- PNUT, a meme coin inspired by Peanut the Squirrel, saw a dramatic 1,700% surge following Elon Musk’s playful tweet on the X platform.
- Following Elon Musk’s humorous social media endorsement, PNUT broke into the top 50 cryptocurrencies with a market cap of over $1 billion.
PNUT, a meme coin inspired by the cartoonish character “Peanut the Squirrel” has taken center stage following a frolicsome tweet by Elon Musk which saw the memecoin surge by a jaw opening surge of 1,700%. This surge saw the token ascend to the 50th position in crypto market rankings with a market cap of over $1 billion.
Tesla CEO teased the crypto community with a tweet that mentioned a “squirrel and a meme coin” saving America. This tweet became a sensation on social media igniting an overwhelming rally for PNUT.
The Solana-based token, with a humorous yet unexpected connection to Musk’s humor, saw a trading volume of over $2 billion in just 24 hours. Investors and crypto enthusiasts seized the opportunity to jump on the trending coin, pushing its price up by over 200% within a single day.
The influence of Musk’s comments on cryptocurrency is nothing new, but PNUT’s meteoric rise has set a new standard in the meme coin space, following in the footsteps of Dogecoin and Shiba Inu.
The catalyst for PNUT’s recent explosion in popularity was a tweet from Musk, posted on X, where he humorously proclaimed, “America was saved by a squirrel and a meme coin!” This whimsical statement, combined with Musk’s sharing of an image related to PNUT, took the crypto community by surprise and sent the Solana-based token into an immediate price surge.
Adding fuel to the fire, Musk posted his comments in response to a post from the satirical account Rabbit Hole, which had sparked a heated discussion around government spending on HIV research involving monkeys, adding further intrigue to his statement and drawing additional attention to PNUT.
This post is the latest in Musk’s known tradition of engaging with meme coins on the X platform. His tweets and posts have repeatedly spurred rapid price surges for other coins, notably Dogecoin and Shiba Inu as examples.
At the time of writing, PNUT is swapping hands with $1.87 representing a 34.87% uptick in the last 24 hours. Better yet, In the past week, the meme coin has surged 1405.69%. Looking at the token’s broader metrics, things only get better. Additionally, its trading volume has surged by 80.62% stopping $5.15B with a market cap of 1.86B after a 39.71% surge.
Focusing on Solana, the token has not been left behind. SOL the native token of Solana is swapping wallets with $216.31 marking a 4.20% surge in the last 24 hours. Additionally, the digital asset has surged 15.48% and 41.19 in the weekly and monthly charts respectively.
