Peanut the Squirrel (PNUT) Meme Coin from the Solana Ecosystem Made a Wild Dash into the Spotlight Over the Weekend

In a mere 72 hours, Peanut the Squirrel has ballooned to a $130 million market cap, riding the crest of social media hype and a sprinkle of Elon Musk meme magic.

A meme coin from the Solana ecosystem, Peanut the Squirrel (PNUT), has experienced a wild surge in popularity over the weekend.

The token, which is named after Elon Musk’s pet squirrel, has ballooned to a $130 million market cap in a mere 72 hours. This rapid ascent is largely attributed to a tweet from Musk about the squirrel’s seizure and death.

Mark Longo, Peanut’s caretaker, announced that the animal was confiscated by the New York State Department of Environmental Conservation. This news sparked widespread public outrage.

Musk’s comment on the incident, criticizing the agency’s actions, ignited a buying spree among meme coin enthusiasts.

“The government is a mindless and heartless killing machine. They kidnapped an orphan squirrel and executed him.”

While the Peanut the Squirrel incident was tragic, the meme coin community, known for its erratic moves, did not disappoint. Internet degens swarmed PNUT like a cash tornado, with some tossing in thousands, GMGN reports.

This stampede of investments launched the coin’s price and market cap to dizzying new heights.

Market Dynamics of $PNUT: From Peak to Profit-Taking

As media coverage of Peanut the Squirrel’s story intensified, large investors entered the scene. According to data from Lookonchain, one whale exchanged 5,100 Solana tokens for 8.99 million PNUT, a transaction valued at approximately $839,207.

This move and others created massive buying pressure, pushing PNUT’s market cap past $150 million and its price to an all-time high of $0.60.

However, the rapid buying spree was soon followed by profit-taking. As early adopters began to sell their holdings, PNUT’s market cap slipped back to around $93.98 million, with the price dropping to $0.04605

A Speculative Bubble or a New Trend?

The case of Peanut the Squirrel illustrates the power of social media and public figures in shaping market trends. Musk’s comments and a deleted post from a U.S. Congressman amplified the narrative, turning a local issue into a broader political debate. The incident also sparked discussions about government overreach.

“Government overreach kidnapped an orphan squirrel and executed him.”

As the buzz around PNUT fizzles, analysts predict its star will dim further after the U.S. elections as the public chases new distractions.

The rapid ascent and descent of PNUT serve as a cautionary tale about the speculative bubbles often seen in the crypto market. One trader’s experience of buying 19.4 million PNUT for 8 SOL only to see its value skyrocket later highlights the unpredictability of such investments.