Elon Musk-Backed PNUT Coin Soars to $1.5 Billion Valuation

The meme coin's rapid rise follows Musk's endorsement and a viral story about a euthanized squirrel, sparking significant trading activity.

PNUT, a meme coin on Solana, surged over 1,500% in a week, reaching a $1.5 billion market cap after being listed on Binance.
Elon Musk's social media endorsement of PNUT, linked to the viral story of Peanut the Squirrel, fueled the coin's rapid valuation increase.
The coin honors Peanut, a squirrel euthanized by New York authorities, which has become a symbol for animal rights advocacy.
Investors have seen substantial gains, with some traders realizing millions in unrealized profits from PNUT and related meme coins.
Despite its success, analysts warn of potential volatility and corrections as PNUT's market cap nears $2 billion.