Despite a market-wide pullback, meme coin PNUT surged to a new all-time high. Its popularity and price increase were likely fueled by Elon Musk’s latest interaction on social media. The cryptocurrency market experienced a correction after several days of pumping and reaching record highs. Bitcoin (BTC) retraced toward $87,000, and some altcoins like Cardano (ADA), Avalanche (AVAX), and others experienced double-digit declines.
However, meme coin Peanut the Squirrel (PNUT) defied the negative trends with impressive gains, reaching almost 200% on a daily scale and peaking at around $1.30. PNUT’s price explosion could be attributed to one of Elon Musk’s recent interactions on X, where he said, “America was saved by a squirrel and a meme coin!” PNUT is a meme coin launched on the Solana blockchain, inspired by a pet squirrel named Peanut.
The coin has a higher capitalization than well-known names such as Mantra (OM), Algorand (ALGO), Helium (HNT), Gala (GALA), and others.
