Animal memecoin $PNUT has broken yet another record by becoming the fastest to hit $1 billion market cap. According to a research by CoinGecko published on December 7th, in just 11 days, $PNUT became the fastest animal memecoin to reach a $1 billion market cap.
The coin surpassed $PEPE and $BRETT which came next, with 19 and 28 days, respectively. The popularity of $PNUT has been skyrocketing among investors, keeping its prices up for Past days in the past month.
Animal Memecoins Gain Traction
In the past ten years, internet memes have become ingrained in the Web3 and cryptocurrency culture. Out of all the memcoin, one catagory has sepcially gained popularity.
Numerous memecoins with animal themes have emerged in recent years, including DOGE, SHIB, and PEPE, which have captured the attention of the cryptocurrency market.
Social sentiment and internet trends have propelled these tokens from obscure launches to market caps of billions of dollars in record time.
Out of all these, $PNUT is ranking as the top choice for most investors, making it evident that investors are looking for altcoins to invest. The coin hit $1 billion market cap in just eleven days of its launch.
Additionally, a few weeks after its debut, PEPE hit the $1 billion milestone, garnering social media attention and landing listings on prestigious exchanges.
Due to steady social media engagement and notable increases in daily trading volumes, PEPE has continued to enjoy popularity.
Also Read: PEPE Investor Cashes Out Big, Dumps 356.2 Billion Tokens on Kraken For 31x Profit
Brett, like Pepe, came from the Boys’ Club comic by Matt Furie. Brett reached the $1 billion milestone in 28 days after launching on the Base blockchain in May 2024.
Base’s rise during that time was greatly aided by its popularity. Since then, it has risen to the top of the Coinbase-backed network’s memecoin rankings, circling the $2 billion mark.
Memecoin Growth Displays Changing Mindset In the Financial World
The popularity of these memecoins shows how powerful social sentiment and community involvement can be in generating value. This also demonstarates that investors are now looking for alternate means to invest capital, other than Bitcoin and Ethereum.
These coins demonstrate the special power of culture and group passion in the cryptocurrency space, even though they occasionally lack the technological innovation of other blockchain projects.
The quick growth and appeal of cryptocurrencies, as well as the growing strength of meme culture online, are the direct causes of memecoin craze.
Also Read: Investor Wallet Withdraws 150B PEPE Worth $2.94M As PEPE Price Rise Over 5%
$PNUT Price Prediction: What To Expect?
With the optimism around the coin, $PNUT’s technical indicators show that the Fear & Greed Index is currently at 75 (Greed), and the sentiment is bullish.
The last 30 days saw 45.87% price volatility and 14/30 (47%) green days for Peanut the Squirrel.
As per the coin’s market parameters, six technical analysis indicators indicate bullish signals, while one indicates bearish signal.
Also Read: Coinbase Lists Pepe (PEPE) For New York Residents