Whales rush on PNUT amid widespread media coverage

Elon Musk’s social media comments and the widespread media coverage of the issue caused a PNUT buying frenzy, which in turn caused many cryptocurrency whales to enter the market. According to Lookonchain data, one whale paid 5,100 SOL for almost 9 million PNUT

PNUT’s market capitalization quickly rose to an all-time high of almost $130 million as its price peaked at $0.12, and its trading volume skyrocketed to nearly $300 million. Profit-taking, however, has since increased the market capitalization to $60 million, and the token is currently trading at $0.06.

The market valuation of PNUT, a Solana-based meme coin, has increased to over $100 million less than three days after it was first launched, suggesting an astounding surge in

A few meme coin traders profited from PNUT’s strong ascent. A trader made almost $1.7 million trading PNUT, as shown on Lookonchain.

What is the origin of these phenomena? The meme coin PNUT depicts an American adopting and saving a squirrel named Peanut. Later on, the squirrel rose to fame on social media. But the animal was later put to death by New York Democrats for not being a pet.

A social media trendy squirrel, Peanut the Squirrel, was recently seized and put down by the New York State Department of Environmental Protection for rabies testing, thus triggering the creation of the meme coin.

Mark Longo its caretaker, shared adorable photos and videos of Peanut the Squirrel performing tricks and donning small hats on social media, the animal became well-known online.

However, Longo said on October 30 that the authorities had taken the pet squirrel away. A meme coin named PNUT was quickly created to honor the animal.