Elon Musk's social media post caused a significant increase in the value of the Solana-based PNUT meme coin. His comment led to a sharp rise in the token's price.
The Impact of Elon Musk's Post
Elon Musk made a humorous post including the phrase, 'America was saved by a squirrel and a meme coin.' This post resonated within the crypto community, resulting in heightened interest in PNUT. Within 24 hours, the trading volume of PNUT exceeded 2 billion dollars. Over the past week, the coin has shown a 1140% increase, and 2400% over the last 30 days, capturing traders' attention.
Solana-Based Meme Coins
In line with PNUT’s rise, other Solana-based meme coins experienced significant increases. ACT Coin surged by 2700%, while Bonk gained 50%. Traders evaluate whether this trend will continue, noting that such rapid fluctuations can yield substantial profits.
Impact on the Crypto Market
Musk’s interactions with meme coins lead to rapid price fluctuations in the market. This effect has similarly impacted other meme coins like Dogecoin and Shiba Inu. The success of PNUT raises questions about whether investors can maintain interest in such projects while fueling speculation in the crypto market.
These developments demonstrate the potential influence of meme coins in the cryptocurrency market. Projects that gain value through social media present new opportunities for traders.
