PNUT Meme Token Quadruples in Value Overnight

The meme token Peanut the Squirrel (PNUT) surged from $0.41 to $1.7 in less than a day. The coin’s market capitalization peaked at $1.73 billion.

At the time of writing, the meme token is trading around $1.69 and ranks 68th among crypto assets on CoinGecko.

Peanut the Squirrel was launched in early November on the Solana blockchain. Its mascot is a squirrel named Peanut, who lived with its owner in New York. On October 30, authorities seized the animal on suspicion of rabies, and it was later euthanized.

Due to Peanut’s media popularity, the news caused a stir on social media and caught the attention of influencers, including Elon Musk and Donald Trump Jr.

In its brief history, Peanut the Squirrel has already experienced significant price swings. Shortly after its launch, the meme token rose from $0.005 to $0.12 within 12 hours. At that time, one user missed the opportunity to earn over $1.6 million, selling the coins at a loss.

Previously, an analyst calculated that 80% of meme coins listed on Binance in 2024 saw significant price increases.