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Solana meme coin phenomenon PNUT reaches $1.3 billion in market cap within 10 days.
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Elon Musk’s latest comments spark a meme coin frenzy.
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Meme coin supporters advise caution amid market hysteria.
The Solana meme-coin ecosystem is experiencing a surge of activity, fueled in part by the explosive growth PNUT, a meme coin inspired by a TikTok viral pet.
PNUT has reached a market capitalization of $1.3 billion in the last 10 Days, making it the fourth largest Solana meme currency. PNUT has also risen to the eighth position in the meme coin rankings after its 24-hour trading volume surpassed that of WIFs.
https://twitter.com/SolanaFloor/status/1856632444969005075
PNUT or Peanut the Squirrel is named after a TikTok pet that was killed by environmental authorities for illegal wildlife ownership. Elon Musk and other celebrities, including animal lovers, were outraged by this. Musk shared the image of the token on November 13th in response to Rabbit Hole’s post about government spending.
Why is PNUT so Popular?
Musk tweeted that “a squirrel, and a meme-coin saved America,” gaining a lot attention and helping PNUT to grow. Musk was also recently selected to lead the Department of Government Efficiency.
The growth of meme coin interest in the Solana ecosystem has both excited and sceptical people. Some crypto supporters believe that Musk will encourage more people to use crypto. Others, such as Mishaboar the Dogecoin developer, however, urge new investors to exercise caution.
Read Also: Meme Coins rally Pushes Cryptomarket Cap Towards 3 Trillion
Mishaboar warned investors on November 10th to avoid complex financial instruments such as leverage and derivatives, which could increase risks. He said people should only invest money they can afford to loose.
