Pnut token market cap surpasses $120M following Elon Musk’s post
The capitalization of the token has risen sharply in value
The market capitalization of the meme token Pnut, inspired by a euthanized squirrel, has exceeded $120 million. This surge occurred after a post by businessman Elon Musk on social media platform X, in which he criticized government actions.
The idea for the meme token was sparked by news that New York authorities had confiscated and euthanized Peanut, a pet squirrel with a large social media following. The owners created a viral video protesting the actions of officials who took away their beloved pet, demanding that the New York State Department of Environmental Protection be held accountable.
Public Reaction
The story gained significant public attention, triggering an outcry on social media.
American entrepreneur Elon Musk, in particular, condemned the U.S. authorities on X for euthanizing the famous social media squirrel taken from its owners due to a rabies risk.
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“The government shouldn’t have the right to barge into your home and kill your pet! This is a mess. Even if it’s illegal to keep a squirrel as a pet, why kill Peanut instead of releasing it into the wild?” Musk wrote.
Immediately after this, the price of the Pnut meme token spiked to $125 million, then slightly corrected.
Financial analysts from Lookonchain noted that an anonymous user missed a chance to earn over $1.6 million on the Pnut token. The trader had bought 19.1 million PNUT for 11 SOL ($1,882) but sold all tokens for 4.57 SOL ($783), incurring a $1,099 loss, failing to wait for the price spike.
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Meanwhile, the crypto market is preparing for a significant influx of digital assets in November, with tokens worth approximately $2.68 billion set for unlocking.
