- Solana-based meme coin PNUT reaches $120 million market cap within three days of launch
- Token created in memory of Peanut the Squirrel, a social media star euthanized by NY authorities
- Elon Musk‘s public criticism of the authorities’ actions helped drive PNUT token price surge
- One crypto whale invested 5,100 SOL ($831,000) to acquire 8.99 million PNUT tokens
- Market cap declined to $58.6 million after profit-taking, with PNUT trading at $0.058
PNUT Token Surges Following Viral Pet Story
A new Solana-based meme coin, PNUT, has captured the cryptocurrency market’s attention, reaching a market capitalization of over $120 million within three days of its launch. The token’s creation was inspired by the controversial euthanasia of Peanut the Squirrel, a social media celebrity pet.
The story began when Mark Longo, Peanut’s caretaker, announced that New York State authorities had confiscated his pet squirrel on October 30. The authorities subsequently euthanized the animal for rabies testing, sparking widespread public outrage.
High-Profile Support Drives Token Growth
The incident gained significant traction when Tesla CEO Elon Musk voiced his criticism on X (formerly Twitter). In a notable post, Musk stated: "The government shouldn’t have the right to barge into your home and kill your pet! This is a mess. Even if it’s illegal to keep a squirrel as a pet, why kill Peanut instead of releasing it into the wild?"
Congressman Nick Langworthy also joined the public discourse, adding to the story’s visibility.
Market Activity and Trading Performance
The token’s trading volume exceeded $300 million as its price reached an all-time high of $0.12. According to data from Lookonchain, substantial whale activity contributed to the price surge, with one investor purchasing 8.99 million PNUT tokens for 5,100 SOL (approximately $831,000).
However, subsequent profit-taking led to a market cap decline, with PNUT trading at $0.058 and a reduced market cap of $58.6 million at press time.
Trading Results Mixed Among Investors
The token’s volatility created both winners and losers in the market. Lookonchain reported that one trader achieved profits of $1.7 million through PNUT trading.
In contrast, another trader experienced less favorable results, selling 19.1 million PNUT tokens at a $1,099 loss, missing potential gains of $1.6 million had they held their position.
The PNUT token represents another example of how social media sentiment and public figures’ involvement can influence cryptocurrency market dynamics, particularly in the meme coin sector.
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