- Solana meme coin sensation PNUT reaches a market cap of $1.3 billion in 10 days.
- Elon Musk's newest remark sparks meme coin frenzy.
- Proponents of meme cash are urging warning amid market hype.
The Solana meme coin ecosystem is experiencing a surge in exercise, pushed by the explosive progress of PNUT, a brand new meme coin impressed by viral TikTok pets.
Over the previous 10 days, PNUT has reached a market cap of $1.3 billion, at present making it the fourth largest Solana meme coin. Moreover, PNUT at present ranks eighth total within the meme coin rankings with 24-hour buying and selling quantity exceeding WIF.
https://twitter.com/SolanaFloor/standing/1856632444969005075
PNUT, or Peanut the Squirrel, is known as after the favored TikTok pet that was destroyed by environmental authorities for unlawful possession of wildlife. Many animal lovers and celebrities, together with tech billionaire Elon Musk, had been outraged. On November thirteenth, Musk shared a picture of the token in response to a publish from Rabbit Gap about authorities spending.
Why is PNUT in style?
Mr. Musk tweeted, “Squirrels and meme cash saved America” attracted quite a lot of consideration and doubtless contributed to the expansion of PNUT. Moreover, Musk was lately chosen to steer the Division of Authorities Effectivity. He supported Dogecoin previously, so persons are enthusiastic about meme cash now.
The rising curiosity in meme cash, particularly inside the Solana ecosystem, is making folks each excited and cautious. Some cryptocurrency supporters imagine Musk will make crypto extra accessible to extra folks. Nonetheless, others like Dogecoin builders Mishaboanew buyers needs to be cautious.
Associated article: Meme coin rally pushes crypto market cap to $3 trillion
On November 10, Michaboa highlighted the inherent volatility of memecoins and suggested buyers to keep away from advanced monetary devices comparable to leverage and derivatives that may amplify dangers. He stated folks ought to solely make investments what they’ll afford to lose.
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