Solana-based meme coin Peanut the Squirrel (PNUT) has witnessed an extraordinary market surge.
Solana-based meme coin Peanut the Squirrel (PNUT) has witnessed an extraordinary market surge, reaching a staggering $130 million market capitalization in just three days following a controversial incident involving its namesake.
The remarkable price action was triggered by Tesla CEO Elon Musk's response to the tragic news of a beloved squirrel's death while in the custody of New York's Department of Environmental Conservation (NYS DEC).
The incident began when Mark Long, the squirrel's caretaker, reported that authorities had confiscated both the squirrel and a raccoon under his care. The subsequent news of the animal's death sparked widespread outrage, with Musk notably commenting, "The government is a mindless and heartless killing machine."
This social media storm catalyzed an unprecedented buying spree of the PNUT token. According to data from smart money platform GMGN, early investors committed thousands of dollars within hours of Musk's comment. The momentum intensified as whale investors entered the market, with one notable trader exchanging 5,100 Solana tokens for approximately 8.99 million PNUT, valued at nearly $840,000.
The token's trading volume surged past $300 million as its price peaked at $0.14, though profit-taking has since pulled the market capitalization back to around $94 million, with the price settling at $0.094.
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