Squirrel rises 15%: Meme coin rotation begins, Solana ecosystem becomes the focus again

PNUT rose 15.16% in 24 hours and is now trading at $0.10, with a market capitalization of approximately $96.2 million. This is not an isolated increase, but a microcosm of the rotation effect of the entire meme coin market. At present, the crypto market maintains a volatile rebound trend, with old meme tokens represented by BONK, PEPE, WIF, etc. collectively leading the rise, while PNUT, as a cultural token in the Solana ecosystem, is gaining financial attention in this round of rotation. Behind this is both driven by market sentiment and the resonance of ecological hotspots.

Market status of meme coin rotation

Overall market background

According to the latest news, the crypto market as a whole maintained a rebound trend. Bitcoin is currently trading at $91,327, Ethereum is currently trading at $3,141, and Solana is currently trading at $134.08, with 24-hour gains in the range of 0.4%-1.7%. In such a market environment, the altcoin market has started to rise in rotation, and meme coins have become the main force in the leading sector.

PNUT’s performance in the Meme coin rotation

PNUT’s 24-hour gain of 15.16% is at a moderate level in the current meme coin rotation, but its sustainment and trading enthusiasm are worth paying attention to. According to the data, PNUT’s 24-hour trading volume reached $105 million, a change of 264.29% from the previous day, reflecting a significant increase in market participation. The price strengthened in the $0.07-$0.10 range, with a market capitalization increase of $12.7 million month-on-month, indicating a continued net inflow.

The performance of other meme coins over the same period

Key players in the current Meme coin rotation include:

• BROCCOLI714 24-hour increase of 57.6%
• BONK 24-hour increase 28.5%
• BOME 24-hour increase 25.7%
• WIF 24-hour increase of 20.35%
• PEPE 24-hour increase of 16.78%
• PNUT 24-hour increase of 15.16%

The collective rise of these tokens indicates that the market is undergoing a systematic rotation of meme coins.

The core drivers of PNUT’s gains

The hot effect of the Solana ecosystem

PNUT operates on the Solana blockchain with a total supply of 1 billion coins and will be launched in November 2024. As a token in the Solana ecosystem, PNUT benefits from the continued prosperity of the Solana chain. Currently, the Solana ecosystem is in an active period, and the launch of multiple hot projects and applications has attracted a large amount of capital inflows. In this context, Solana token projects with clear cultural narratives and community foundations have gained market attention.

Cultural narratives and community consensus

PNUT’s core narrative revolves around the influencer Peanut. Peanut, a former online celebrity squirrel, has won the love of many fans for his innocent and lively video content for seven years. Its encounter has sparked community concerns about freedom and pet rights, and the PNUT token symbolizes the defense of freedom and the sustenance of hope. This clear cultural attribute and emotional sustenance is highly attractive in the current market environment.

Transparent design of project mechanisms

PNUT has a tax-free design, liquidity has been burned, and it can be traded through 335 mainstream exchanges. This transparent mechanism design strengthens community stickiness while building market confidence. Compared with some risky projects, these characteristics of PNUT have made it more trusted among investors.

The logic behind market rotation

Driven by emotional cycles

Meme coin rotations often reflect the market’s sentiment cycles. When the market rebounds as a whole, funds rotate between different hot spots, looking for the next possible profit opportunity. PNUT has entered the attention of funds from a relatively silent state, which is the embodiment of this rotation logic.

The reference value of historical benchmarking

According to relevant information, meme coins have a historic record of gains. DOGE has surged nearly 160,000 times, SHIB has surged 260,000 times, and PEPE has surged 80,000 times. While these are all-time highs, these records create an expectation in the market that each new round of Meme coins could become the next “rich-get-fast myth”. This anticipation has driven the pursuit of emerging meme coins.

Personal opinion

From the perspective of market structure, the current rotation of Meme coins has strong rotation characteristics. Funds are quickly switched between different projects in pursuit of short-term gains. This means that PNUT’s increase may be phased rather than trending. For participants, understanding the rhythm of rotation is more important than chasing highs.

Summary

PNUT’s 24-hour increase of 15.16% reflects the start of the rotation effect of the entire meme coin market. This rotation is driven by multiple factors: the overall rebound in the crypto market provides the basis for risk appetite, the activity of the Solana ecosystem provides ecological support, and the cultural narrative and project mechanism of PNUT itself provide reasons for participation.

Judging from the current market situation, the rotation of meme coins is still ongoing, and PNUT, as a participant in it, is worth paying attention to in the short term. However, it should be noted that the high volatility and rotation characteristics of the meme coin market determine its risk and return. For investors, grasping the rhythm of market rotation and risk control are equally important.