Here’s why PNUT price exploded 200% today

TL;DR

• Despite the market-wide pullback, viral coin PNUT reached a new ATH.
• Its popularity and price rise were likely fueled by one of Musk’s last interactions on X.

Defy the market trend

After several days of rising and reaching record levels, the cryptocurrency market has fallen back over the last 24 hours. Bitcoin (BTC), whose price reached an ATH above $90,000, has fallen back towards $87,000 as of this writing. The correction also affected some altcoins, with Cardano (ADA), Avalanche (AVAX) and many others experiment double-digit declines.

However, trending coin Peanut the Squirrel (PNUT) has defied negative trends by posting impressive gains. Its price is up almost 200% on a daily scalereaching a new high around $1.30. Its market capitalization has exploded above $1.3 billion, making it the 78th largest cryptocurrency.

The meme coin, which saw the light of day earlier this month, now has a higher capitalization than well-known names such as Mantra (OM), Algorand (ALGO), Helium (HNT), Gala (GALA) and d ‘others.

The explosion in PNUT prices could be assigned to one of Elon Musk’s most recent interactions on X. The billionaire replied to a position linked to the next Ministry of Government Effectiveness (which he will lead) by simply saying:

“America was saved by a squirrel and a coin!” »

PNUT is a meme coin launched on the Solana blockchain and inspired by a pet squirrel named Peanut. The animal attracted a lot of attention earlier this month when New York state authorities euthanized it for rabies testing after it allegedly bit a DEC employee during a seizure operation.

The decision sparked widespread criticism, with many questioning the need for such measures given that the animal lived indoors for seven years and showed no signs of the disease. Musk was among them, mystically assignment on X shortly after euthanasia:

“If you hit me, I will become more powerful than you could. maybe imagine, “Obi PNut Kenobi.”

More memes bleed

The PNUT is one of the very some mapped coins gains in the last 24 hours. Industry leader Dogecoin (DOGE) is down 6%, while its biggest rival Shiba Inu (SHIB) has plunged by 11%.

Other memes negatively affected by the ongoing market correction include POPCAT (-9%), BRETT (-11%), NEIRO (-12%), MEW (-12%) and more.