’s listing of Pepe coin PEPE/USD on Coinbase and Robinhood has additionally supplied optimism that extra meme cash will get listings on main exchanges and could possibly be open to extra funding alternatives from mainstream retail traders.
The affect of meme cash is anticipated to be totally explored at Benzinga’s upcoming Future of Digital Assets occasion on Nov. 19.
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Picture created utilizing synthetic intelligence by way of Midjourney.
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