Date: Wed, Nov 13, 2024, 09:14 AM GMT
The cryptocurrency market witnessed two standout performances today from new and trending memecoins, despite a broader market downturn led by Bitcoin’s (BTC) recent price correction. Peanut the Squirrel (PNUT) and Department of Government Efficiency (DOGE) have defied the bear trend with astonishing rallies, capturing the attention of the crypto community.
PNUT and DOGE Soar to Record Highs
Peanut the Squirrel (PNUT), a Solana-based memecoin listed on Binance just yesterday, has skyrocketed by over 169% in the last 24 hours, reaching a record all time high of $1.24 by crossing $1B marketcap milestone. Meanwhile, Department of Government Efficiency (DOGE), another viral memecoin, surged over 100% today, marking a new all-time high at $0.4196.
What’s Fueling the Rally?
The bullish rise in both memecoins can be traced to a combination of market hype and high-profile influence. Elon Musk, currently in the spotlight following Donald Trump’s recent election victory on November 5, sparked excitement with a tweet just six hours ago, saying, “America was saved by a squirrel and a meme coin?”
This cryptic comment was widely interpreted as a nod to PNUT, fueling a buying frenzy.
As for DOGE, the surge was triggered by the announcement that Donald Trump has appointed Elon Musk and Vivek Ramaswamy to lead the newly formed Department of Government Efficiency (DOGE). This news provided a substantial boost to this memecoin value.
What’s Next for PNUT and DOGE?
While these memecoins have delivered impressive gains, some profit-taking is likely as investors lock in earnings. However, the volatility of memecoins means they could experience further sudden price swings. As always, careful risk management is crucial when investing in such high-risk assets.
Disclaimer: This article is for informational purposes only and is not financial advice. Always conduct your own research before investing in cryptocurrencies.