JAKARTA - PNUT, the newly launched Solana-based meme coin, in less than three days managed to attract great interest among crypto investors. Market capitalization soared to 130 million US Dollars (Rp2 trillion). This phenomenon cannot be separated from the intervention of well-known entrepreneur Elon Musk, who with just a few tweets, changing the fate of this meme coin.
PNUT was inspired by the figure of goodminton the Squirel, a pet squirrel that had gone viral on social media. The owner, Mark Longo, often uploads videos ofmen wearing tiny hats and doing adorable tricks, makingtips loved by thousands of followers on the internet.
On October 30, the squirrel was taken by the Department of Environmental Protection of the State of New York for rabies testing purposes and eventually put to death. The decision sparked a wave of public outrage, with many feeling that the government's actions were cruel and disproportionate.
This is where PNUT Coin was born. As a form of resistance and support foriri, the crypto community responded by creating this coin, which quickly attracted the attention of the media and fans.
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This incident became even bigger when Elon Musk, who is known to be able to influence the crypto market with his tweets, also commented on platform X (formerly Twitter). He said, "The government should not have the right to rob and kill someone's pet! This is crazy. Even if keeping squirrels is illegal, why not be released into the wild rather than kill them? This comment strengthens the wave of anger and at the same time triggers a surge in investor interest in PNUT.
According to data from Lookonchain, several "crypto whales" will soon enter the PNUT market. One of the whales even bought 8.99 million PNUT at a price of 5,100 SOL, which is equivalent to 831,000 US Dollars (Rp13 billion). This move pushed PNUT's market capitalization to an all-time high, reaching 130 million US Dollars (Rp2 trillion). Trading volume also skyrocketed to 300 million US Dollars (Rp4.7 trillion) in line with the surge in PNUT prices to 0.12 US Dollars (Rp1,893).
However, like many other meme coins, the momentum of PNUT is not fully stable. After reaching the peak, the profit-taking began, causing its market capitalization to drop to 58.6 million US Dollars (Rp924 billion), with the PNUT price falling to 0.058 US Dollars (Rp915).
Several traders managed to reap big profits from this spike. Lookonchain notes that there are traders who get fantastic profits of USD 1.7 million (IDR 26.8 billion) from PNUT trading. On the other hand, there is also a failed story. A trader missed the opportunity to get USD 1.6 million (IDR 25.2 billion) after selling 19.1 million PNUT with a small loss of USD 1.099 (IDR 17 million).
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