Elon Musk’s social media post caused a significant increase in the value of PNUT, a Solana 
$256-based meme coin. Following Musk’s post, the price of PNUT surged by approximately 200%.
The Impact of Musk’s Post
Musk’s humorous message included the phrase, “America was saved by a squirrel and a meme coin.” This post quickly spread within the crypto community, generating increased interest in PNUT.
Within 24 hours, the trading volume of PNUT exceeded 2 billion dollars. Over the past week, the coin has shown an increase of 1140%, and 2400% over the last 30 days, capturing the attention of traders. Notably, just days before the elections, law enforcement acquired a squirrel from a social media influencer under suspicion of rabies. Subsequently, they put it down to determine if it was rabid. This incident raised concerns about the unlimited authority of law enforcement over citizens and fueled anger and anxiety against the Democrats. Musk’s comments highlight this event and the meme coin that gained value in connection with it.
Solana-Based Meme Coins
In line with PNUT’s rise, other Solana-based meme coins also experienced significant increases. ACT Coin jumped by 2700%, while Bonk gained 50%. Although traders evaluate whether this trend will continue, we have noted that during such rapid increases, Solana-based meme coins can yield substantial profits.
Musk’s interactions with meme coins lead to rapid price fluctuations in the market. This effect has similarly impacted other meme coins like Dogecoin 
$0.386192 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.
In conclusion, 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.
