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.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.that the authorities had taken away the pet squirrel. A meme coin dubbed PNUT was quickly created in its memory.The news of Peanut the Squirrel’s euthanasia went viral, sparking public outrage.
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 whalePNUT’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.
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