Elon Musk Peanut The Squirrel Tweet Triggers Viral Pump for PNUT Token
Meet Peanut the Squirrel (PNUT), a meme coin from the Solana ecosystem that made a wild dash into the spotlight over the weekend.
In a mere 72 hours, Peanut the Squirrel has ballooned to a $130 million market cap, riding the crest of social media hype and a sprinkle of Elon Musk meme magic. Here’s a snapshot of this rollercoaster ride.
Elon Musk’s Impact on Peanut the Squirrel Meme Coin Frenzy
New York State is now the most hated state in America
Nothing cuter than a man and his Squirrel
RIP Peanut pic.twitter.com/8bYn79gBbI
— Elon Musk Nation (@ElonMusk_Nation) November 2, 2024
PNUT’s sudden value increase was mainly driven by a tweet from Tesla CEO Elon Musk about the controversial seizure and death of his pet squirrel, Peanut. Mark Longo, Peanut’s caretaker, announced that New York’s Department of Environmental Conservation had confiscated the animal, sparking widespread public outrage.
Musk’s comment, criticizing the agency’s actions, ignited a buying spree among meme coin enthusiasts.
“The government is a mindless and heartless killing machine.” – Elon Musk on Social Media
While the Peanut the Squirrel incident was tragic, the meme coin community, famed for its erratic moves, did not disappoint. Internet degens swarmed PNUT like a cash tornado, with some tossing in thousands, GMGN reports.
This stampede of investments launched the coin’s price and market cap to dizzying new heights.
Market Dynamics of $PNUT: From Peak to Profit-Taking
As media coverage of Peanut the Squirrel’s story intensified, whales joined the fray, making their moves. Notably, data from Lookonchain showed a whale exchanging 5,100 Solana tokens for 8.99 million PNUT, a transaction valued at approximately $839,207.
This move and others created significant buying pressure, pushing PNUT’s market cap beyond $150 million and its price to an all-time high of $0.60.
This is Elon's 3rd time pinning a $PNUT post.
In 2021, I studied 6 months of Elon tweets.
What I learned was that once he latches onto something, he doesn't stop.
Instead, he actually accelerates.
Now take into account that PNUT is the symbol of government overreach which… https://t.co/vay2PzNFKR
— DefiRabbitHole 🐇 🕳 (@DefiRabbitHole) November 4, 2024
However, the rapid buying spree was soon followed by profit-taking. As early adopters began to sell their holdings, PNUT’s market cap slipped back to around $93.98 million, with the price dropping to $0.04605
DISCOVER: These Are The Hottest Meme Coin Presales in 2024
A Speculative Bubble or a New Trend?
The case of Peanut the Squirrel illustrates the power of social media and public figures in shaping market trends. Musk’s comments and a deleted post from a U.S. Congressman amplified the narrative, turning a local issue into a broader political debate. The incident also sparked discussions about government overreach, with Musk stating:
“Government overreach kidnapped an orphan squirrel and executed him.” – Elon Musk
As the buzz around PNUT fizzles, analysts predict its star will dim further after the U.S. elections as the public chases new distractions.
The rapid ascent and descent of PNUT serve as a cautionary tale about the speculative bubbles often seen in the crypto market. One trader’s experience of buying 19.4 million PNUT for 8 SOL only to see its value skyrocket later underscores the unpredictability of such investments.
RIP Peanut The Squirrel, But New Token FreeDum Fighters Has Staying Power Too
A new crypto project that is also going viral along with Peanut is FreeDum Fighters ($DUM).
FreeDum Fighters kicked off its presale with a bang, raking $418,000 in a few weeks. This meme coin mocks the U.S. elections, showcasing a digital showdown between Donald Trump as the tentacled MAGATRON and Kamala Harris as the cyborg Kamacop 9000. The playful satire has grabbed the attention of politically savvy crypto enthusiasts.
GO AND VOTE… for MAGATRON or Kamacop 🦅$DUM is the only way to save America! https://t.co/ApLTWkQ6j7
— FreeDum Fighters (@Freedum_Fighter) November 4, 2024
Beyond the usual staking, a vibrant arena opens up with weekly debates, where supporters shout out their preferences for a shot at more DUM, a juicy reward for their vocal enthusiasm.
These debates aren’t just a soapbox; they’re a golden ticket for airdrops. This twist sets it apart from other PolitiFi tokens, fostering a lively, loyal crowd ready to rally.
EXPLORE: Harris Odds Rise on Polymarkets: What Will Happen With US Election Crypto?
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