In an unexpected turn of events, Pnut (PNUT)—the cryptocurrency token dedicated to Peanut the Squirrel—has soared over 100%, fueled by U.S. election anticipation and an endorsement from tech mogul Elon Musk. Currently trading at $0.006533, PNUT is up 96% in a day and an astounding 156.23% over the past week, according to CoinMarketCap data.

With a market cap of $644,610 and a 24-hour trading volume surging to $1.11 million, PNUT is rapidly gaining traction on the Solana blockchain. Launched on November 4, the token debuted at $0.002767 on Solana’s decentralized exchange, Raydium, and has since become a standout in the meme coin market.

PNUT’s story, however, is not just another meme coin sensation. It is inspired by Peanut, a pet squirrel whose untimely demise sparked public outrage. This sentiment, combined with Musk’s recent endorsement on Joe Rogan’s podcast, has elevated PNUT’s profile, positioning it as a unique blend of meme culture and community-driven support within the crypto space.

As speculation rises around PNUT’s future, some suggest the token’s value could climb even higher, especially if the upcoming U.S. election aligns with Musk’s endorsement of both PNUT and Donald Trump. Such a scenario could further intensify investor interest, pushing the token to new highs.

Despite PNUT’s impressive rally, experts caution investors about the inherent volatility of meme coins. With its value largely driven by hype and community backing, PNUT remains a high-risk, high-reward asset. Finbold recently reported that 97% of meme coins eventually fail, underscoring the speculative nature of tokens like PNUT. Investors are urged to approach cautiously, keeping the unpredictable nature of meme coins in mind.

Source: Pnut (PNUT) crypto token soars over 100% ahead of U.S. election