Zinger Key Points
- A coin based on Peanut the Squirrel has soared in value thanks to mentions by Elon Musk and an election win by Donald Trump.
- A look back at how much investors could have made and what might be to come.
- Get New Picks of the Market's Top Stocks
Meme coin season continues with many cryptocurrencies trading higher after Donald Trump won the 2024 presidential election, including a coin based on Peanut the Squirrel, a social media star.
Here's a look back at how much an investment in Peanut the Squirrel PNUT/USD coin, which is based on the Solana SOL/USD blockchain, would be worth today.
What Happened: The price of Peanut the Squirrel coin has soared in recent days, bolstered by the 2024 election outcome and mentions of the viral social media star by Tesla CEO Elon Musk.
Peanut the Squirrel was a rescue squirrel owned by a New York resident. The squirrel attracted a large following on Instagram with hundreds of thousands of followers.
New York state officials confiscated and later euthanized Peanut in early November due to alleged potential rabies exposure.
The death of Peanut became a rally cry ahead of the 2024 election and saw mentions from Musk on X.
"President @realDonald Trump will save the squirrels. RIP P'Nut," Musk tweeted on Nov. 2.
The Tesla CEO and billionaire later that day shared a meme of a squirrel resembling a jedi.
"If you strike me down, I will become more powerful than you could possibly imagine," Musk said, referring to a quote on the meme with the character being shown as "Obi PNut Kenobi."
More mentions of Peanut the Squirrel, the social media star helping Trump win the election and listings of the meme coin on exchanges like Binance have sent the price of the cryptocurrency soaring in recent days, passing a market capitalization of more than $1 billion.
Investing $100 In PNUT: Investors who bought PNUT after Musk started mentioning the viral squirrel and meme coin on X have been pleasantly rewarded.
PNUT traded at a high of $0.1258 on Nov. 2 when Musk made his first tweets. An investor buying the coin at the highest price of the day could have purchased 794.9126 PNUT.
Today, the $100 would be worth $1,573.93, up 1,473.9%, based on a price of $1.98 for PNUT at the time of writing.
What's Next: Investors have made big profits in the Peanut the Squirrel meme coin and the Instagram account of the deceased squirrel now has over 900,000 followers.
Some investors believe the meme coin will go higher, citing the potential influence of Musk and his past comments on Dogecoin DOGE/USD helping to put attention on that meme coin and sending it higher.
Wednesday's listing of Pepe coin PEPE/USD on Coinbase and Robinhood has also provided optimism that more meme coins will get listings on major exchanges and could be open to more investment opportunities from mainstream retail investors.
The influence of meme coins is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
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Image created using artificial intelligence via Midjourney.
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