On Monday, November 11, the crypto news outlet CoinTelegraph posted on X, claiming that President-elect Donald Trump was the largest holder of the meme cryptocurrency Peanut the Squirrel (PNUT), allegedly possessing 1.7% of its total supply.
Peanut the Squirrel did, however, experience a 300% price surge following the announcement of PNUT’s listing on Binance.
However, data from Arkham Intelligence appears to refute this story. According to data on Arkham, a prominent blockchain analysis platform, Trump does not hold any PNUT tokens, nor $6.55 million worth.
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Arkham Intelligence provides in-depth data on blockchain transactions, tracking wallets across various networks to give a transparent view of cryptocurrency holdings and movements. As of 10:12 Eastern Time on November 11, Arkham’s data shows that Trump has no wallet connected to PNUT, nor is he a stakeholder in the token.
Peanut the Squirrel soars over 300% in a day
Peanut the Squirrel has been on an impressive rally, currently priced at $0.4057, which marks a staggering 326.55% increase over the last day and a whopping 686.99% rise over the past week.
The token’s market cap skyrocketed from $95 million to $405 million in just 24 hours, positioning it as the 215th largest cryptocurrency by market capitalization as per CoinMarketCap data on November 11.
PNUT’s recent listing on Binance has undoubtedly played a pivotal role in this surge. Both Binance and Crypto.com announced the token’s availability, significantly driving traffic and investor interest toward the meme coin.
Notably, PNUT’s rise has also been fueled by an endorsement from Elon Musk, who voiced his support for the meme coin in a recent exchange on Joe Rogan’s podcast. Musk’s endorsement, coupled with the heightened interest around the U.S. election, has added to the token’s allure.
However, it’s essential to approach PNUT’s meteoric rise with caution. Meme coins, while capable of quick gains, remain highly volatile. Finbold recently highlighted the precarious nature of meme tokens, reporting that 97% of meme coins have “died” due to unsustainable price pumps and limited utility.
