A single post from Elon Musk has once again sent the crypto market into a frenzy, this time pushing Solana-based memecoin PNUT to a massive spike in trading volume.
On X, Musk criticized the U.S. authorities for eliminating ‘Peanut’ the squirrel while failing to take action against individuals linked to Jeffrey Epstein’s client list. He added, “Government is deeply broken.”
The controversial comment, mixing humor and critique, triggered a wave of speculative trading. PNUT, which has no connection to Elon Musk or the squirrel, jumped over 10% in minutes. According to CoinMarketCap, its 24-hour trading volume soared from $65 million to $264.96 million, marking a 138% increase.
The token briefly touched a high of $0.23 before correcting. Currently, it shows 5.72% pump in 24 hours, valued at $0.2285, with a market cap valuing $228.7 million.
PNUT was created as a Solana memecoin and has no utility, no roadmap, and no real-world use case. Yet, it thrives on cultural moments, viral trends, and Musk mentions, traits common to today’s memecoin landscape.
There’s also no verified or official “Epstein list,” despite ongoing speculation and public curiosity. But Musk’s comment, mixed with the strange story of a squirrel turning into a viral symbol, was enough to get retail traders rushing in.
PNUT has now become one of those hype-driven tokens that move whenever there’s controversy, online drama, or a celebrity shoutout. With nothing solid behind it, the rally is just another example of how unpredictable and speculative the memecoin space really is.
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