Trump meme coin PNUT skyrockets 320% in 24 hours after election victory

Following Donald Trumps re-election in the 2024 US election, Trump-themed meme coins have surged in value.

Leading this trend is Peanut the Squirrel (PNUT), a meme coin that saw an astonishing 320% price increase in just 24 hours.

The spike has been attributed not only to excitement surrounding Trumps victory but also to new PNUT listings on prominent exchanges like Binance and Crypto.com, sparking massive trading volumes and heightened market interest.

PNUT prices skyrocket with Binance and Crypto.com listings

The recent listings of PNUT on Binance and Crypto.com have driven a sharp rise in the token‘s value, with the Binance listing alone contributing significantly to PNUT’s 320% surge.

At the time of writing, the coins current price has now reached $0.4835, marking a substantial increase in a single day.

Over the past week, PNUT has climbed by 1300%, pushing its market capitalisation from $95 million to an impressive $517 million, making it the 215th largest cryptocurrency by market value.

This rapid growth highlights the impact of mainstream exchange listings on meme coins and the role of Trumps political influence on their appeal.

Political backing boosts PNUTs rally

Along with the listing-driven price spike, PNUT received support from influential figures.

Reports indicate that Trump received a donation of 1.7% of PNUTs total supply, further amplifying interest in the coin.

The timing of this donation, following Binance‘s listing announcement, appears to have accelerated the token’s popularity.

Elon Musk expressed support for PNUT on a recent episode of Joe Rogans podcast, adding fuel to the growing hype.

Musk‘s endorsement, combined with the ongoing excitement from Trump’s win, has given PNUT a unique political and social media-driven momentum.

Trumps expanding cryptocurrency portfolio gains attention

Beyond his support for PNUT, Trumps cryptocurrency holdings have drawn increased interest.

According to data from Arkham Intelligence, Trump holds a diverse set of assets in his crypto wallet, including 495.535 Ethereum (ETH) valued at approximately $1.65 million, and 478.7111 Wrapped Ethereum (wETH) worth around $1.59 million.

Trump also possesses around 579.29K MAGA tokens valued at $1.04 million, along with a stablecoin reserve of 137,000 USDC (around $137,000).

His holdings reflect a strategic diversification within the meme and major crypto token sectors, underscoring his interest in digital assets.

TROG: A new addition to Trumps meme coin investments

One of Trumps latest acquisitions includes TROG, a frog-themed meme coin that draws inspiration from his public image.

Trump reportedly owns around 210.345 billion TROG tokens, valued at approximately $994,930.

TROGs value is largely driven by its novelty and association with Trump, as meme coins often thrive on unique themes and community engagement.

This recent addition aligns with Trumps established interest in meme coins, particularly those themed around his persona or political image, further cementing his role in the meme coin space.

Market reaction

The excitement surrounding Trumps re-election and his public support of meme coins has created a ripple effect across the cryptocurrency market.

Meme coins such as PNUT, MAGA, and TROG have all seen increased trading volumes and higher values.

The market response suggests that Trump-themed coins may continue to experience interest from politically motivated investors and retail traders.

While these assets are inherently volatile, the fusion of politics and digital currency trading adds a unique layer to their appeal and potential market value.

As Trumps influence in the cryptocurrency market grows, so does the speculation surrounding his meme coin investments.

The popularity of coins like PNUT and TROG reflects a trend where social and political factors are shaping investor behaviour in the crypto space.

With continued support from high-profile figures like Musk, these meme coins may sustain their popularity.

Their long-term performance remains uncertain, as their prices are closely tied to social trends and external political events, making them high-risk investments with potential short-term gains.