The cryptocurrency market has once again become the stage for a bizarre intersection of internet culture, politics, and Elon Musk’s influence. A new memecoin, “Pnut,” has seen its value skyrocket following a tweet from Musk, all connected to a controversial decision to euthanize a pet squirrel known online as “Peanut.”
The incident, currently fueling political debate in the US, involves the authorities’ decision to put down the squirrel due to its wild nature. Supporters of former President Donald Trump have placed blame on the Biden-Harris administration, sparking online outrage. Elon Musk, a known Trump supporter, has also weighed in, frequently mentioning the incident on his social media platforms.
Adding another layer to this already unusual story is the emergence of the “Pnut” memecoin, inspired by the squirrel’s name. The timing of the coin’s launch, coinciding with the heightened public attention on the squirrel’s fate, raised eyebrows. However, the true catalyst for the memecoin’s explosive price surge came directly from Musk himself. In a recent statement, the Tesla and SpaceX CEO referred to the squirrel as “Pnut,” mirroring the memecoin’s name. This seemingly innocuous act sent the price of Pnut soaring.
Cryptocurrency intelligence platform Arkham has revealed further intrigue. Data shows that a cryptocurrency “whale” – a term for an individual holding a significant amount of a particular cryptocurrency – purchased $95,400 worth of Pnut prior to Musk’s tweet. While the whale initially saw a 50% drop in their investment, they held onto their tokens. Following Musk’s tweet, the value of the whale’s Pnut holdings dramatically increased to a staggering $1.3 million.
