Elon Musk's Post Drives Meme Coin PNUT to $130M Market Cap
Peanut the Squirrel (PNUT), a Solana-based meme coin, skyrocketed to a $130 million market cap in three days following Elon Musk's comments on the squirrel's death, sparking a buying frenzy that pushed its price to $0.14.
Peanut the Squirrel (PNUT), a Solana-based meme coin, soared to a market cap of $130 million in just three days, a remarkable rise for a previously obscure token.
The surge followed Tesla CEO Elon Musk's comments regarding the sudden death of the beloved squirrel, igniting a buying frenzy among traders. This unexpected attention significantly boosted PNUT’s price and market cap.
Elon Musk's Reaction Sparks Meme Coin Buying Frenzy
Just three days ago, Mark Long, the caretaker of Peanut the Squirrel, revealed on social media that New York’s Department of Environmental Conservation (NYS DEC) had taken the animal from him. Long mentioned that the agency had also confiscated a raccoon he was caring for. It was later disclosed that the squirrel had died while in custody, leading to outrage online, including Musk's condemnation of the agency's actions. A U.S. Congressman also criticized the NYS DEC in a now-deleted post.
Musk commented, “The government is a mindless and heartless killing machine,” prompting meme coin traders, to buy PNUT in large quantities. According to the smart money platform GMGN, some early buyers invested thousands, propelling the token’s price upward.
As media coverage of Peanut the Squirrel's demise intensified, large investors, or whales, began accumulating PNUT. For instance, Lookonchain data revealed that one whale exchanged 5,100 Solana tokens to acquire approximately 8.99 million PNUT, valued around $839,207.
This influx of whale buying spurred retail investors to join in, pushing PNUT's market cap over $130 million. The price of PNUT peaked at $0.14, with trading volume exceeding $300 million at its height.
However, according to Gecko Terminal, PNUT's market cap has since fallen to $93.98 million, with the price dropping to $0.094 due to profit-taking by early investors.
Looking ahead: If PNUT rebounds, it could surpass Moo Deng (MOODENG), another animal-themed meme coin with a current market cap of approximately $151 million.
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