Why Peanut the Squirrel (PNUT) Surged 400% in a Single Day?

Key Points:

• Peanut the Squirrel (PNUT), a memecoin inspired by a real-life squirrel, saw a massive price surge after being listed on Binance.
• The coin’s price surged 400%, pushing its market cap from $422 million to $1.75 billion in a single day.

As Bitcoin nears $90,000 ATH, Peanut the Squirrel (PNUT) leads the “super cycle of memecoins,” showcasing the growing frenzy in the crypto market.

As Bitcoin reaches a new ATH close to $90,000, the anticipated Altcoin Season has yet to arrive. However, the “super cycle of memecoins” is more evident than ever.

The clearest sign of this is the explosion of DOGE and its canine cousins like D.O.G.E, SHIBA, WIF, BONK, and NEIRO, driven by the combined hype of two influential figures, Donald Trump and Elon Musk. For those who missed out on the rally of these dog-themed coins, there’s still a whole “zoo” of memecoins to explore.

Indeed, this season has seen the emergence of memecoins inspired by animals like hippos (HIPPO, MOODENG), frogs (OMOCHI), monkeys (HARAMBE), and the most talked-about squirrel, Peanut the Squirrel (PNUT).

Read more: Memecoin “D.O.G.E” pump 150% thanks to Elon Musk and Trump

The Rise of Peanut the Squirrel (PNUT)

Peanut the Squirrel (PNUT) is one of the memecoins on the Solana blockchain, inspired by a real squirrel named P’Nuts from New York City. Over recent months, the story of this squirrel and its demise has captured the attention of both the general public and the crypto community.

The hype around P’Nuts escalated when it was mentioned by Donald Trump Jr., the son of former President Donald Trump, and billionaire Elon Musk. The squirrel became a topic of public debate after it was reportedly captured and euthanized by New York state authorities following complaints from the owner’s neighbors. This incident sparked widespread discussion amid rising societal concerns about crime in the U.S.

With such a compelling backstory, Peanut the Squirrel (PNUT) memecoin quickly attracted attention. PNUT had all the elements to become a coin with a market cap exceeding $100 million.

The Binance Spot Listing That Fueled the Surge

However, Peanut’s journey on the blockchain wasn’t limited to DEXs and meme-focused exchanges. The real boost came when Binance unexpectedly announced a spot listing for Peanut the Squirrel (PNUT) at noon on November 11th.

It’s important to note that this was a spot listing, not just a futures trading pair, as Binance often does with other memecoins like MOG, PONKE, MOODENG, GOAT, and CAT.

The Binance spot listing announcement triggered a massive rally, with PNUT’s price surging 4x from around $0.4 to $1.8 within just one day on November 13th. Consequently, its market cap jumped from $422 million to $1.75 billion in a single day.

According to the memecoin ranking on CoinGecko, the market cap of Peanut the Squirrel (PNUT) hit a peak of $2.35 billion before slightly retreating to the current $1.72 billion, placing PNUT in the “billion-dollar memecoin club” alongside long-standing names like DOGE, SHIB, PEPE, WIF, and BONK.

At the time of writing, PNUT’s price is trading at $1.7, marking a 400% increase for those who bought immediately after the listing announcement.