In a surreal twist to the meme coin frenzy, Pnut (PNUT)—Peanut the Squirrel’s own cryptocurrency token—has skyrocketed over 100% as it rallies around U.S. election hype and support from none other than Elon Musk.
Currently trading at $0.006533, up a jaw-dropping 96% on the day and a remarkable 156.23% over the past week, according to CoinMarketCap data at the time of publication.
With a market cap sitting at $644,610 and a 24-hour trading volume that surged to $1.11 million (up 106.89%), this community-driven token is generating buzz on the Solana blockchain and has captured the attention of traders.
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Launched on November 4, PNUT began trading at $0.002767 on Solana’s decentralized exchange Raydium, and has since catapulted to the forefront of the meme coin market.
Outrage over Peanut the Squirrel in the U.S.
The story of PNUT isn’t just another meme coin fairytale—it’s rooted in the memory of Peanut, a beloved pet squirrel, and the public outrage that followed Peanut’s untimely demise.
Notably, the token’s rise has been propelled by Musk, who voiced his support in an impassioned exchange on Joe Rogan’s podcast on November 4.
Musk criticized government intervention in the life of the late “squirrel star,” lamenting, “It was a beloved pet squirrel… and the Government barges into people’s houses and kills them. This should get people mobilized.”
Rogan chimed in with his own thoughts, saying, “Why would you kill that cute little squirrel? The interactions that guy had with that squirrel were wonderful.” Elon: “I don’t know man, just get out there and go vote for Peanut.”
Musk didn’t stop there; he urged his massive online following to take action, tweeting, “Vote for PNut! For Liberty! For Freedom!” The billionaire’s endorsement has fueled a surge of interest in the meme coin.
What’s next for Pnut cryptocurrency?
With Musk’s endorsement and the light-hearted yet mobilizing energy surrounding PNUT, the token embodies the power of meme culture within the world of digital assets. The timing is uncanny as it coincides with the U.S. election, and a Trump win given Musk’s endorsement of both could see the token climb higher.
Though PNUT’s rise is impressive, investors are reminded of the volatile nature of meme coins. Like any token with strong social media roots, PNUT’s value is heavily reliant on hype and community engagement, making it a high-risk, high-reward asset. Not to mention that Finbold recently reported that 97% of meme coins ‘have died.’
