PNUT (PNUT) Cryptocurrency Surges 200% After Elon Musk Endorsement on Social Media

TLDR

• PNUT cryptocurrency surged 200% to reach ATH of $2.4 following Elon Musk tweet
• Trading volume increased 280% to $5.75 billion in 24 hours
• Currently ranked as third-largest memecoin on Solana blockchain
• Market cap reached $1.8 billion, placing it in top 50 cryptocurrencies
• Token created in response to euthanasia of pet squirrel named Peanut

The cryptocurrency token PNUT experienced a remarkable price surge on November 14, reaching an all-time high of $2.4. The dramatic increase came after Tesla CEO Elon Musk posted about the project on social media.

Trading data shows PNUT’s value jumped nearly 200% within a 24-hour period before settling around $2.23. The price movement caught the attention of crypto traders and pushed the token’s market capitalization to approximately $1.8 billion.

The catalyst for the price action was a tweet from Elon Musk stating “America was saved by a squirrel and a meme coin!” The message quickly spread through cryptocurrency communities, triggering a wave of buying activity.

Trading volume reflected the increased interest, climbing 280% to reach $5.75 billion during the same period. The surge in activity highlighted growing trader enthusiasm for the Solana-based token.

PNUT’s origin story sets it apart from other meme tokens. The project launched as a response to public outcry over the euthanasia of a pet squirrel named Peanut by New York City’s Department of Environmental Conservation.

The token has gained traction on the Solana blockchain, where it now ranks as the third-largest memecoin. It trails only established projects dogwifhat (WIF) and Bonk (BONK) in market size within the Solana ecosystem.

Recent market conditions have supported PNUT’s rise. The broader cryptocurrency market has shown strength following Republican victories in U.S. elections, creating a favorable environment for newer tokens.

The project’s recent listing on Binance, one of the world’s largest cryptocurrency exchanges, has increased its visibility and trading access. This institutional support has helped establish PNUT as a recognized player in the memecoin space.

Technical analysts watching PNUT have identified $2.3 as a key resistance level. Market watchers suggest breaking through this price point could open the path to further gains.

Current price projections from trading analysts suggest potential for a 300% increase in coming days, though such predictions come with inherent uncertainty in the volatile cryptocurrency market.

The token currently trades at $1.92, representing a slight pullback from its recent peak. Despite the retracement, trading volume remains elevated compared to historical averages.

Some market participants have set price targets as high as $6 for PNUT, though such projections depend heavily on continued market momentum and sustained trader interest.

PNUT’s price action demonstrates the ongoing appeal of meme-based cryptocurrencies to both new and experienced traders. The combination of social media attention and exchange support has created notable trading opportunities.

The token continues to attract attention from cryptocurrency traders looking for exposure to the growing Solana ecosystem. Its position as a top-three memecoin on the platform has helped maintain trader interest.

The most recent trading data shows PNUT maintaining its position among the day’s top gainers in the broader cryptocurrency market.