A new cryptocurrency that was launched this month has soared 780% in just seven days. Investors who took an entry position just a day before Trump won the presidency have made stellar profits. The new meme coin Peanut the Squirrel (PNUT) was trading at $0.07 at the start of the month but quickly skyrocketed to an all-time high of $0.52 today on Tuesday. Its price is currently trading at $0.40 with a market cap of $411 million.
Also Read: Shiba Inu: Crypto Bull Run to Make SHIB Reach $0.01 Next?
Meme coins are shining this month after Bitcoin touched an all-time high of $89,864 on Tuesday. BTC pulled the broader cryptocurrency market up along with it making altcoins soar to new monthly highs. The rally is expected to continue as millions worth of funds are entering the markets. The influx of new funds will only push the prices higher as buying activities have increased this week. Read here to know how Dogecoin doubled investors’ money in a week’s time and whether should you invest in it now.
Also Read: XRP’s 40x Rally: Expert Warns of Market Manipulation
Cryptocurrency Bull Run
Source: Watcher Guru
The last bull run started in February 2021 and ended in Q1 of 2022. Leading cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and Shiba Inu printed double-digit profits for investors. Peanut the Squirrel meme coin is replicating the 2021 bull run by generating massive returns in a short period. The cryptocurrency is largely being brought simply because it remains on the greener side of the spectrum.
Also Read: Massive XRP Bull Run: Target $1 Before Trump’s Inauguration?
However, what goes must always come down and when the party ends, the meme coin might plummet to a new low. Peanut the Squirrel has already peaked in price and another leg-up from here remains questionable. It is already retracing in price as investors are indulging in profit bookings. The largescale sell-off could make its price dip but buying it at its high is the wrong way to enter the cryptocurrency. Meme coins are usually a hit and a miss, and another bull run from here could come only through luck.
