TL;DR
- Regardless of the market-wide pullback, the viral meme coin PNUT surged to a brand new ATH.
- Its recognition and worth enhance had been doubtless fueled by one among Musk’s newest interactions on X.
Defying the Market Pattern
After a number of days of pumping and reaching report highs, the cryptocurrency market pulled again prior to now 24 hours. Bitcoin (BTC), whose worth tapped an ATH above $90,000, has retraced towards $87,000 on the time of this writing. The correction has additionally affected some altcoins, with Cardano (ADA), Avalanche (AVAX), and lots of extra experiencing double-digit declines.
Nonetheless, the trending meme coin Peanut the Squirrel (PNUT) has defied the detrimental traits by charting spectacular positive aspects. Its worth is up nearly 200% on a each day scale, reaching a recent peak at round $1.30. Its market cap exploded above $1.3 billion, making it the 78th-largest cryptocurrency.
The meme coin, which noticed the sunshine of day earlier this month, now has the next capitalization than well-known names comparable to Mantra (OM), Algorand (ALGO), Helium (HNT), Gala (GALA), and others.
PNUT’s worth explosion may be attributed to one among Elon Musk’s most up-to-date interactions on X. The billionaire replied to a publish associated to the upcoming Division of Authorities Effectivity (which he shall be main) by merely saying,
“America was saved by a squirrel and a meme coin!”
PNUT is a meme coin launched on the Solana blockchain and impressed by a pet squirrel named Peanut. The animal garnered vital consideration initially of the month when the New York state authorities euthanized it to conduct rabies checks after it allegedly bit a DEC employee throughout a seizure operation.
The choice led to widespread criticism, with many questioning the need of such measures for the reason that pet lived indoors for seven years and confirmed no indicators of the illness. Musk was amongst these, mystically posting on X shortly after the euthanization:
“Should you strike me down, I’ll turn out to be extra highly effective than you possibly can presumably think about,” Obi PNut Kenobi.”
Different Memes are Bleeding
PNUT is among the many very few meme cash charting positive aspects prior to now 24 hours. The sector’s chief, Dogecoin (DOGE), is down 6%, whereas its largest rival, Shiba Inu (SHIB), has plunged by 11%.
Different memes negatively impacted by the continued market correction embody POPCAT (-9%), BRETT (-11%), NEIRO (-12%), MEW (-12%), and extra.
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