Elon Musk and Trump Endorsements Propel Peanut the Squirrel Meme Coin to Over $1 Billion Market Cap

A cryptocurrency inspired by Peanut the Squirrel has seen a big jump in value. This surge followed endorsements from Elon Musk and Donald Trump's recent election win. Let’s break down what this means for investors and what might happen next.

The current meme coin season has brought many cryptocurrencies up in value. This includes Peanut the Squirrel, a coin linked to a popular social media character.

To understand the investment potential, let’s look at Peanut the Squirrel (PNUT/USD). It runs on the Solana (SOL/USD) blockchain.

What’s Happening Right Now:

Recently, the price of Peanut the Squirrel coin has skyrocketed. This rise is due to the election results and mentions from Tesla CEO Elon Musk.

Peanut the Squirrel was a rescue pet owned by a New Yorker. This adorable squirrel gained a massive following on Instagram, attracting hundreds of thousands of fans. Sadly, New York officials confiscated Peanut and had to euthanize her in early November due to concerns about possible rabies exposure.

Peanut's death became a rallying point before the 2024 election. Musk even tweeted about it on X. On November 2, he said, "President @realDonald Trump will save the squirrels. RIP P'Nut." Later that day, he shared a meme showing a squirrel as a Jedi, quoting, "If you strike me down, I will become more powerful than you could possibly imagine," referring to the character as "Obi PNut Kenobi."

These mentions, along with the support for Trump, helped boost the price of the meme coin, which has now surpassed a market cap of over $1 billion.

Investment Insights:

Investors who bought PNUT after Musk’s tweets have seen impressive returns. On November 2, PNUT hit a high of $0.1258. If someone bought at that peak, they could have snagged 794.9126 PNUT.

Now, that initial $100 investment would be worth $1,573.93. That’s a remarkable increase of 1,473.9%, based on the current price of $1.98 for PNUT.

What’s Next:

Investors have made significant profits from the Peanut the Squirrel meme coin. The Instagram account for the late squirrel now has over 900,000 followers. Many believe the coin could rise even higher, thanks to Musk's influence and his previous comments about Dogecoin (DOGE/USD), which helped elevate that coin’s profile.

Additionally, the recent listing of Pepe coin (PEPE/USD) on platforms like Coinbase and Robinhood has sparked optimism. Investors hope more meme coins will get listed on major exchanges, opening up new opportunities for retail investors.

The impact of meme coins will be a key topic at Benzinga's upcoming Future of Digital Assets event on November 19.