How Peanut the Squirrel Meme Coin Hit $130 Million Market Cap
The post How Peanut the Squirrel Meme Coin Hit $130 Million Market Cap appeared on BitcoinEthereumNews.com.
Solana-based meme coin Peanut the Squirrel (PNUT) skyrocketed to a $130 million market cap within just three days, a remarkable feat for a coin that was relatively unknown just days prior. The surge came after Tesla CEO Elon Musk commented on the sudden passing of the popular squirrel, sparking a frenzy among traders. This unexpected attention drove PNUT’s price and market cap to unprecedented levels. Here’s a closer look at how it unfolded. Elon Musk’s Reaction Fuels Massive Meme Coin Purchase Three days ago, Mark Long, caretaker of Peanut the Squirrel, disclosed that New York’s Department of Environmental Conservation (NYS DEC) had taken the animal from him. Longo, in his post on the social media platform, also mentions that the agency took a Raccoon he had reduced alongside the squirrel. Later on, more details came out about the confiscation that the aminal had died while in the agency’s custody. This development sparked outrage on social media, with Elon Musk condemning the agency’s actions. A US Congressman, in a now-deleted post, also criticized the NYSD DEC for its role in the animal’s demise. “The government is a mindless and heartless killing machine.” Musk said about the matter. Moments after this, meme coin traders, popularly called “degenerates,” began to buy the PNUT meme coin in droves. According to smart money platform GMGN, some of those first set of buyers put in thousands of dollars, which accelerated the token’s upward movement. Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide PNUT Meme Coin Accumulation. Source: GMGN PNUT Market Cap Rises, Falls Amid Profit-Taking Following extensive media coverage of Peanut the Squirrel’s demise, whales began buying the meme coin in large volumes. For example, Lookonchain data reveals that one whale sold 5,100 Solana tokens to acquire 8.99 million PNUT, worth approximately $839,207. Around…
Filed under: News - @ November 3, 2024 2:27 pm