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With Elon Musk mentioning the famous squirrel Peanut on social media, the Peanut the Squirrel (PNUT) meme coin quickly surged by 13.5%, jumping from $0.211 to $0.239.
Tesla and SpaceX CEO Elon Musk stated in a post on his Twitter account about the famous squirrel Peanut, "They arrested (and killed) Peanut, but they didn't even charge anyone on the Epstein client list. The government is already corrupt." This post by Musk caused a rapid increase in the price of the Peanut the Squirrel (PNUT) coin, which had previously created significant movement in the meme coin market.
The Musk effect is back on stage
Peanut is known for experiencing sudden rises in the crypto world after posts made by Elon Musk. Launched in October, PNUT gained attention by reaching a market value of $120 million following a post made by Musk at that time. Many investors made significant profits overnight, and the meme coin frenzy spread rapidly.
Especially after a whale spent 9,600 SOL (approximately $1.56 million) to purchase PNUT and the developer sold all their assets to make a short-term profit, the coin experienced significant volatility. The sales that occurred at that time had reduced PNUT's market value from $120 million to $50 million.