Key takeaways
- PNUT’s market capitalization surpassed $1 billion in 48 hours thanks to a listing on Binance.
- 60% of Binance’s meme coin listings are based on Solana, with significant market growth observed.
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Peanut the Squirrel (PNUT), a meme coin recently launched on the Solana blockchain, surpassed $1 billion in market capitalization in less than 48 hours after being listed on Binance.
According to data According to CoinGecko, PNUT’s market cap was around $128 million before Binance’s listing announcement, and has since jumped 10 times, reaching a market cap of $1.3 billion on November 13.
PNUT price has soared over 280% to $1.6 in the last 24 hours. Over one week, the token appreciated by around 1.177%.
PNUT launched on memecoin creation platform pump.fun shortly after the tragic story of a pet squirrel named Peanut went viral.
Peanut’s euthanasia by New York City Department of Environmental Conservation officials sparked an outpouring of grief and anger on social media. Prominent figures, including Elon Musk and Donald Trump, have also expressed outrage at what they perceive as government overreach.
The government kidnapped an orphaned squirrel and executed him through abuse of power… https://t.co/YKoOCJWLMv
– Elon Musk (@elonmusk) November 2, 2024
The popularity of the PNUT token is largely fueled by the emotional connection many feel towards Peanut and the viral nature of its story.
Peanut the Squirrel entered the top 100 crypto assets by market capitalization, surpassing Jupiter (JUP), Pyth Network (PYTH), and Worldcoin (WLD).
Binance faces backlash over meme coin listings
Other Solana-based meme tokens saw similar increases following listings on Binance. AI Prophecy (ACT) saw its market cap increase from $20 million to over $650 million after its listing on Binance on Monday, with its price rising from $0.02 to $0.6, CoinGecko data watch.
According to On-chain analyst Ai_9684xtpa, Binance listed 15 coin projects this year, including futures and spots.
Around 80% of these tokens saw significant growth in market value after listing, with NEIRO posting gains of up to 7,594%. Solana-based memecoins make up 60% of Binance’s meme coin listings.
The rapid price increases have sparked criticism of Binance’s listing criteria, with some accusing the exchange of allowing pump and dump schemes.
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