- Solana meme coin sensation PNUT reached $1.3 billion market cap in 10 days.
- Elon Musk is fueling the meme coin craze together with his newest feedback.
- Proponents of meme cash advise warning amid market hype.
The Solana meme coin ecosystem is experiencing a surge in exercise, fueled by the explosive development of PNUT, a brand new meme coin impressed by viral pet TikTok.
Within the final 10 days, PNUT has reached a market capitalization of $1.3 billion and is now the fourth largest Solana meme coin. Moreover, PNUT is now eighth general within the meme coin rankings as its 24-hour buying and selling quantity surpassed WIF.
https://twitter.com/SolanaFloor/standing/1856632444969005075
PNUT, or Peanut the Squirrel, is known as after a preferred TikTok pet that was eliminated by environmental authorities for unlawful wildlife possession. Many animal lovers and celebrities, together with tech billionaire Elon Musk, have been upset about it. On November 13, Musk shared a picture of the token in response to a publish by Rabbit Gap about authorities spending.
Why is PNUT so standard?
Musk tweeted “squirrel and meme coin saved america”, which gained loads of consideration and doubtless helped PNUT develop. As well as, Musk was just lately chosen to steer the “Division of Authorities Effectivity”. Having supported Dogecoin up to now, individuals at the moment are enthusiastic about meme cash.
This surge in curiosity in meme cash, particularly within the Solana ecosystem, has made individuals each excited and cautious. Some cryptocurrency supporters assume Musk will assist extra individuals use cryptocurrencies. Nevertheless, others such because the Dogecoin developer Mishaboarthey need new buyers to watch out.
Additionally Learn: Meme Coin Rally Pushes Crypto Market Cap To $3 Trillion
On November 10, Mishaboar highlighted the inherent volatility of meme cash and suggested buyers to keep away from complicated monetary devices resembling leverage and derivatives, which might improve dangers. He mentioned individuals ought to solely make investments what they’ll afford to lose.
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