PNUT rises nearly 9% after debut on OKX platform

The recent launch of the PNUT meme coin on the OKX exchange has captured significant attention, with the coin’s value surging by nearly 9% just minutes after its listing. The coin, inspired by the viral Peanut the Squirrel, is a Solana-based token that is now available for spot trading against Tether (USDT) on the platform. This move follows a similar listing on Binance on the same day, helping to fuel the massive surge in its price.

Key Points:

• Launch Details:
  • OKX launched PNUT on November 11, 2024 at 10:30 AM UTC for trading against Tether (USDT).
  • PNUT debuted with a market cap of $450 million and a fully diluted volume of $448.6 million.
  • The coin saw an 8.42% price increase five minutes after the launch.
  • Trading volume is impressive, with PNUT reaching $300 million and over 200,000 transactions in just two days.
• Background of the Coin:
  • The PNUT token was created as a tribute to Peanut the Squirrel, a viral internet personality.
  • Following Peanut’s tragic death after being seized and allegedly euthanized by authorities, the crypto community rallied around the squirrel’s memory, creating multiple meme coins in its honor.
  • Elon Musk and many others criticized the government’s actions, leading to a wave of support for Peanut in various online communities, especially among animal rights activists.
• Trading Details:
  • Traders can deposit PNUT starting at 9:20 AM UTC on November 11.
  • The call auction period for PNUT started at 9:40 AM UTC and runs until 10:40 AM UTC.
  • Withdrawals of PNUT will be available starting on November 12 at 10:00 PM UTC.

• Market Reaction:
  • PNUT’s rise comes amid the recent launch of another viral meme coin, ACT (Act 1: The AI Prophecy), which likely contributed to the overall hype.
  • The coin’s price skyrocketed by 332% in the past 24 hours, reflecting the meme coin mania and viral marketing strategies that often accompany such tokens.

Summary:

The launch of PNUT on OKX has been highly successful, with the meme coin quickly rising in value and attracting attention due to its viral origins. The coin not only honors a beloved internet figure but also reflects the continuing trend of meme coins gaining traction on major exchanges. This launch follows similar momentum on Binance and could lead to further volatility as traders continue to react to the latest meme coin craze.