PNUT, a Solana-based meme coin, has witnessed an astronomical surge in trading activity, with its market cap skyrocketing to over $120 million less than three days after its launch.<\/p>\n
The meme coin<\/a> was inspired by Peanut the Squirrel, a social media-famous pet squirrel that was recently confiscated and euthanized by the New York State Department of Environmental Protection for rabies testing.<\/p>\n Peanut the Squirrel became an internet sensation after its caretaker, Mark Longo, posted heartwarming pictures and videos of the pet doing tricks and wearing tiny hats on social media.<\/p>\n However, on Oct. 30, Longo revealed<\/a> that the authorities had taken away the pet squirrel. A meme coin dubbed PNUT was quickly created in its memory.<\/p>\n The news of Peanut the Squirrel\u2019s euthanasia went viral, sparking public outrage. The incident attracted the attention of several public figures, including Tesla\u2019s Elon Musk and Congressman Nick<\/a> Langworthy.\u00a0Musk made several posts on X (formerly Twitter), condemning the authorities\u2019 actions. In one post<\/a>, he stated,<\/p>\n The government shouldn\u2019t have the right to barge into your home and kill your pet! This is a mess. Even if it\u2019s illegal to keep a squirrel as a pet, why kill Peanut instead of releasing it into the wild?<\/p>\n Elon Musk\u2019s social media posts and the wide media coverage of the news spurred a PNUT buying spree, with several crypto whales entering the market. According to data from Lookonchain, one whale spent<\/a> 5,100 SOL to buy approximately 8.99 million PNUT, worth over $831,000.<\/p>\n PNUT\u2019s market cap quickly rose to an all-time high of nearly $130 million, with the trading volume surging to over $300 million as its price hit a peak of $0.12. However, profit-taking has since pulled the market cap to $58.6 million, with the token trading<\/a> at $0.058 at press time.<\/p>\n PNUT\u2019s aggressive surge had benefited a few meme coin traders. Lookonchain noted that one trader made<\/a> a staggering $1.7 million profit trading PNUT.<\/p>\n Some other traders were not as successful. One trader missed<\/a> the opportunity to make $1.6 million after selling 19.1 million PNUT at a $1,099 loss.<\/p>\n The post Peanut the Squirrel (PNUT) Meme Coin\u2019s Market Cap Surged to $130M Following Musk\u2019s Post<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" PNUT, a Solana-based meme coin, has witnessed an astronomical surge in trading activity, with its market cap skyrocketing to over $120 million less than three days after its launch. The meme coin was inspired by Peanut the Squirrel, a social media-famous pet squirrel that was recently confiscated and euthanized by the New York State Department […]<\/p>\n","protected":false},"author":0,"featured_media":17711,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-17710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/17710"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17710"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/17710\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/17711"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Public Outrage Drives PNUT Surge<\/h2>\n
Meme Coin Hunters Profit<\/h2>\n