Here’s why the price of PNUT exploded 200% today

TL;DR

Despite the market-wide pullback, viral meme coin PNUT surged to a new ATH. Its popularity and price increase were likely fueled by one of Musk’s last interactions at X. Defying the market trend

After several days of pumping and reaching record highs, the cryptocurrency market retreated in the last 24 hours. Bitcoin (BTC), whose price took advantage of an ATH above $90,000, has pulled back towards $87,000 at the time of writing. The correction has also affected some altcoins, with Cardano (ADA), Avalanche (AVAX) and many more experiencing double-digit drops.

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

PNUT Price, Source: CoinGecko

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

PNUT’s price explosion could be attributed to one of Elon Musk’s most recent interactions on X. The billionaire responded to a post related to the upcoming Department of Government Efficiency (which he will lead) by simply saying:

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

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

The decision sparked widespread criticism, with many questioning the need for such measures, as the pet lived seven years indoors and showed no signs of the disease. Among these was Musk, who mystically posted on X shortly after the euthanasia:

“If you defeat me, I will be more powerful than you can imagine,” said Obi PNut Kenobi.

Other memes are bleeding

PNUT is among the few meme coins to post gains in the last 24 hours. Industry leader Dogecoin (DOGE) is down 6%, while its main rival Shiba Inu (SHIB) is down 11%.

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

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