3 reasons why the price of PNUT increases by 1,500% weekly

TL;DR

Squirrel themed meme coin PNUT is the top 100 best performing cryptocurrency of the past week. Check out what factors contributed to his bull run. The Binance Effect

Trendy meme coin Peanut the Squirrel (PNUT) has been one of the best crypto performers this past week. Its price exploded 1,500% during that period, briefly hitting a record high of nearly $2.50, and currently trading around $2.06 (according to CoinGecko data).

PNUT Price, Source: CoinGecko

One of the main factors that triggered the big rally was the support of Binance. Earlier this week, the largest crypto exchange listed PNUT with a seed tag and reminded that tokens added to this category may experience increased volatility and present risks for investors.

These listings usually lead to a substantial increase in the price of the cryptocurrencies involved due to increased liquidity, accessibility and credibility.

Other meme coins that have rallied after Binance support in recent weeks include Ponke (PONKE), Simon’s Cat (CAT) and others.

Support from Elon Musk

PNUT is a meme coin based on Solana, inspired by a pet squirrel named Peanut. The animal gained significant attention earlier this month when New York state officials euthanized it to test for rabies, following an incident in which it reportedly bit a worker at Department of Environmental Conservation (DEC) during a seizure operation.

Many, including Tesla CEO Elon Musk, criticized these actions. After all, the pet allegedly lived indoors for years and showed no signs of the disease. Musk initially described the effort as “government overreach,” teasingly saying that “Donald Trump would save the squirrels.”

He later mentioned PNUT in some of his X posts, which may have contributed to his rising prices. On November 13, for example, he declared that “America was saved by a squirrel and a meme coin.”

Musk is one of the most influential people on the planet, and his endorsements often lead to sharp fluctuations in the price of the assets he touches. Their favorite cryptocurrency – Dogecoin (DOGE) – is an obvious example.

The main meme coin has been leading the gains, recently hitting a three-year high following Musk’s intentions to head the upcoming Department of Government Efficiency (DOGE). Earlier this week, Trump assured that the Tesla CEO will lead the division, describing it as “The Manhattan Project” of our time.

The Meme Coin Frenzy

The third element that can fuel the PNUT bomb is the general resurgence of the meme coin sector. Leading tokens like Pepe (PEPE), dogwifhat (WIF), Bonk Inu (BONK), Floki Inu (FLOKI), Popcat (POPCAT) and many more are increasing by double digits on a 24-hour scale.

The few posting some minor losses include SPX600 (SPX), Gigachad (GIGA) and CorgiAI (CORGIAI).

Meanwhile, the total market capitalization of the meme coin niche is currently at an all-time high of over $125 billion. By comparison, the figure was around $60 billion at the beginning of the month.

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