Solana-based meme coin Peanut the Squirrel (PNUT) skyrocketed to a $130 million market cap inside simply three days, a outstanding feat for a coin that was comparatively unknown simply days prior.
The surge got here after Tesla CEO Elon Musk commented on the sudden passing of the favored squirrel, sparking a frenzy amongst merchants. This sudden consideration drove PNUT’s value and market cap to unprecedented ranges. Right here’s a better have a look at the way it unfolded.
Elon Musk’s Response Fuels Huge Meme Coin Buy
Three days in the past, Mark Lengthy, caretaker of Peanut the Squirrel, disclosed that New York’s Division of Environmental Conservation (NYS DEC) had taken the animal from him. Longo, in his publish on the social media platform, additionally mentions that the company took a Raccoon he had decreased alongside the squirrel.
In a while, extra particulars got here out concerning the confiscation that the aminal had died whereas within the company’s custody.
This improvement sparked outrage on social media, with Elon Musk condemning the company’s actions. A US Congressman, in a now-deleted publish, additionally criticized the NYSD DEC for its position within the animal’s demise.
“The government is a mindless and heartless killing machine.” Musk mentioned concerning the matter.
Moments after this, meme coin merchants, popularly known as “degenerates,” started to purchase the PNUT meme coin in droves. In accordance with good cash platform GMGN, a few of these first set of consumers put in 1000’s of {dollars}, which accelerated the token’s upward motion.
Learn extra: Easy methods to Purchase Solana Meme Cash: A Step-By-Step Information
PNUT Market Cap Rises, Falls Amid Revenue-Taking
Following in depth media protection of Peanut the Squirrel’s demise, whales started shopping for the meme coin in giant volumes.
For instance, Lookonchain knowledge reveals that one whale offered 5,100 Solana tokens to accumulate 8.99 million PNUT, value roughly $839,207.
Across the identical time, these whales additionally bought First Convicted RACCON (FRED). As whales poured in, retail buyers adopted, creating vital shopping for strain that pushed PNUT’s market cap above $130 million.
In the meantime, the large shopping for strain ensured that Peanut the Squirrel’s value hit a peak of $0.14. Buying and selling quantity across the Solana meme coin additionally surpassed $300 million sooner or later.
Nonetheless, in response to Gecko Terminal, PNUT’s market cap has decreased to $93.98 million. The worth, then again, has dropped to $0.094 as a result of profit-taking by early consumers of the meme coin.
Learn Extra: 11 Prime Solana Meme Cash to Watch in November 2024
As well as, ought to the PNUT meme coin’s value rebound, it might surpass that of Moo Deng (MOODENG), one other animal-themed meme coin whose market cap is about $151 million as of this writing.
Disclaimer
According to the Belief Undertaking tips, this value evaluation article is for informational functions solely and shouldn’t be thought of monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market circumstances are topic to alter with out discover. All the time conduct your personal analysis and seek the advice of with knowledgeable earlier than making any monetary selections. Please word that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.
