Peanut The Squirrel (SOL: $PNUT) recently saw its market cap surge to $130 million in three days after Elon Musk tweeted about it. The viral meme coin is based on a real-life tragedy, and it could spark a resurgence of Solana meme coins.
Peanut The Squirrel Origin Story
The PNUT meme coin is named after Peanut, a famous squirrel adored by millions of fans worldwide. However, it was euthanised by state officials in New York last week, sparking a wave of rebuke online, including from Elon Musk. In a tweet, the Tesla CEO stated that the government was mindless and heartless, Musk stated in another Tweet that the government should not be allowed to break into your house over a pet squirrel.
JD Vance, Trump’s VP pick, and Nick Langworthy, a New York Congressman also mentioned the incident during a Sanford, North Carolina rally. They argued that there were more important issues rather than targeting pets.
PNUT Market Cap Surges
Soon after, someone launched Peanut The Squirrel ($PNUT) on the Solana blockchain. The trading volume for the meme coin surged to almost $300 million according to GeckoTerminal. At the height of the frenzy, PNUT had 200,000 transactions. It had a market cap of over $130 million at its height. However, the market cap has since sank to $43.89 million, with a trading volume of $124.7 million. Meanwhile, the token price id down 59.2% in the past 24 hours to $0.04208.
Another meme coin called First Convicted Raccoon (FRED) was also launch, in response to Fred, the raccoon euthanized along Peanut. According to Dexscreener, it had nearly 150,000 transactions, and its trading volume rose to $38 million. However, its market cap was just $8.2 million.
Price Fluctuations Expected To Continue
While the PNUT market cap has dipped significantly in the past 24 hours, there is a likelihood it will surge again. There is still a lot of interest in the story, and as soon as it makes it back to the new cycle, the price could spike again.
Its trading volume is already more than double its market cap, which signals that more price movements are expected in the coming days. For instance, Elon Musk made another tweet about PNUT recently, which could spark a new wave of interest in the token.
Social Media Following
Riding on the virality of Peanut’s story, the PNUT meme coin has managed to grow its social media following to 8,467 followers on X, and its Telegram channel has 2,523 subscribers.
Should You Invest In Peanut The Squirrel?
The Peanut The Squirrel is going viral right now, and as with most meme coins, this could help boost its price. However, it also has an increased risk of major price fluctuations due to changes in the news cycle. The upcoming election will also likely dominate the news cycle, which means its price could struggle until after the election. The token was recently listed on MEXC and LBank, without any request form the developer team, which could further boost its price.
As with any meme coin investment, it is a high-risk high reward situation. While there is the potential that the meme coin could rise even further, there is also a chance its price could drop significantly in the short term.
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