The PNUT meme coin achieved a $130 million market valuation in response to Elon Musk’s indignation over the death of Peanut the Squirrel.
A remarkable accomplishment for a coin that was comparatively unknown just days prior, Peanut the Squirrel (PNUT), a meme coin based in Solana, was its rapid ascent to a $130 million market valuation in just three days.
Elon Musk, the CEO of Tesla, commented on the abrupt passing of the popular squirrel, which sparked a commotion among traders, resulting in the surge. PNUT’s price and market capitalization reached unprecedented heights as a result of this unforeseen attention. The following is a more detailed examination of the events that transpired.
Mark Long, the squirrel’s custodian, disclosed that the New York Department of Environmental Conservation (NYS DEC) had confiscated the animal from him three days ago. In addition to the squirrel, Longo also mentions that the agency removed a raccoon that he had reduced in his social media post.
Subsequently, additional information regarding the confiscation resulted in the discovery that the aminal had passed away while under the agency’s possession.
Elon Musk condemned the agency’s actions, which provoked outrage on social media. The NYSD DEC was also criticized by a US Congressman in a post that has since been deleted for its involvement in the animal’s demise.
“The government is an impersonal and emotionally cold murdering machine.” Said Musk regarding the matter.
Immediately following this, a significant number of meme coin merchants, who are more commonly referred to as “degenerates,” began purchasing the PNUT meme coin. Some of the initial purchasers contributed thousands of dollars, which expedited the token’s upward trajectory, as per the smart money platform GMGN.
Whales began purchasing the meme coin in significant quantities subsequent to the extensive media coverage of Peanut the Squirrel’s death.
For instance, Lookonchain data indicates that a single whale sold 5,100 Solana tokens in order to acquire 8.99 million PNUT, which is equivalent to approximately $839,207.
Additionally, these whales acquired First Convicted RACCON (FRED) at approximately the same time. As billionaires flooded in, retail investors followed, resulting in substantial purchasing pressure that elevated PNUT’s market capitalization to over $130 million.
In the meantime, the price of Peanut the Squirrel reached a zenith of $0.14 as a result of the extreme purchasing pressure. At some point, the trading volume surrounding the Solana meme coin surpassed $300 million.
Nevertheless, Gecko Terminal reports that PNUT’s market capitalization has declined to $93.98 million. Conversely, the meme coin’s price has dropped to $0.094 as a result of the profit-taking of its early purchasers.
Furthermore, if the PNUT meme coin’s price were to recover, it could surpass that of Moo Deng (MOODENG), another animal-themed meme coin with a market cap of approximately $151 million at the time of this report.
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