Meme Coin Peanut the Squirrel (PNUT) on the Solana Platform Soars to $132 Million Market Cap in Just Three Days
The meme coin Peanut the Squirrel (PNUT), built on the Solana blockchain, achieved a remarkable market cap of $132 million within three days. This impressive growth came despite its previous obscurity.
The surge began after Tesla CEO Elon Musk mentioned the sudden death of a beloved squirrel, sparking widespread interest among traders. The unexpected attention propelled PNUT’s value and market cap to unprecedented heights. Here’s a detailed overview of the situation.
Elon Musk’s Impact on PNUT Coin Purchases
Three days ago, Mark Long, caretaker of Peanut the Squirrel, disclosed that the New York Department of Environmental Conservation (NYS DEC) had removed the animal from his care. Long noted that the agency also confiscated a raccoon he had been sheltering.
Subsequent reports revealed that the squirrel died while under the agency’s care.
Elon Musk continued to tweet about the incident, amplifying public reaction.
This event triggered significant online discourse, with Musk openly criticizing the NYS DEC’s actions. A U.S. Congressman also expressed disapproval of the agency, though the post was later removed.
“The government is a mindless and heartless killing machine,” Musk stated.
Soon after, traders, particularly those known as “degenerates,” began buying PNUT in large amounts. Data from the GMGN platform indicated that early investors committed thousands of dollars, driving up the value of the coin swiftly.
Investors Cash In as PNUT Price Peaks
Following the widespread coverage of Peanut the Squirrel’s demise, significant investors, known as “whales,” started purchasing PNUT in bulk.
Data from Lookonchain showed one “whale” sold 5,100 Solana tokens to buy 8.99 million PNUT, valued at around $839,207.
In addition to PNUT, these whales also acquired the First Convicted RACCON (FRED) token. As large-scale investors entered the market, retail traders followed, intensifying the buying pressure and pushing PNUT’s market cap to over $130 million.
The surge in buying activity drove PNUT’s price to a peak of $0.14, with trading volume exceeding $300 million at its highest.
However, Dexscreen data later indicated a market cap drop to $52 million, with the current price stabilizing at $0.052 due to profit-taking by early investors.
Moo Deng (MOODENG), another popular meme coin, currently boasts a market cap of $151 million. PNUT may see a renewed uptrend that could position it at a similar level.
Key Details of the PNUT Meme Coin
- Name: Peanut the Squirrel (PNUT)
- Symbol: PNUT
- Blockchain: Solana
- Contract: 2qEHjDLDLbuBgRYvsxhc5D6uDWAivNFZGan56P1tpump
- Total Supply: 999,858,850.59
How to Trade PNUT Tokens
PNUT is available for trading on platforms like Dexscreen and Raydium. Users can connect their Solana wallets to trade directly on these DEXs.
