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 of Environmental Protection for rabies testing.
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.
However, on Oct. 30, Longo revealed that the authorities had taken away the pet squirrel. A meme coin dubbed PNUT was quickly created in its memory.
Public Outrage Drives PNUT Surge
The news of Peanut the Squirrel’s euthanasia went viral, sparking public outrage. The incident attracted the attention of several public figures, including Tesla’s Elon Musk and Congressman Nick Langworthy. Musk made several posts on X (formerly Twitter), condemning the authorities’ actions. In one post, he stated,
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?
Elon Musk’s 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 5,100 SOL to buy approximately 8.99 million PNUT, worth over $831,000.
PNUT’s 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 at $0.058 at press time.
Meme Coin Hunters Profit
PNUT’s aggressive surge had benefited a few meme coin traders. Lookonchain noted that one trader made a staggering $1.7 million profit trading PNUT.
Some other traders were not as successful. One trader missed the opportunity to make $1.6 million after selling 19.1 million PNUT at a $1,099 loss.
