Solana meme coins surged after the tragic story of Peanut the Squirrel captured social media attention, with several tokens reaching market caps of over $100 million. The viral squirrel’s controversial euthanization by New York state officials sparked widespread outrage, leading to an explosion of Peanut-themed cryptocurrencies on the Solana network.
Also Read: Dogecoin (DOGE) Predicted To Rally 33% To $0.20: Here’s When
Viral Squirrel Ignites Solana Meme Coin Craze: $200 Target in Sight
The Tragic Story Behind the Trading Frenzy (PNUT)
Mark Longo’s emotional Instagram post revealed the heartbreaking events that triggered the meme coin surge. “Well internet, you WON. You took one of the most amazing animals away from me because of your selfishness. To the group of people who called DEC, there’s a special place in hell for you,” Longo wrote after Peanut and Fred were taken away and euthanized by officials.
The squirrel’s seven-year journey from rescue to social media stardom, with over 600,000 followers, came to an abrupt end following complaints about living conditions.
PNUT Token Leads the Market
The Peanut the Squirrel token (PNUT) dominated the Solana meme coin market, reaching a peak market cap of $120 million. Trading volume hit $300 million in just 48 hours, with over 200,000 transactions recorded on decentralized exchanges.
Market analysts point to strong technical indicators suggesting a potential push toward the $200 target, driven by sustained trading momentum and growing community support.
Also Read: ChatGPT Predicts Dogecoin (DOGE) Price If Musk Assumes A Cabinet Role
PNUT Caused Multi-Chain Momentum
The meme coin craze spread beyond Solana, with a BNB Smart Chain version of the Peanut token achieving an $80 million valuation. Meanwhile, the First Convicted Raccoon (FRED) token, inspired by Peanut’s companion, generated $83 million in trading volume on Solana.
Trading data shows significant cross-chain interest, with multiple decentralized exchanges reporting record-breaking daily volumes for Peanut-themed tokens.
Celebrity Support Fuels Growth
Elon Musk’s public condemnation of the authorities’ actions amplified the movement. The billionaire CEO of X called the decision “mindless” and “heartless,” contributing to the viral spread of Peanut-themed tokens across crypto markets.
His involvement mirrors previous instances where celebrity endorsements triggered substantial price movements in cryptocurrency markets.
Market Outlook and Trading Activity
Trading patterns indicate strong support levels forming around key price points, with buy orders concentrated at recent lows. Technical analysis suggests the $200 target remains viable given current market dynamics and growing institutional interest.
Daily trading volumes continue to exceed expectations, with new wallets joining the trading frenzy at an unprecedented rate.
Also Read: Top 3 Stocks to Buy Now If Kamala Harris Wins the Election
The Solana meme coin phenomenon demonstrates crypto markets’ unique ability to transform social media trends into tradable assets.
With Peanut’s story continuing to resonate, trading volumes suggest sustained momentum. This could go toward higher valuations, keeping the $200 target within reach for these viral tokens.
