PNUT, a trending Solana-based memecoin surged by 300% following an Elon Musk tweet that appears to be subliminally endorsing the memecoin.
PNUT surged to a price level of $1.70 with its market capitalization shooting past $170 million just days after its launch.
The surge was driven by increased investor activity around the memecoin after the Elon Musk Tweet.
PNUT is a popular memecoin inspired by “Peanut the Squirrel” powered by the Solana Blockchain. Peanut the Squirrel made the rounds in the news during the election cycle as it became a source of controversy dividing American voters.
Elon Musk yesterday commented on how the controversy surrounding Peanut the Squirrel played a role in altering the voting pattern of America.
Elon Musk started by tweeting a peanut emoji in response to a post complaining about government wastage.
He followed up with a reply to another comment on how America was saved by a squirrel and a memecoin.
“America was saved by a squirrel and a meme coin!
The Tweets were interpreted as a silent endorsement of PNUT the memecoin resulting in its price surging by 300% and increased trading activity.
PNUT witnessed its trading volume surge to over $2 billion as investors and traders rushed to take part in the hype.
Other Solana Memecoins Rallying as well
Aside from PNUT, other Solana Memecoins are also rallying in price. ACT experienced a 2,700% surge over the past week and Bonk rose 50% to trade at $0.00003. Analysts wonder whether the PNUT rally will lead to another rally of Solana memecoins in the market.
- Memecoins were some of the biggest gainers of Donald Trump’s Victory bull run in the market. Dogecoin the largest memecoin at a point outperformed other top ten crypto assets. This was driven by the buzz around the Department of Government Efficiency (DOGE) floated by Elon Musk and recently endorsed by the President-Elect.
- The DOGE acronym is often confused with Dogecoin and the memecoin has benefitted immensely from the traffic around the DOGE discussion.
Other crypto assets like Bitcoin surged to new heights smashing its all-time high and recently went as high as $93,000.
What to Know
- Elon Musk is not new to memecoins. The tech Billionaire has been actively involved in promoting Memecoins like Dogecoin or Shiba Inu in their early days. The holds a significant amount of Dogecoin and was once faced with charges when the memecoin lost about 80% of its value.
- PNUT is quite popular in Nigeria with many crypto heads shilling the memecoin and trading with it. However, Nigerians should beware of crypto groups promising massive returns in trading memecoins as this is not usually the case.
