Despite a broader market downturn led by Bitcoin's recent price correction, memecoins Peanut the Squirrel (PNUT) and Department of Government Efficiency (DOGE) captured the crypto community's attention with their remarkable rallies.
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 the $1B market cap 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).
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.
Memecoins continue to surprise with their unexpected performances, even amid general market instability. However, investors should exercise caution and consider all risks when dealing with such volatile assets.
