Token

Value

Elon Musk

A cryptocurrency inspired by a deceased squirrel has achieved a $130m market capitalization in just three days, highlighting the continued influence of social media personalities on digital asset markets. 
The Solana-based token, trading under the ticker <a href="https://yellow.com/asset/pnut">PNUT</a>, <a href="https://beincrypto.com/elon-musk-peanut-the-squirrel-meme-coin/">surged</a> after Tesla chief executive Elon Musk commented on the death of a popular squirrel in New York state custody. The incident has raised questions about the volatile nature of speculative digital assets. 
"The government is a mindless and heartless killing machine," Mr Musk wrote on social media, responding to news that the New York Department of Environmental Conservation had euthanized a locally famous squirrel known as "Peanut." 
Market data from crypto analytics platform GMGN shows significant accumulation by retail traders immediately following Mr Musk's post. Large-scale investors, known in industry parlance as "whales," soon followed. 
"We've observed substantial position-building by institutional-sized wallets," notes a senior crypto derivatives analyst at a leading digital asset firm. Blockchain analytics platform Lookonchain reported one investor exchanging 5,100 Solana tokens, worth approximately $839,207, for 8.99 million PNUT tokens. Trading volumes exceeded $300m at the peak of market activity. The token's price reached $0.14 before retreating to $0.094 amid profit-taking by early investors. The market capitalization has since declined to $93.98m, according to data from Gecko Terminal. 
The rapid price appreciation coincided with increased interest in another animal-themed token, First Convicted RACCON (FRED), suggesting broader speculative activity in the sector. 
"This type of price action demonstrates the persistent influence of social media personalities on crypto markets," observes a digital assets researcher at a major investment bank. "The speed of capital formation around narrative-driven assets remains remarkable." 
Market participants note that PNUT could surpass the $151m market capitalization of Moo Deng, another animal-themed token, if buying pressure resumes. 
The incident recalls earlier episodes where social media commentary from prominent figures triggered significant price movements in speculative digital assets. It raises fresh questions about market efficiency and the role of celebrity influence in crypto asset valuations. Trading volumes and order book depth suggest continued retail interest, despite the recent price pullback. However, market makers warn of significant volatility risks in such narrative-driven assets.

Musk's Comment Drives Obscure Digital Token to $130m Market Value

Yellow News

Other articles published on Nov 4, 2024

Decaf Enables $USDC to Euro Cash-Out via SEPA

Singapore Advances Efforts in Asset Tokenization

Is Bitcoin Set to Soar Even Higher?

6 Best Cheap Crypto to Buy Now Under 1 Dollar November 4 – Ondo, Polygon, Conflux, Arbitrum

Think Ondo Finance, XYZVerse, and XRP Have Peaked? Here’s Why the Best May Be Yet to Come!

Is 2100% ROI Just the Start? Will BlockDAG’s 100% Bonus Make XRP & Polkadot Investors Rethink The...

Join our free newsletter for daily crypto updates!