- Solana meme coin sensation PNUT hits $1.3 billion market cap in 10 days.
- Elon Musk sparks meme coin frenzy with latest comments.
- Meme coin proponents advise caution amid market hype.
The Solana meme coin ecosystem is experiencing a surge in activity, fueled by the explosive growth of PNUT, a new meme coin inspired by a viral TikTok pet.
In the last 10 days, PNUT reached a market cap of $1.3 billion and is now the fourth-largest Solana meme coin. Additionally, PNUT is now eighth overall in meme coin rankings when its 24-hour trading volume surpassed WIFs’.
PNUT, or Peanut the Squirrel, is named after a popular pet on TikTok which was put down by environmental authorities due to illegal wildlife ownership. Many animal lovers and celebrities, including tech billionaire Elon Musk, were upset about this. On November 13th, Musk shared an image of the token in response to a post from Rabbit Hole about government spending.
Why is PNUT So Popular?
Musk tweeted “a squirrel and a meme coin saved America,” which got a lot of attention and likely helped PNUT grow. Additionally, Musk was recently chosen to lead the “Department of Government Efficiency.” Because he has supported Dogecoin in the past, people are excited about meme coins right now.
This growth in meme coin interest, especially within the Solana ecosystem, has made people both excited and cautious. Some crypto supporters think that Musk will help more people use crypto. However, others, like Dogecoin developer Mishaboar, want new investors to be careful.
Read also: Meme Coins Rally Pushes Crypto Market Cap Towards $3 Trillion
On November 10th, Mishaboar highlighted the inherent volatility in meme coins, advising investors to avoid complex financial instruments like leverage and derivatives that could amplify risks. He said that people should only invest what they can afford to lose.
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