A new cryptocurrency launched this month has skyrocketed 780% in just seven days. Investors who bought in just one day before Trump was elected president have reaped massive profits.
The new meme coin, Peanut the Squirrel (PNUT), was trading at $0.07 at the start of the month but quickly soared to an all-time high of $0.52 today, Tuesday. Its current price is $0.40 with a market cap of $411 million.
The meme coin is shining this month after Bitcoin reached an all-time high of $89,864 on Tuesday. BTC has lifted the overall cryptocurrency market, pushing altcoins to new highs this month. This bullish trend is expected to continue as millions of funds enter the market. The influx of new money will only drive prices higher as buying activity intensifies this week.
The last bull run began in February 2021 and ended in Q1 2022. Leading cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, and Shiba Inu generated double-digit profits for investors. Peanut the Squirrel is mimicking the 2021 bull run by generating huge profits in a short period. This cryptocurrency has gained attention mainly because it is still on the greener side of the spectrum.
However, what goes up must come down, and when the party ends, the meme coin could plunge to new lows. Peanut the Squirrel has peaked in price, and any further progress from here remains uncertain. Its price has dropped as investors are taking profits. A widespread sell-off could cause the price to fall, but buying it at a high price is the wrong way to enter cryptocurrency. Meme coins tend to have ups and downs, and any further price surge will likely come through luck.
