Key Takeaways:
- Peanut The Squirrel’s Coin has surged above 750% in the past 7 days, outperforming many other cryptocurrencies in the market.
- The coin has been trading in green since the 6th of this November with a trading volume of $1.26 billion today.
- The market sentiment for the coin remains bullish with an 86% probability of remaining in that state.
Following the listing of the Peanut, the squirrel’s coin on Binance, the coin exploded in the market with holders gaining up to 900% of their investment. The PNUT is a meme coin, and even among the meme coins, this type of gain is extremely rare. The PNUT coin is inspired by “Peanut the Squirrel”. The coin was created on the 1st of November, and soon after its launch, the coin saw a tremendous increase in its market capitalization. In this article, we will look at the coin’s sudden spike and the main reason behind it.
Why the sudden spike?
The PNUT is a meme coin based on the charming squirrel that has been trending on social media in recent times. But that is not the reason behind this sudden spike, it is the unexpected tragedy that befalls the squirrel. The squirrel’s unexpected death of the beloved squirrel has fueled the launch of several Peanut-themed tokens in the market. The internet outrage following its death was huge, especially as Elon Musk was also one of the people who tweeted about this tragic death.
The PNUT is one such coin out of many. The coin that was launched with the slogan “JusticeForPeanut” has gained the attention of a lot of people in just a matter of days. The coin was listed on Binance yesterday. This was adding fuel to the fire. The coin’s value has already a huge surge undergone a further rise of 343% following the listing.
PNUT Current Market Standing
Ranked #213 by CoinMarketcap, the coin is currently trading at $0.4942. With a trading volume of $1.26 billion, the coin is performing extremely well in the market. This trading volume shows a tremendous increase of 211.33%. This is huge even for a meme coin. With a total circulation of 999.86 Million coins, the market capitalization of the coin stands tall at $428.70 million.
As more and more famous personalities came forward about the tragic death of the famous squirrel, the coin’s price slowly surged in the market. With the coin’s price going up, several people have already gained profit from it. There was an instance when a person claimed to have gotten a profit of nearly $250,000 from an initial investment of $5,000.
Binance Contraversary associated with PNUT
The Binance, one of the most prominent exchanges is currently facing backlash for listing Peanut the Squirrel, a Solana-based meme coin into its platform. The controversy about the coin’s listing has made various investors think about the real motives behind the platform. Many users even accused Binance of a “pump and dump engine”. This was based on the allegation that the platform is currently targeting low-key crypto that is being controlled by insiders to profit from them during sudden spikes like the one with the PNUT coin.
There were also several other critics who raised concerns regarding this matter, while the remaining portion profited from the coin’s sudden spike. The Binance responded to these concerns by marking PNUT and another major meme coin called Act I: The AI Prophecy with a “Seed Tag”, to make the user aware of the coin’s highly volatile nature.
Is PNUT a Good Buy?
The token has traded 75%(6 days) of its lifetime in green. With an astonishing growth rate of 711.14% since its launch, the coin is one of the most profitable investments in the market. The market growth of the coin during the last 7 days stands at 776.69%. This indicates a positive sentiment in the market that is backed by the trading volume of the currency.
However, if you’re considering investing in the coin in the hope of gaining huge profit in a short period, be extremely cautious as PNUT is a meme coin. Meme coins are the most volatile coins in the market as they can undergo a price change at a moment’s notice. Keep all this in mind and conduct a thorough analysis of the market trends before proceeding with the investment.
The post Peanut The Squirrel’s Coin Surges 343% Following Binance Listing, Market Capitalization Soars Above $420M appeared first on Kallanish Energy.
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