Peanut the Squirrel (PNUT), a memecoin on the Solana blockchain, has surged nearly 200% in 24 hours, peaking at $2.40 and stabilizing at $2.23 on November 14. Its market cap reached $1.8 billion, placing PNUT in the top 50 cryptocurrencies.

The main reason was Elon Musk's tweet: "America was saved by a squirrel and a meme coin!", combined with the viral effect of the touching origin story of PNUT. Trading volume skyrocketed to $5.75 billion, making PNUT the third largest memecoin on Solana.

Analysts are optimistic, predicting that PNUT could rise another 300% if it breaks through its current resistance ($2.30), with the possibility of reaching $6 if the rally continues.