PNUT Meme Coin on Solana Surges Past $100M as Elon Musk Rallies Support for Late Squirrel Star

The Solana meme coin scene erupted this week with the launch of PNUT, a coin created in tribute to P’Nut, a beloved pet squirrel whose tragic death has captivated internet audiences. Initially introduced after New York State authorities seized P’Nut from his owner, the meme coin rapidly surged in popularity, hitting a $9 million market cap before briefly losing momentum. The tragic news of P’Nut’s euthanasia, however, reignited the Frenzy, pushing the coin to an impressive $22 million market cap.

Political Drama and Celebrity Endorsements Fuel PNUT’s Rise

The story gained additional traction as it resonated with popular internet figures. Dogecoin’s official account weighed in, likening P’Nut’s fate to the loss of Harambe: “NYC done Peanut the Squirrel the same as Harambe 😭 #DoOnlyGoodEveryday to all creatures, great and small 🐾.” This message added to the wave of sympathy, boosting PNUT’s value and amplifying its cultural impact.

Just when the coin seemed to plateau, Elon Musk entered the conversation, sparking renewed attention. Musk, who has long been influential in meme coin markets, tweeted, “President @realDonaldTrump will save the squirrels 🐿️ 😢 RIP P’Nut,” along with a series of memes every few hours in support of P’Nut.

His involvement skyrocketed the PNUT coin to a $98 million market cap in just three hours, driving onchain trading volumes up to $286 million in the past 24 hours—currently the highest across blockchain platforms.

PNUT is currently trading at a $120M market cap at the time of the press

With the U.S. election looming, PNUT has unexpectedly become a political lightning rod. Meme coin enthusiasts, political figures, and internet celebrities alike have rallied around the story, as some Republicans even adopted P’Nut’s image in campaigns, framing the squirrel’s death as an example of government overreach.

High-Stakes Trader Profits from PNUT Frenzy

One savvy trader managed to capitalize on the PNUT coin’s meteoric rise, investing $10,400 to acquire 29.6 million PNUT coins. During the surge, he strategically sold 17.2 million coins for approximately $671,000. Still holding 12.4 million coins currently valued at $1M, the trader’s total profit stands at an astounding $1.6 million—a remarkable 15,285% return on investment.

Background: The Story of P’Nut, the Instagram-Famous Squirrel

P’Nut wasn’t just another pet—he was an internet sensation with a following of half a million on Instagram. P’Nut’s lively personality and antics won him countless fans online. Described as “cuddly and lovable” yet “full of celebrity attitude,” P’Nut was at the heart of Longo’s home and even inspired the founding of P’Nuts Freedom Farm Animal Sanctuary, a nonprofit that rescues animals. However, his fame would ultimately lead to tragedy.

The Seizure and Euthanasia of P’Nut

On Wednesday, following multiple public reports about the safety of housing a wild animal, officials from the New York State Department of Environmental Conservation arrived at Longo’s home in Pine City, New York. Citing concerns about rabies, they seized P’Nut along with a raccoon also kept at the property. Sadly, P’Nut was euthanized to test for rabies after reportedly biting someone involved in the investigation.

Longo, devastated by the loss of his “best friend,” said, “For the last seven years, P’Nut has been the center of my world and many of yours. I don’t know how to process this emotionally.” The incident, reminiscent of other high-profile animal seizures, stirred public outcry and sparked a movement that fueled PNUT’s meme coin launch.

Social Media’s Outpouring and Meme Coin Market Impact

Following P’Nut’s death, social media platforms like X (formerly Twitter) exploded with messages of sympathy and solidarity for the squirrel. Memes, tweets, and hashtags in honor of P’Nut swept across the internet, sparking a wave of emotional engagement and market activity in the Solana meme coin community.

With Musk’s ongoing tweets every few hours and political figures rallying around the squirrel’s story, the PNUT meme coin has transcended internet culture, becoming a phenomenon at the crossroads of social media, politics, and cryptocurrency.