A new cryptocurrency token called PNUT reached a market capitalization of $1.9 billion just weeks after its launch in early November 2024. The token was created in memory of Peanut the Squirrel, a viral social media sensation that sparked a social media movement. The incident got attention from public figures like Elon Musk and Donald Trump.
To support the social media movement, developers launched the PNUT token on the Solana blockchain and it quickly gained traction among traders and investors. The token was listed on several major exchanges, including HTX, Bitgert, OKX, and Bybit. In the first 48 hours of trading, PNUT’s volume exceeded $230 million, and the price surged by more than 2,900%.
The rapid rise of PNUT has placed it among the top 60 cryptocurrencies by market capitalization.