PNUT Soars: Elon Musk Tweet Fuels Solana Meme Coin Rally
The Solana-based meme coin, Peanut the Squirrel (PNUT), saw a remarkable 10% price surge within 24 hours. This rapid increase followed a viral post by Elon Musk on X (formerly Twitter), unexpectedly bringing attention to the project.
Elon Musk's Post and PNUT's Price Jump
Musk's post featured a meme and a message criticizing the lack of justice surrounding the Jeffrey Epstein case. His X post (link to tweet) noted that more squirrels and raccoons had been arrested than individuals connected to Epstein. He then referenced a squirrel named Peanut who was "arrested (and killed)." While Musk didn't explicitly mention PNUT, the timing coincided with a sharp increase in the coin's price and trading volume.
The post quickly gained traction, accumulating over 4.5 million views in a matter of hours. Traders seemingly linked the mention of "Peanut" to the PNUT meme token, sparking significant interest.
Following the post, the PNUT price rose from approximately $0.2279 to $0.2357. Trading volume also experienced a substantial increase of over 80%, reaching over $214 million in 24 hours. PNUT's market capitalization now sits just above $235 million, with a circulating supply of nearly 1 billion tokens.
The Impact of Viral Hype
Peanut the Squirrel has cultivated a devoted following in recent months, blending humor and internet culture with Solana's fast transaction speeds. This isn't the first instance of Musk's tweets influencing meme coin prices; previous tweets have similarly driven rallies in Dogecoin and Floki.
The crypto market's rapid reaction to Musk's meme-related mentions, even indirect ones, highlights the enduring power of social media in crypto trading. This event demonstrates how a single viral post can significantly impact the market, moving millions of dollars. PNUT's future price trajectory will depend on ongoing interest and market momentum.
For now, Musk's tweet has provided PNUT with its most significant exposure. This incident underscores the volatility inherent in meme coins and the influence of social media personalities on the crypto market. At Codeum, we provide solutions for building more secure and reliable blockchain projects. We offer smart contract audits, KYC verification, custom smart contract and DApp development, tokenomics and security consultation, and partnerships with launchpads and crypto agencies.