introduction
Musk has once again set off a carnival storm in the crypto market. On November 17, he forwarded a photo of "standing in front of a starship holding a big banana" on social media, which not only made SpaceX's interstellar dream the focus, but also triggered an investment boom in banana-related tokens. From $BAN soaring 25.4% in a short period of time to $BANANA setting a new record high, Musk's "meme magic" once again demonstrated his unparalleled influence in the field of cryptocurrency. At the same time, the market heat related to the squirrel meme coin $PNUT and the classic meme coin DOGE also rose across the board, revealing the trend of the crypto market's pursuit of the meme effect and the Musk effect. In this wave of craze, the upcoming auction of the artwork "The Comedian" and the "Peanut Squirrel Incident" have added topicality to the hype of related tokens, making the interweaving of memes and reality one of the core narratives of the crypto market.
DOGE&BAN&Banana&TRUMP（MAGA）latest price trend
Musk's tweet triggered a market frenzy: Banana token prices soared
Today, Musk retweeted a photo taken by John Kraus, content director of Polaris, a private space exploration program supported by SpaceX, showing him standing in front of the SpaceX starship holding a giant banana. As soon as the news came out, it quickly ignited the enthusiasm of the crypto market for banana-related tokens.
$BAN: A surge of more than 25% in a short period of time
According to Dexscreener data, the token $BAN soared from about $0.2 to $0.2508 within an hour after Musk tweeted, an increase of 25.4%, once approaching the previous historical high of $0.292. Although the price subsequently fell slightly to $0.2236, it still soared by more than 40% in the past 24 hours, and the current market value has exceeded $218 million.
$BANANA: Price hits new highs
Another banana-related token, $BANANA, has also attracted attention. This is the native token of the sniper robot Banana Gun, which has risen rapidly since Musk's tweet. At the time of writing, the price is $59.52, up 8.3% in the past 24 hours.
Memes and art collide: Sotheby's "The Comedian" auction remains to be seen
The banana craze stems in part from Italian artist Maurizio Cattelan’s abstract work “Comedian,” which features a banana taped to a wall with packing tape and is set to be auctioned at Sotheby’s in New York on November 20.
Previously, Michael Bouhanna, vice president of Sotheby's, also created the meme coin $BAN inspired by "The Comedian". Since its launch, the coin has quickly attracted market attention and its market value has soared to 50 million US dollars in 18 hours. However, it should be noted that with the end of the auction of "The Comedian", if there is no subsequent narrative support, the related tokens may face the risk of "exhaustion of benefits".
A similar case happened to the $TRUMP token. On the day Trump won the election, its market value was as high as $210 million, but then it fell all the way and now only has about $70 million, with a market value evaporation of more than 66%.
$PNUT: Squirrel Token surges 4 times, political color superimposed on meme effect
Musk, the "Godfather of Dogecoin", has once again shown his influence in the crypto market. This time, he used a squirrel meme coin $PNUT to push the topic to a new high.
The squirrel story resonates with the market
The squirrel image of $PNUT is based on the true story of the internet celebrity squirrel "Peanut". The squirrel, adopted by an engineer Mark Longo, was forcibly taken away and euthanized by the New York State Department of Environmental Conservation (DEC) due to complaints of carrying infectious diseases, which attracted a lot of attention and protests. In the end, Peanut became a symbolic image against the Democratic Party, and the related meme coin $PNUT was also sought after by the market.
With the support of Musk, $PNUT surged 4 times in one day
On November 13, Musk responded to netizens’ discussion about the “Department of Government Efficiency (DOGE)” and said: “America was saved by a squirrel and memecoin.” This remark instantly pushed up the market value of $PNUT , from about $500 million to $2.27 billion in one day, an increase of more than 4 times. As of writing, the market value of $PNUT is still as high as $1.745 billion, and the price of the coin is $1.74, up 11.3% in the past 24 hours.
DOGE and the Musk Effect: The Strongest Alpha Opportunity in This Bull Market
As crypto markets continue to strengthen following Musk’s election, the market will view assets associated with him as core “alpha” opportunities, distinct from the broader “Trump trade” trend.
DOGE: Significant increase
As the largest meme coin by market value, Dogecoin (DOGE) has risen 120% in the past 14 days and 96% in 7 days. This performance is due to Musk's continued promotion of its potential payment application. On November 3, Robinhood Crypto opened the deposit and withdrawal function of DOGE, providing additional support for the coin price.
Conclusion
The craze of the meme economy once again highlights the irrational power of market sentiment. From bananas and squirrels to Dogecoin, meme stories are intertwined with Musk's personal charm, driving a new wave of funds in the crypto market. However, there are also considerable risks behind the prosperity of the market. The craze for meme coins often cools down quickly as the narrative dissipates. While enjoying short-term huge profits, investors need to be wary of the risk of "good news is exhausted". Nevertheless, as a unique part of the crypto market, the meme effect will undoubtedly continue to inject vitality and innovation into the market.
