Elon Musk’s post on social media led to a significant increase in the value of the Solana-based meme coin called PNUT. Following the post, the price of PNUT increased by approximately 200%.
Effect of Musk’s Post
Musk’s humorous post included the phrase “America was saved by a squirrel and a meme coin.” This post spread quickly in the crypto community, increasing interest in PNUT.
Within 24 hours, PNUT’s trading volume exceeded $2 billion. The coin, which increased by 1140% in the last week and 2400% in the last 30 days, attracted the attention of investors. If you remember, days before the election, law enforcement took a squirrel, a social media phenomenon, from its owner on suspicion of rabies. Then they put him to sleep to find out if he had rabies. This situation brought to the fore the unlimited authority of law enforcement officers over citizens and fed anger and anxiety against Democrats. What Elon Musk draws attention to is this event and the meme coin that gained value in connection with this event.
Solana Based Meme Coins
Parallel to the rise of PNUT, other Solana-based meme coins also rose. ACT Coin gained 2700% and Bonk gained 50%. Although investors evaluate whether this trend will continue, we mentioned that Solana-based meme coins can bring good profits during such rapid rise periods.
Musk’s interaction with meme coins is causing rapid price fluctuations in the market. This situation, Dogecoin 
$3 and Shiba Inu had similar effects on other meme coins.
The success of PNUT has increased speculation in the crypto market, raising the question of whether investors can maintain interest in such projects.
In conclusion, these developments show how effective meme coins can be in the crypto asset market. Projects that gain value with the influence of social media offer new opportunities for investors.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
