In a whirlwind three days, Peanut the Squirrel ($PNUT), a meme coin inspired by a social media-famous pet squirrel, surged to a market cap of $130 million following posts from Elon Musk. Launched in memory of Peanut, a squirrel whose sudden confiscation and euthanization sparked public outrage, the coin’s rapid rise has captivated both crypto enthusiasts and meme coin hunters.
Elon Musk’s Tweets Fuel Public Outrage
The government should not be allowed to barge into your house and kill your pet! That’s messed up.
Even if it is illegal to have a pet squirrel (which it shouldn’t be), why kill PNut instead of simply releasing him into the forest!? https://t.co/2m9Gi5QpUT
— Elon Musk (@elonmusk) November 3, 2024
Peanut, beloved by fans for his antics and tiny hats on social media, was taken by New York authorities for rabies testing, igniting a wave of public dissent. Tech billionaire Elon Musk weighed in on X (formerly Twitter), criticising government action and questioning why Peanut couldn’t be released into the wild instead. Musk’s condemnation struck a chord, fueling a frenzy that saw PNUT’s trading volume hit $300 million.
PNUT Market Cap Hits $130 Million Before Plunge
The meme coin’s market cap hit a high of $130 million, with its price peaking at $0.12. However, as profit-takers entered the scene, the price quickly dropped, pulling the market cap to around $58.6 million. At press time, PNUT trades at $0.058. Crypto whales were seen buying heavily, including one investor who spent 5,100 SOL (around $831,000) to acquire 8.99 million PNUT.
Big Profits and Missed Opportunities
The meteoric rise saw some traders cash in handsomely. One PNUT trader reportedly secured a $1.7 million profit, while another missed a $1.6 million gain, selling 19.1 million tokens at a $1,099 loss. With market corrections underway, PNUT remains a polarising topic, underscoring both the financial potential and volatility of meme coins inspired by viral moments.
