The "Peanut" storm has made waves once again, and it all started with a tweet from Elon Musk. After the Tesla and SpaceX CEO posted a bold statement on X (formerly Twitter), the meme coin Peanut the Squirrel ($PNUT) saw a sudden 13.5% surge in just a few minutes.
Peanut, a meme character that gained significant attention on social media, was thrust back into the spotlight when Musk's tweet, which had political undertones, stirred the crypto community. His post criticised the arrest of "Peanut" while calling out the lack of action on Epstein's client list. While the statement sparked strong reactions online, it ignited a much different kind of response in the cryptocurrency market, causing PNUT to spike from $0.211 to $0.239.
The coin, which first launched in October 2024, gained recognition primarily due to Musk's involvement. His humorous posts featuring the Peanut character and squirrel-themed memes helped push the coin to a market cap of $120 million. However, the price was volatile. A large investor, known as a "whale," bought a massive amount of PNUT for around $1.56 million. Shortly after, the project's developer sold all their assets, leading to a price drop that wiped out the coin's market value by over half.
Musk’s influence on the crypto market has become a well-established phenomenon. He has caused massive price movements with coins like DOGE, FLOKI, and now PNUT, earning the term "Musk Effect" or "Elon Pump." Today’s surge in PNUT is another example of this, as the coin gains attention on social media once again, prompting communities to take action in hopes of riding the wave.
Looking ahead, there's a key resistance level at $0.240 that investors are watching closely. If it breaks, another wave of hype could follow. However, given the previous volatility surrounding PNUT, it's wise for investors to proceed with caution and keep an eye on whale activity.
In short, Peanut the Squirrel has proven once again that it’s more than just a meme. Thanks to Musk’s tweet, it’s become a hot topic in the crypto world, showing that his influence is still as strong as ever. But with the unpredictable nature of meme coins, caution is advised for anyone looking to get involved.
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