Following Donald Trump’s recent victory in the 2024 U.S. presidential election, meme coins are witnessing a fresh wave of popularity. Dogecoin (DOGE) remains a major player, but Peanut the Squirrel (PNUT), a Solana-based token, has surged into the spotlight. Over the past week, $PNUT skyrocketed over 1,500%, riding high on investor enthusiasm and reaching new heights in the crypto market.

Binance Listing Fuels Massive Growth

PNUT price, Source: CoinMarketCap

PNUT’s rise has been bolstered by a recent listing on Binance, which propelled the token’s market cap to an impressive $1.9 billion. Daily trading volume now stands at approximately $6.4 billion, highlighting significant demand for the coin. The coin’s value hovers close to $2, capturing attention across the crypto trading sphere and securing PNUT’s place among top meme coins.

Whale Investor Reaps $51 Million in Gains

On-chain data reveals that PNUT’s largest holder owns about 27 million tokens, valued at over $51 million. The investor, dubbed a “whale” in crypto terms, executed 39 trades with PNUT and emerged with substantial gains. Between November 3 and 10, this trader acquired roughly $2.8 million worth of PNUT, capitalising on the coin’s rapid rise.

Further Growth Potential and Investor Interest

PNUT’s strong market performance and high trading volumes suggest room for further growth, enticing investors eager to ride the wave. As the coin garners wider interest, it joins a rising trend of meme coins gaining significant market traction, fueled by a mix of online hype and bullish trading momentum. The future looks promising as $PNUT continues to secure its position as a potential meme coin powerhouse.