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In yet another surprise twist in the meme coin saga, tech mogul Elon Musk has reignited investor interest in the Peanut the Squirrel (PNUT) cryptocurrency with a recent post on his X (formerly Twitter) account. Following Musk’s remarks referencing the popular internet squirrel character "Peanut," the PNUT token witnessed an instant spike of 13.8%, climbing from approximately $0.208 to nearly $0.237 within hours.
🔥 What Did Musk Say This Time?
In a politically charged tweet, Musk posted:
> “They locked up (and took out) Peanut, but the Epstein client list remains untouched. The system is clearly broken.”
This controversial statement instantly revived attention around the PNUT token, a meme coin inspired by the viral squirrel. It’s not the first time Musk has stirred the market with subtle (or not-so-subtle) nods to internet culture—and once again, the "Musk Effect" is proving powerful in the world of speculative crypto trading.
📈 A Look Back: Musk’s Impact on PNUT
Peanut the Squirrel (PNUT) first gained traction shortly after its launch in late October, when a previous Musk-related post pushed the token’s market cap to nearly $125 million. The buzz triggered a rapid wave of FOMO (fear of missing out), causing overnight profits for early investors and triggering widespread attention across crypto communities.
However, volatility soon followed. A major whale, reportedly acquiring around 9,200 SOL (approximately $1.45 million at that time), sparked temporary bullish momentum. But the coin faced a massive pullback after its original developer sold off all their holdings, taking quick profits. As a result, PNUT's valuation sharply dropped from its peak, crashing from around $125M to just under $52 million in a matter of days.
⚠️ Binance Perspective: Know the Risks
While meme coins like PNUT can experience sharp upward price movements driven by social media hype, Binance strongly advises traders and investors to exercise extreme caution. These tokens often lack fundamental backing and can be highly volatile.
Always:
Use isolated margin instead of cross if trading derivatives.
Set strict stop-losses and avoid overleveraging.
Never invest more than you can afford to lose.
🧠 Final Thoughts
Whether it’s Dogecoin, Floki, or now PNUT, Elon Musk's influence on meme coins continues to create waves in the market. PNUT’s recent surge showcases how quickly sentiment can shift in crypto—but also reminds us how quickly it can crash. For those venturing into these tokens, always stay informed, use proper risk management, and remember: in the meme world, hype can be as explosive as it is dangerous.