- Meme coins rally amid Department of Government Efficiency (DOGE) launch.
- A squirrel’s wrongful demise went viral, transcending into a SOL meme coin.
- Peanut’s on-chain arrival garnered a $1.5B market cap in the first two weeks.
The squirrel-themed meme coin PNUT is gaining traction across social media for triple-digit gains and a kickstart to a $1.5B market cap just two weeks into existence. PNUT encapsulates outrage caused by New York City officials’ euthanasia of Peanut the Squirrel due to a fear of rabies.
Justice for PNUT Fuels Bull Rally
Elon Musk and Donald Trump have amplified the anger, as the PNUT coin hit price discovery a day before Trump’s re-election. The viral story has attracted the attention of crypto enthusiasts, boosting the Solana (SOL) token to a new all-time peak of $1.79 nearly five hours ago, according to CoinGecko.
With the 269% outburst over the past 24 hours, PNUT joins the big three in the Solana meme coin category. Solana’s top dogs Dogwifhat (WIF) and Bonk (BONK) lead the rally with over 55% weekly gains, but PNUT outshines both in a massive trading volume of $4,222,607,733.
Elon Musk Drops Clues on PNUT
Musk retweeted a meme from six years ago, which depicts a squirrel in iron armor, followed by the caption, “You swerve to avoid a squirrel. Unknown to you, the squirrel pledges a life debt to you. In your darkest hour, the squirrel arrives”, referring to newly-found social media hero Peanut.
“The prophecy has been fulfilled,” declares Elon, adding a peanut emoji in reply to another post. PNUT defied the odds by soaring 77% even through Tuesday’s crypto market correction. PNUT rocks an almost identical supply to WIF at 999M tokens, compared to WIF’s 998M tokens and the current price of $3.69.
On the Flipside
- In addition to the $4 billion trading volume across Spot markets, the leveraged market was abuzz with a $11.13 billion volume in 24 hours, according to CoinGlass.
- While the leveraged play short versus short ratio is slightly on the long side, the increased leverage use still wiped out $12.55M of longs out of a $30.8M daily total.
Why This Matters
Meme coins can form communities with similar political views and beliefs, in this particular case, condemning cruel behavior toward animals.
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