The week after Donald Trump's win in the US election two altcoins RabBitcoin (RBTC) and Peanut the Squirrel (PNUT) emerged as the major gainers. On Monday, both the altcoins moved into the greed zone of 75 in the fear and greed index indicating a strong crypto investors' interest in them.
While RabBitcoin gained 760% over the week to trade at $0.000029, Peanut the Squirrel saw a 227% spike in its price in 24 hours leading up to November 11. The altcoins had a market cap of $236 million and $367 million respectively.
RBTC is the native token of the Telegram-based game RockRabbit which surged this week as crypto traders cashed in on the fear of missing out (FOMO) of the ecosystem’s growth. This is vindicated by how RabBitcoin's volume skyrocketed in both the spot and futures markets.
The altcoin’s volume rose 316% in 24 hours on Monday to cross $22.2 million. Most of the volume rise happened in Gate.io, MEXC, KuCoin and LBank platforms which suggests that RBTC could soon get listed on layer-1 crypto exchanges like Coinbase, OKX and Binance.
The RabBitcoin token’s price jumped by over 300% in the past 24 hours to reach $0.00001667 on Monday which caused the market cap to spike by 269% to reach $251 million.
While LBank and KuCoin handled 26% of the RBTC/USDT trading activity which amounted to more than $6.4 million, Bitget and MEXC crypto exchanges also saw a significant surge in activity.
Crypto exchange Bitget handled 10% of the total volume of the RBTC trading activity which amounts to $2.36 million while MEXC recorded $3.66 million, around 15% of the trading volume.
However, this massive price rise didn't let the token hit its all-time high of $0.000029 which was last seen in September 23 this year. Analysts are hopeful of sustained growth as this sudden rally has increased the investors' activity and market visibility of RabBitcoin.
The RBTC token price surged as all other Telegram-game tokens like Notcoin, Citizen, and Hamster Kombat made double-digit gains in the last 7 days.
In the meantime, another altcoin Peanut the Squirrel (PNUT) has registered massive growth after the listing announcement from the Binance crypto exchange. The PNUT token will be listed on Binance with a seed tag. This caused a 300% spike in the token's price on Monday.
The altcoin was mostly seen trading in MEXC, Bitget and Raydium platform
The most critical part of this price rise in these two altcoins is that it's happening at a time when most cryptos are surging. Bitcoin has already crossed the $80,000 mark and is now trading near $90,000 with the prediction that it will soon rally to $100,000. The global crypto market cap crossed $2.9 trillion and touched $3 trillion.
The overall crypto fear and greed index has risen from the fear score of 37 seen 2 weeks ago to the greed score of 75 on Monday. In such periods, cryptocurrencies surge as there is a sense of greed in the market. The two altcoins gained during Trump's win in the US elections and the subsequent 0.25% federal rate cut.
However, the main point of risk is when PNUT and RBTC enter the distribution period from the accumulation period, triggering a high sell-off. This is similar to how the worst performers of this week PepeCoin, Swell Network and Cow Protocol were the top gainers last week.
At the time of writing, PNUT was trading at $0.4842, up nearly 21% in the last 24 hours with a 6.22% surge in its trading volume which stood at $987.50 million and a market cap of $476.80 million. Meanwhile, RBTC was down 0.71% in the last 24 hours to trade at $0.0000159 on November 12 evening with a trading volume of $18.70 million, a 20.88% gain and a market cap of $117.88 million.