Musk's Mysterious Squirrel Meme Sends PNUT Token Soaring Amid Political Fallout
Six years ago, a heroic squirrel became a viral meme on Reddit. Today, in the wake of the 2024 presidential election, Elon Musk's reference to it sent the digital cryptocurrency market into a frenzy. The tech billionaire cryptically posted, "The prophecy has been fulfilled," while also drawing attention back to the infamous Peanut the Squirrel story, prompting a related meme coin to surge significantly.
The post references an old Reddit meme that reads, “You swerve to avoid a squirrel. Little do you know that the squirrel has promised to repay your life. In your darkest hour, the squirrel will come,” accompanied by a picture of an armored squirrel. The timing of Musk’s reference is no coincidence; it comes on the heels of the surprisingly politicized story of Peanut, a social media-famous squirrel whose euthanasia by New York state has become an unexpected political flashpoint in the presidential campaign.
Peanut's euthanasia, due to alleged rabies, angered Trump supporters. At the height of the incident, Musk himself spoke out, saying, "President Donald Trump will save squirrels," in a condolence message that angered many voters.
The emotional reaction to Peanut’s story has created the strange financial phenomenon of a Solana-based cryptocurrency called Peanut the Squirrel (PNUT). The token has surged a staggering 585% since Trump’s election victory, bringing its market capitalization to $482 million. After Musk’s latest social media post, it jumped another 64% to trade at a market capitalization of $850 million.