Peanut the Squirrel (PNUT) Meme Coin’s Market Cap Surges to $130M Following Musk's Post

PNUT, a meme coin based on the Solana blockchain, has experienced a remarkable increase in trading activity, with its market capitalization soaring to over $120 million just three days after its launch. This surge is attributed to the emotional response from the public following the euthanasia of Peanut the Squirrel, a popular pet squirrel that became an internet sensation.

• Background on Peanut the Squirrel: The squirrel gained fame through heartwarming social media posts by its caretaker, Mark Longo, showcasing Peanut performing tricks and wearing adorable hats. However, the New York State Department of Environmental Protection confiscated Peanut for rabies testing, leading to public outcry after the squirrel was euthanized.

Public Outrage Fuels Trading Frenzy

The news of Peanut's euthanasia triggered widespread outrage online, capturing the attention of notable figures, including Elon Musk. Musk condemned the actions of the authorities in multiple posts on X (formerly Twitter), stating,

"The government shouldn’t have the right to barge into your home and kill your pet! This is a mess. Even if it’s illegal to keep a squirrel as a pet, why kill Peanut instead of releasing it into the wild?"

• Impact of Musk's Influence: Musk's posts, combined with extensive media coverage, led to a buying frenzy for the PNUT token. One crypto whale reportedly purchased approximately 8.99 million PNUT for over $831,000.

Market Performance and Trading Volume

As a result of the buying spree, PNUT's market cap peaked at nearly $130 million, with trading volume exceeding $300 million and the price reaching a high of $0.12. However, profit-taking has since reduced the market cap to $58.6 million, with the token currently trading at $0.058.

Profits and Losses Among Traders

The rapid rise of PNUT has resulted in significant profits for some traders. According to Lookonchain, one trader made an impressive profit of $1.7 million from trading PNUT. Conversely, another trader missed out on a potential profit of $1.6 million after selling 19.1 million PNUT at a loss of $1,099.

The emotional connection to Peanut the Squirrel and the subsequent public outrage have significantly impacted the trading dynamics of the PNUT meme coin. As the market continues to react, traders remain vigilant for further developments.