Peanut The Squirrel (PNUT) is making waves within the cryptocurrency community. The Solana-based memecoin has entered the top 100 projects by market cap and has a valuation of about $1.1 billion.

Also Read: De-Dollarization: Russia-India Trade Nears $90 Billion & 90% Dollar-Free

The memecoin is currently the best-performing cryptocurrency among the top 100 projects. PNUT has rallied by 24.4% in the last hour, 139.1% in the daily charts, and 1091.1% over the last week.

Why Is PNUT Rallying?

PNUT’s sudden breakout follows Bitcoin (BTC) climbing to a new all-time high of $89,864.13 on Nov. 12, 2024. BTC’s rally is likely due to the positive market sentiment after Donald Trump’s victory in the US Presidential election.

Peanut was an internet celebrity squirrel who passed away on Oct. 30, 2024. The PNUT token made its debut shortly after Peanut’s passing.

Also Read: Massive Crypto Whale Buys 200 Million Dogecoin Worth $45 Million

Peanut The Squirrel’s (PNUT) price skyrocketed after Elon Musk reshared a meme of an armored squirrel on X. Musk stated, “The prophecy has been fulfilled.”

Will The Memecoin Continue Its Upward Momentum?

According to the analysts at CoinCodex, PNUT will continue rallying over the next few weeks. The platform anticipates the asset to hit $2.97 on Dec. 11, 2024. Hitting $2.97 from current price levels will translate to a rally of about 188.35%.

The forecast for PNUT is quite bullish. The memecoin may continue to climb the charts over the next few days. Solana-based meme coins have had an excellent year in 2024. Other SOL-based memecoins, such as Pepe (PEPE), Bonk (BONK), dogwifhat (WIF), Popcat (POPCAT), etc., also experienced an incredible run this year.

Also Read: Shiba Inu: This SHIB Investor Turned $3,800 Into $123 Million

There is also a possibility that PNUT will face a correction over the next few days. The cryptocurrency market is already showing signs of a correction. If BTC loses momentum, memecoins may bear the brunt of the matter.