Peanut the Squirrel ($PNUT) Token Price Skyrockets Because of Elon Musk

Bittime - The price of the meme-based crypto token, Peanut the Squirrel ($PNUT), has shot up sharply in recent days. This meme coin reached a market capitalization of up to $130 million (around IDR 2 trillion) in just three days. 

This extraordinary price increase began after a tweet from Elon Musk, CEO of Tesla, regarding the incident that happened to Peanut the Squirrel. For many people, this token may still be unfamiliar. However, with the huge influence of Elon Musk and widespread attention from the crypto community, $PNUT has now become the center of attention.

Chronology of PNUT's Sudden Price Surge

The story of the $PNUT price spike began when Mark Long, a wildlife caretaker, revealed that Peanut the Squirrel, his pet squirrel, was confiscated by the New York Department of Environmental Conservation (NYS DEC). Later, the squirrel was declared dead under their supervision. 

This news sparked emotions on social media, with Elon Musk voicing his criticism of the agency's actions. He called the government a "mindless, heartless killing machine." 

This tweet received widespread attention and became the main trigger for traders and investors to buy up $PNUT tokens.

Read also: You Must Know! Top 6 Meme Coin AI on Solana Network

Crypto Trader Mass Buy $PNUT

Within hours of Elon Musk's tweet, crypto traders, especially those known as "degenerates" or high-risk speculators, began buying $PNUT tokens en masse. 

Some early buyers even invested thousands of dollars, which accelerated the token's price spike. According to data from the GMGN platform, this group of traders reacted immediately after Elon Musk's tweet, creating an incredible wave of demand for this Solana-based token.

Increase in $PNUT Market Cap and Large Purchases from “Whale” Investors

The price spike and popularity of the $PNUT token increased when large investors or "whales" bought in large amounts. For example, data from Lookonchain shows that a whale sold 5,100 Solana tokens to buy approximately 8.99 million $PNUT. 

The transaction value is around $839,207 (around Rp. 13.2 billion). When these whales started buying, retail investors also joined in, creating buying pressure that pushed $PNUT's market capitalization to more than $130 million (around IDR 2 trillion).

Not only that, at its peak, the $PNUT token price was recorded at $0.14 (around IDR 2,198), with trading volume exceeding $300 million (around IDR 4.7 trillion). This activity shows how much interest the market has in this meme token inspired by the story of Peanut the Squirrel.

$PNUT Price Experienced a Decline Due to Profit-Taking Action

Sumber: Coingecko

However, this rapid price increase did not last long. Along with profit-taking by early buyers, $PNUT's market capitalization began to fall, reaching $51 million (around IDR 803 trillion). 

The token price also decreased to around $0.049 (around IDR 700). Despite the decline, speculation continues to grow that the price of $PNUT could recover and perhaps even surpass other animal-based tokens, such as Moo Deng (MOODENG), which has a market capitalization of around $151 million (around IDR 2.3 trillion) at the moment.

Meme Coin Phenomenon

The case of the $PNUT price spike shows how strong the influence of social media and public figures like Elon Musk is in shaping crypto market sentiment. Especially, in the meme coin sector which tends to be very speculative. 

Tokens like $PNUT, which were initially looked down upon, can suddenly become popular and highly valuable simply because of the push of social trends or interesting stories surrounding them.

Read also: What is Luce (LUCE)? Memecoin Inspired by the Holy Year 2025 Mascot

Even though the risks of investing in meme coins are quite high, phenomena like $PNUT show that the potential profits from this sector are also large. Especially, for those who can catch the right moment in responding to market movements. 

However, investors need to be careful, as the value of meme coins can be very volatile and could potentially decline sharply after the initial spike.

With this latest development, investors around the world will continue to monitor the price movements of $PNUT, while waiting to see whether this token will skyrocket again or end up like many other meme coins.

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