Social Media-Driven Hype
The Solana-based meme coin Peanut the Squirrel (PNUT) skyrocketed to $150 million in trading volume after Elon Musk's tweets drew attention to the pet squirrel's story. The frenzy began when Mark Longo, Peanut’s caretaker, revealed that New York’s DEC had seized and euthanized the animal due to rabies concerns.Musk’s Influence and Market Reaction
Musk, known for swaying crypto markets, criticized the DEC’s decision on social media, rallying public sentiment. His pinned tweet, referencing PNUT, sparked a buying rush, pushing its price to a peak of $0.14. Early buyers took profits soon after, causing the price to stabilize at $0.04 with a market cap of $49 million.Political and Social Ramifications
The story has even found its way into political discourse, with Donald Trump’s running mate JD Vance condemning the DEC's actions as government overreach during a campaign rally. Longo pledged to continue Peanut’s legacy by setting up a nonprofit fundraiser, drawing support from a community that had cherished the pet.
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