The Solana-based meme coin Peanut the Squirrel ($PNUT) saw an extraordinary surge, reaching a $130 million market cap within three days. The rally followed Tesla CEO Elon Musk’s response to a controversial incident involving the death of a squirrel under the custody of New York’s Department of Environmental Conservation (NYS DEC).
Caretaker Mark Long reported the confiscation of the squirrel, named Peanut, alongside a raccoon. News of Peanut’s demise ignited public anger, with Musk branding the authorities as “a mindless and heartless killing machine” on social media.
Musk’s Influence Ignites Buying Frenzy
Musk’s statement triggered a wave of purchases for the $PNUT meme coin, as investors flocked to show solidarity. Early buyers invested thousands of dollars within hours, according to analytics platform GMGN.
As the frenzy grew, whale investors joined in, including one trader who swapped 5,100 Solana tokens for nearly 8.99 million PNUT, valued at approximately $840,000. The coin’s trading volume soared past $300 million, with its price peaking at $0.14.
Market Corrects After Profit-Taking
Despite the initial spike, profit-taking brought $PNUT’s market cap down to around $94 million, with the token’s price stabilising at $0.094. However, the event highlights the power of social media to influence the meme coin market.
This rally showcases how viral moments, coupled with high-profile endorsements, can transform niche digital assets into headline-grabbing phenomena.
