PNUT Coin, the Meme Coin Inspired by a Squirrel's Death, Attracts Elon Musk's Attention and Soars to Rp2 Trillion Market Cap

PNUT, the newly launched Solana-based meme coin, in less than three days managed to attract great interest among crypto investors.

Solana has just had a new meme coin called PNUT. In less than three days, its presence managed to attract a lot of attention from crypto investors. Its market capitalization had soared to US$130 million or around IDR 2 trillion.

This phenomenon cannot be separated from the intervention of the famous entrepreneur Elon Musk, who with just a few tweets was able to change the fate of the meme coin. PNUT itself was inspired by the figure of Goodminton the Squirrel, a pet squirrel that went viral on social media. Its owner, Mark Longo, often uploads videos of the rodent wearing a tiny hat and doing adorable tricks, so the tips are liked by thousands of followers online.

On October 30, the squirrel was taken by the New York State Department of Environmental Protection for rabies testing and ultimately euthanized. The decision sparked a wave of public anger, with many feeling the government's actions were cruel and excessive.

This is where PNUT Coin started. As a form of resistance and support for Goodminton the Squirrel, the crypto community responded by creating this coin which quickly attracted the attention of the media and fans.

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This incident became even bigger when Elon Musk, who is known to be able to influence the crypto market through his tweets, also commented on the X platform (formerly Twitter). He said, "The government should not have the right to confiscate and kill someone's pet! This is crazy. Even if keeping squirrels is illegal, why not just release them into the wild instead of killing them?"

These comments strengthened the wave of anger and also triggered a surge in investor interest in PNUT. According to data from Lookonchain, several “crypto whales” will soon enter the PNUT market. One of the whales even bought 8.99 million PNUT for around 5,100 SOL or the equivalent of US$831,000.

This move pushed PNUT's market capitalization to an all-time high, namely around US$130 million. Trading volume also skyrocketed to reach US$300 million as the PNUT price surged to US$0.12.

However, like many other meme coins, PNUT's momentum is not completely stable. After reaching its peak, profit-taking began to occur, causing its market capitalization to fall to US$58.6 million, with the PNUT price reaching US$0.058.

Some traders managed to reap huge profits from this surge. Lookonchain noted that there were traders who made fantastic profits of up to US$1.7 million from PNUT trading. On the other hand, there are also stories that fail. One trader missed an opportunity to make a profit of around US$1.6 million after selling 19.1 million PNUT for a small loss of around US$1,099.

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