The Solana meme coin ecosystem is witnessing rapid growth due to the explosive development of the new PNUT cryptocurrency. The meme coin has garnered attention through the support of influential figures like Elon Musk.
PNUT Emergence on Solana
The PNUT meme coin, inspired by a popular TikTok pet, reached a market cap of $1.3 billion in just 10 days. PNUT has become the fourth-largest Solana meme coin and ranked eighth overall in meme coin listings.
Elon Musk's Reaction
Elon Musk supported PNUT by sharing an image of the token in response to a post about government spending. This attracted public attention and contributed to the token's growing popularity.
Market Attention and Caution
The ongoing hype surrounding the PNUT meme coin has led meme coin advocates to advise caution during the market uptrend.
The rise of the PNUT meme coin on the Solana platform indicates significant interest in this direction and a high level of activity in the meme coin market.
