PNUT Token Reaches $1.9B Market Cap on Major Exchanges
by Oliver Dale · BlockonomiTLDR
- Peanut the Squirrel’s death sparked a social media movement and led to creation of PNUT token
- PNUT reached $1.9 billion market cap, entering top 60 cryptocurrencies
- Token launched on Solana blockchain, listed on major exchanges including HTX and OKX
- Trading volume hit $230 million in 48 hours with 2,900% price surge
- Major whale holds 27 million tokens worth approximately $51 million
A new cryptocurrency token called PNUT has reached a market capitalization of $1.9 billion just weeks after its launch in early November 2024. The token, created in memory of a viral social media sensation known as Peanut the Squirrel, has gained widespread attention and substantial trading volume across major cryptocurrency exchanges.
The story began when news of Peanut the Squirrel’s death spread across social media platforms, sparking the viral hashtag #JusticeForPeanut. The incident attracted attention from notable public figures, including Elon Musk and Donald Trump, during the lead-up to the U.S. elections.
In response to the social media movement, developers launched the PNUT token on the Solana blockchain. The cryptocurrency quickly gained traction among traders and investors, leading to its listing on several major exchanges including HTX, Bitgert, OKX, and Bybit.
The token’s initial trading period showed remarkable growth. Within the first 48 hours of trading, PNUT’s volume exceeded $230 million. The price experienced a surge of more than 2,900%, reaching a high of $1.91 per token.
Large cryptocurrency investors, commonly known as “whales,” have shown interest in the token. One notable whale account currently holds 27 million PNUT tokens, valued at approximately $51 million based on recent prices.
The rapid rise of PNUT has placed it among the top 60 cryptocurrencies by market capitalization. This growth represents one of the fastest ascents for a new token in recent months, particularly within the Solana ecosystem.
Trading activity for PNUT has remained strong across multiple exchanges. The HTX exchange, where PNUT was first listed on November 12, has maintained consistent trading volumes, indicating sustained investor interest.
The token’s success has drawn comparisons to other meme-based cryptocurrencies that have seen rapid price appreciation. However, PNUT’s growth trajectory has been notably faster than many of its predecessors in the same category.
Market data shows that PNUT has maintained strong liquidity across trading pairs, particularly in USDT markets. This liquidity has supported the token’s price stability during periods of high trading volume.
The technical implementation of PNUT on the Solana blockchain has provided advantages in terms of transaction speed and cost. These features have contributed to the token’s adoption among traders looking for efficient trading options.
Exchange listings have played a crucial role in PNUT’s market performance. Each new listing has brought additional trading volume and expanded the token’s reach to different geographic regions and investor communities.
The token’s smart contract includes standard features such as transfer capabilities and trading functions. These technical aspects have been verified through multiple exchange listing processes, providing additional confidence to traders.
Price discovery for PNUT has occurred primarily through decentralized and centralized exchanges, with market makers providing liquidity across various trading pairs. This has helped establish price consistency across different platforms.
Trading patterns show that PNUT has attracted both retail and institutional investors. The distribution of holdings indicates a mix of small retail traders and larger institutional positions.
The most recent data shows the token maintaining its market position with continued trading activity across all listed exchanges. Daily trading volumes remain in the millions of dollars, supporting ongoing price discovery and market stability.