Peanut The Squirrel (CRYPTO:PNUT) has recorded a staggering 1,400% rise in the last week, gaining momentum after Elon Musk’s endorsement.
What happened
PNUT has entered the top 10 meme cryptocurrencies by market capitalization, with $5.8 billion in trading volume in the last 24 hours, surpassing larger rivals such as Shiba Inu (CRYPTO: SHIB) and reaching 20% of the trading volume of Dogecoin (CRYPTO: DOGE).
A major investor, who invested around $2.8 million in PNUT between November 3 and 10, now owns 26.72 million PNUT valued at $56.64 million, making him the largest holder individual.
Lookonchain reports that this investor made his first significant profits from the meme Cryptocurrency in just a few days, and his holdings skyrocketed following the coin’s listing on Binance.
Another trader, Kakashi, turned a small investment of 17 PNUT into a payment of 3 million dollars.
| Cryptocurrency | Price | Market capitalization | 24 hour trend | 7 day trend |
| Peanut the Squirrel | $1.95 | 1950 million dollars | +26.5% | +1464% |
| Dogecoin | $0.3975 | $58.2 billion | -8.1% | +111% |
| Shiba Inu | $0.00002525 | $14.9 billion | -9.5% | +35% |
Notes for traders
Peanut-focused trader Marcell notes that anyone who was hesitant to make an investment in PNUT at previous market caps of $30 million, $60 million and $100 million is now seeing it hit $2.4 billion with no signs of slowing down. .
Thanks to Musk’s influence and growing community support, PNUT is predicted to become the top meme cryptocurrency, potentially “breaking the chart” as public interest increases.
Community News
In response to community demand, decentralized exchange Hyperliquid has announced that PNUT will now be available for long or short positions with up to 5x leverage.
Additionally, the creator of the meme cryptocurrency donated 1 billion PNUT (valued at $35,400) to Vitalik Buterin’s address to support animal protection efforts.
Image by JoeBreuer on Pixabay
This story was generated by Benzinga Neuro and edited by Edgli Romero
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