Despite the fact that the PNUT token appeared in early November, its market capitalization has already exceeded $1.3 billion. Memcoin has become the 63rd largest crypto asset, overtaking such cryptocurrencies as Mantra (OM), Algorand (ALGO), Helium (HNT) or Gala (GALA).
PNUT’s explosive growth followed an announcement by billionaire Elon Musk at X, who explained his appointment as head of the Department of Government Effectiveness (DOGE) by writing: “America was saved by a squirrel and a memcoin!”
PNUT was launched on the Solana blockchain in honor of a tame squirrel named Peanut (Peanut), who lived with his owner for about seven years. New York state authorities seized a man’s squirrel to euthanize it for rabies testing amid concerns that living with the wild animal could pose a threat to humans. It later turned out that the squirrel was healthy. The authorities’ decision was widely criticized because even despite petitions to return the pet to its owner, the animal’s life could not be saved.
A few days ago, the PNUT token became available for trading on the largest crypto exchange Binance. Binance co-founder Yi He
wrote in X that the listing of this token was completely free.
Recently, The Block analysts reported that more and more memtokens are being created on the Solana blockchain, which explains the growth of the SOL cryptocurrency above $200. Binance Research researchers found that since 2022, the share of memecoins in the altcoin market has grown from 4% to 11%, as meme cryptocurrencies began to be perceived as a symbol of decentralization.
Source: Bits
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