The meme coin Peanut the Squirrel (PNUT), built on the Solana blockchain, achieved an astonishing $132 million market capitalization within just three days, marking a remarkable milestone for a previously obscure cryptocurrency.
What is The Squirrel (PNUT)?
PNUT is a meme coin born from the project The Squirrel (PNUT), inspired by a real-life squirrel cared for by Mark Long. The squirrel’s controversial seizure and subsequent death at the hands of New York’s Department of Environmental Conservation (NYS DEC) stirred outrage and sympathy across social media. Elon Musk’s remarks on the incident further amplified its visibility, aligning with the heightened media attention surrounding the 47th U.S. presidential election involving Donald Trump.
The combination of this unique backstory, meme culture, and Musk’s influence catapulted PNUT into the spotlight, with its market cap surging as traders flocked to invest.
Elon Musk’s Impact on PNUT’s Rise
Three days ago, Mark Long shared the story of Peanut the Squirrel, seized by NYS DEC alongside a raccoon he had been caring for. Tragically, Peanut died in the agency's custody, leading to a wave of public outrage.
Elon Musk tweeted about the incident, describing government actions as a “mindless and heartless killing machine,” igniting a flurry of activity among meme coin traders. Musk’s criticism, combined with the squirrel’s backstory, resonated deeply with the community, sparking a speculative buying spree.
Soon after, Musk’s election campaign featured images of PNUT, further fueling speculation that the meme coin might be indirectly supported by Musk. This perception drove trading interest to unprecedented levels.
Whales and Profit-Taking Activity
In the days following Musk’s tweets, data showed significant whale activity:
- One whale sold 5,100 SOL to acquire 8.99 million PNUT, equivalent to approximately $839,207.
- Early retail investors followed suit, generating immense buying pressure that pushed PNUT’s price to $0.14 and its market cap beyond $130 million.
- Trading volumes on Solana exceeded $300 million at its peak.
However, as expected, early profit-taking caused PNUT’s market cap to drop to $52 million, with the token price stabilizing at $0.052.
PNUT vs. Other Meme Coins
While PNUT’s value has seen fluctuations, it remains a strong contender in the meme coin space. For instance, MOODENG, another viral meme coin, boasts a market cap of $151 million. With growing community support, PNUT could potentially regain its upward trajectory.
PNUT Token Details
- Name: Peanut the Squirrel (PNUT)
- Symbol: PNUT
- Blockchain: Solana
- Smart Contract: 2qEHjDLDLbuBgRYvsxhc5D6uDWAivNFZGan56P1tpump
- Total Supply: 999,858,850.59
How to Buy and Sell PNUT Tokens
You can trade PNUT on the following platforms:
- DEXs: Use platforms like Dexscreen or Raydium by connecting your Solana wallet.
- CEXs: PNUT is now listed on top exchanges, including Binance, OKX, Bybit, and MEXC.
Recent Developments
On November 11, 2024, Binance officially listed PNUT, alongside ACT (The AI Prophecy). Trading for PNUT pairs opened at 10:00 UTC, marking a significant milestone for the project.
PNUT Price Prediction
PNUT’s price surged 3.7x following Binance’s listing announcement, and its market cap has now reached $370 million. Since Elon Musk’s initial tweet, the coin has experienced a sixfold increase in market cap.
However, current market activity indicates extreme FOMO (fear of missing out). The anticipated stable price range for PNUT’s market cap is between $150 million and $200 million, with potential for further growth.
Summary
PNUT’s journey from obscurity to a $132 million market cap demonstrates the unpredictable power of meme coins, particularly when backed by influential figures like Elon Musk. The coin’s association with the U.S. presidential election and the emotional story of Peanut the Squirrel captured global attention.
Now listed on Binance, PNUT offers increased visibility, but its high valuation calls for cautious consideration from investors. As always, thorough research and careful decision-making are essential in navigating the volatile meme coin market.
