A memecoin based in Solana that was inspired by a squirrel experiences an astronomical increase in market capitalization two days after its inception.
On Sunday, PNUT, the meme coin that was inspired by “Peanut the Squirrel (Pnut),” surged to a market capitalization of over $120 million, just two days after its debut.
The meme token’s concept was inspired by a viral news story that the New York State Department of Environmental Conservation (DEC) had confiscated and euthanized Pnut, a companion with a significant social media following, for rabies testing. The token was created on Solana.
According to Mark Longo, Pnut’s custodian, the New York State DEC officers removed the companion from him on October 31 due to the “selfishness” of the internet, leaving him in a state of “disbelief” and astonishment.
Despite the fact that Pnut was executed due to health concerns, as it had the potential to transmit rabies, the pet’s premature death garnered mainstream attention from news outlets and social media personalities, including Tesla billionaire Elon Musk.
“It is unacceptable for the government to enter your residence and terminate your pet. That is wrong. Why killing PNut instead of releasing him into the forest, even if it is unlawful to have a pet squirrel (which it should not be)?” Musk created on the X platform.
PNUT’s market cap reached a new all-time high of $125 million as a result of the pet’s story becoming widely known and the extensive media coverage and Elon Musk’s post. However, the token lost some of its gains and is currently trading at $100 million.
Smart money analyzer for cryptocurrency Lookonchain observed that PNUT’s aggressive surge resulted in a $1.7 million profit for one opportunistic meme coin enthusiast. Nevertheless, a speculator who appeared to be impatient squandered an opportunity to earn $1.6 million by selling 19.1 million PNUT tokens at a loss of $1,099.
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