Elon Musk's post on X drew attention to Solana's Peanut the Squirrel (PNUT) token, which climbed over 10% in price within 24 hours.
Musk's Post and Its Impact on PNUT Token
In his Tuesday post, Musk criticized the government for inaction regarding those on the Epstein client list. He also mentioned a squirrel named Peanut, who was "arrested (and killed)." Although Musk did not explicitly name the PNUT token, the timing of his post coincided with a rise in the token's price and trading activity. After the post, PNUT's price surged 10% to $0.2357, and its 24-hour trading volume increased by 80%, surpassing $214 million.
Musk's History of Influencing Crypto Markets
This is not the first time Musk's posts have driven price rallies for crypto assets. In January, he changed his profile on X, which led to a 900% increase in the Kekius Maximus token. History shows that even subtle mentions from Musk can trigger significant market changes.
Musk's Political Ambitions and New Party Formation
In addition to his actions in the cryptocurrency space, Musk is also working on establishing a new political party that could rival the Republican and Democratic parties. He announced the formation of the American Party, which will focus on tech and political centrism. However, experts indicate that significant funding and long-term commitment will be required for the new party's success.
Elon Musk's post related to the PNUT token once again demonstrates his influence on the cryptocurrency market. The future of this token now hinges on ongoing interest and traction from investors.
