YEREVAN (CoinChapter.com) — Peanut the Squirrel, a new memecoin inspired by a popular TikTok squirrel, saw a rapid price increase after gaining attention from Elon Musk and J.D. Vance. This memecoin surged by 1,428.92% over the past week, reaching a $1.86 billion market cap. Following the viral momentum, Peanut the Squirrel memecoin secured listings on major exchanges like Binance, attracting widespread interest.
Peanut the Squirrel Memecoin Soars to $1.86. Source: CoinMarketCap
The story behind this surge traces back to an animal lover in New York, Mark Longo, who rescued a squirrel named Peanut. After Peanut gained a large TikTok following, New York’s Department of Environmental Conservation intervened, citing a state law that prohibits keeping squirrels as pets. This led to Peanut’s seizure and euthanization, an action that Elon Musk highlighted on social media, criticizing the government’s actions. Musk’s reaction, shared widely on social platforms, propelled Peanut the Squirrel into crypto conversations and elevated its memecoin.
Elon Musk Defends Peanut the Squirrel. Source: Elon Musk’s X Post Election Attention Fuels Further Memecoin Popularity
In the days leading up to the election, Ohio Senator J.D. Vance also referenced Peanut’s story. At a rally in North Carolina, Vance remarked,
“The same government that doesn’t care about hundreds of thousands of illegal immigrant criminals coming into our country doesn’t want us to have pets.”
As coverage continued, Peanut the Squirrel memecoin saw consistent gains. After starting on Pump.Fun, the coin soon appeared on large crypto exchanges, prompting new buyers to join the trend. Each mention by public figures and subsequent media coverage drove Peanut the Squirrel closer to the top of memecoin rankings, with its price skyrocketing amid election cycle discussions.
Experts Caution Investors Amid Peanut the Squirrel Memecoin Buzz
Above all, while Peanut the Squirrel memecoin has surged, breaking records, experts advise investors to proceed carefully. Dragonfly General Partner Rob Hadick highlighted the speculative nature of memecoins, noting,
“Honestly, it’s like worse odds than you’d get at the casino,”
referencing data that indicates low returns for most memecoin investments.
While it remains smaller than Dogecoin, which has a $57 billion market cap, the rapid rise of Peanut the Squirrel illustrates the influence of viral stories and notable endorsements on cryptocurrency trends.
The post Elon Musk Sparks Record Surge for Peanut the Squirrel Memecoin appeared first on CoinChapter.
