$PNUT, Named After Internet Squirrel, Soars 22-Fold to $1.2B Market Cap, Enters Top 70 Cryptocurrencies

Nov 13, 2024, 02:54 AM

The cryptocurrency $PNUT, named after a beloved internet squirrel, has experienced an extraordinary surge in value over the past nine days, with its market capitalization soaring from $40 million to over $1.2 billion—a 22-fold increase. The token's price rose by 300% following an announcement of its listing on Binance and continued to climb, recording an additional 38% gain in a single day. Initial reports claimed that former U.S. President Donald Trump became the largest holder of $PNUT after receiving 1.7% of its supply; however, these claims were later debunked, revealing that the associated wallet held only $65 worth of a different $PNUT token on the Ethereum network and that the screenshot used was edited. Despite the controversy, $PNUT's popularity has surged, reaching a market cap of $560 million before surpassing other cryptocurrencies like Stark and Lido to become a top 70 cryptocurrency.