PNUT, a trending Solana-based memecoin surged by 300% following an Elon Musk tweet that appears to be subliminally endorsing the memecoin.
PNUT surged to a price level of $1.70 with its market capitalization shooting past $170 million just days after its launch.
The surge was driven by increased investor activity around the memecoin after the Elon Musk Tweet.
PNUT is a popular memecoin inspired by “Peanut the Squirrel” powered by the Solana Blockchain. Peanut the Squirrel made the rounds in the news during the election cycle as it became a source of controversy dividing American voters.
Elon Musk yesterday commented on how the controversy surrounding Peanut the Squirrel played a role in altering the voting pattern of America.
Elon Musk started by tweeting a peanut emoji in response to a post complaining about government wastage.
He followed up with a reply to another comment on how America was saved by a squirrel and a memecoin.
“America was saved by a squirrel and a meme…