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- Solana meme coin sensation PNUT hits $1.3 billion market cap in 10 days.
- Elon Musk sparks meme coin frenzy with newest feedback.
- Meme coin proponents advise warning amid market hype.
The Solana meme coin ecosystem is experiencing a surge in exercise, fueled by the explosive progress of PNUT, a brand new meme coin impressed by a viral TikTok pet.
Within the final 10 days, PNUT reached a market cap of $1.3 billion and is now the fourth-largest Solana meme coin. Moreover, PNUT is now eighth general in meme coin rankings when its 24-hour buying and selling quantity surpassed WIFs’.
https://twitter.com/SolanaFloor/standing/1856632444969005075
PNUT, or Peanut the Squirrel, is known as after a well-liked pet on TikTok which was put down by environmental authorities on account of unlawful wildlife possession. Many animal lovers and celebrities, together with tech billionaire Elon Musk, have been upset about this. On November thirteenth, Musk shared a picture of the token in response to a publish from Rabbit Gap about authorities spending.
Why is PNUT So Widespread?
Musk tweeted “a squirrel and a meme coin saved America,” which acquired a variety of consideration and sure helped PNUT develop. Moreover, Musk was not too long ago chosen to guide the “Division of Authorities Effectivity.” As a result of he has supported Dogecoin up to now, individuals are enthusiastic about meme cash proper now.
This progress in meme coin curiosity, particularly throughout the Solana ecosystem, has made folks each excited and cautious. Some crypto supporters suppose that Musk will assist extra folks use crypto. Nonetheless, others, like Dogecoin developer Mishaboar, need new traders to watch out.
Learn additionally: Meme Cash Rally Pushes Crypto Market Cap In the direction of $3 Trillion
On November tenth, Mishaboar highlighted the inherent volatility in meme cash, advising traders to keep away from complicated monetary devices like leverage and derivatives that might amplify dangers. He stated that folks ought to solely make investments what they will afford to lose.
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