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A sarcastic tweet from Elon Musk about justice concerns sent Solana’s Peanut the Squirrel token (PNUT) soaring this week. The token surged over 10% in 24 hours, hitting $0.23 as traders rushed in. The incident highlights the volatile nature of meme coins driven by social media hype.
- PNUT token surged 10% in 24 hours after Elon Musk's tweet referencing 'Peanut the Squirrel' went viral.
- Solana's fast, low-fee network facilitated rapid trading, with volume jumping from $120M to $214M in under a day.
- Crypto analysts caution that meme coins like PNUT are highly speculative and prone to sudden reversals.
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