Here’s Why the PNUT Price Exploded by 200% Today

TL;DR

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

Defying the Market Trend

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

However, the trending meme coin Peanut the Squirrel (PNUT) has defied the negative trends by charting impressive gains. Its price is up almost 200% on a daily scale, reaching a fresh peak at around $1.30. Its market cap 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 others. 

PNUT’s price explosion could be attributed to one of Elon Musk’s most recent interactions on X. The billionaire replied to a post related to the upcoming Department of Government Efficiency (which he will be leading) 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 garnered significant attention at the start of the month when the New York state authorities euthanized it to conduct rabies tests after it allegedly bit a DEC worker during a seizure operation. 

The decision led to widespread criticism, with many questioning the necessity of such measures since the pet lived indoors for seven years and showed no signs of the disease. Musk was among those, mystically posting on X shortly after the euthanization:

“If you strike me down, I will become more powerful than you could possibly imagine,” Obi PNut Kenobi.”

Other Memes are Bleeding

PNUT is among the very few meme coins charting gains in the past 24 hours. The sector’s leader, Dogecoin (DOGE), is down 6%, while its biggest rival, Shiba Inu (SHIB), has plunged by 11%. 

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

The post Here’s Why the PNUT Price Exploded by 200% Today appeared first on CryptoPotato.