Peanut the Squirrel (PNUT), a meme coin, has experienced a surge in value, increasing by approximately 25% in a single day. The price reached a peak of nearly $1.40 before stabilizing around $1.27.
The significant price movement of PNUT can be attributed to its addition to Coinbase's "roadmap" and the overall revival of the meme coin sector. PNUT is a Solana-based token that gained popularity due to its unique branding and connection to a controversial incident involving a pet squirrel. The incident sparked public outcry, including criticism from Elon Musk.
PNUT's inclusion in Coinbase's roadmap generated excitement among investors, and the meme coin market as a whole has seen an 8% increase in market capitalization in the past 24 hours. Established meme coins like Dogecoin, Shiba Inu, and Pepe have also experienced notable gains.
PNUT's popularity is driven by its compelling backstory and the allure of meme culture. The emotional connection to the story has attracted investors, with some turning modest investments into substantial profits. The rise of PNUT and other meme coins reflects a trend in the cryptocurrency market where investors are willing to engage with assets that offer the potential for rapid price appreciation.
However, the sustainability of such investments and the long-term viability of meme coins as a category are still uncertain. The developments in the meme coin sector will continue to be closely monitored by market participants and regulators.