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Elon Musk’s Post Propels PNUT Memecoin’s Market Cap Past $120M

Elon Musk’s Post Propels PNUT Memecoin’s Market Cap Past $120M

DailyCoinDailyCoin2024/11/04 05:00
By:DailyCoin
  • PNUT meme coin has witnessed a significant surge in market cap.
  • The token was launched two days ago.
  • Its surge came after a viral X post by Elon Musk.

PNUT, the meme coin inspired by “Peanut the Squirrel (Pnut),” skyrocketed to a market of over $120 million on Sunday, just two days after its launch.

Created on Solana , the meme token’s idea arose from a viral news story that the New York State Department of Environmental Conservation (DEC) had confiscated and euthanized Pnut, a pet with massive social media following, for rabies testing.

Pnut’s Story Rockets Memecoin’s Market Cap

According to Pnut’s caretaker, Mark Longo, the New York State DEC officers took the pet from him on October 31 because of the internet’s “selfishness,” leaving him shocked and in “disbelief.”

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While Pnut was put to death for health concerns since it could potentially transmit rabies, outrage surrounding the pet’s untimely demise gathered mainstream attention from news outlets and social media personalities, including Tesla billionaire Elon Musk .

“The government should not be allowed to barge into your house and kill your pet! That’s messed up. Even if it is illegal to have a pet squirrel (which it shouldn’t be), why kill PNut instead of simply releasing him into the forest!?” Musk wrote on X.

With the extensive media coverage and Elon Musk’s post, the pet’s story became widespread, pushing PNUT’s market cap to a new all-time high of $125 million before the token gave up some of the gains to trade with a market cap of $100 million at the time of writing.

Crypto smart money tracker Lookonchain noted that some opportunistic meme coin enthusiasts benefited from PNUT’s aggressive pump, with one making a $1.7 million profit. However, one seemingly impatient trader missed an opportunity to earn $1.6 million after selling 19.1 million PNUT tokens at a $1,099 loss.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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