Elon Musk’s tweet has triggered a sharp rally in Peanut the Squirrel (PNUT) memecoin. PNUT trading volume has also surged over 150% to $273 million. Analysts predict a potential 654% breakout for PNUT.

Elon Musk has once again ignited a crypto market frenzy, this time by reviving interest in an unlikely memecoin, Peanut the Squirrel (PNUT).

A single post on X, formerly Twitter, triggered a sharp rally in the price of the Solana-based token, causing both volume and open interest to surge in a matter of hours.

The coin, previously flying under the radar, soared after Musk made a veiled yet sarcastic remark referencing a controversial incident involving a squirrel named Peanut and a broader jab at US authorities.

The sudden spike in PNUT’s price came shortly after Musk posted on X, expressing his frustration that no one from Jeffrey Epstein’s alleged list had been arrested, while also referencing the euthanisation of a squirrel named Peanut.

They arrested (and killed) Peanut, but have not even tried to file charges against anyone on the Epstein client list.

Government is deeply broken. pic.twitter.com/YndRadQUBE

— Elon Musk (@elonmusk) July 8, 2025

His mention of Peanut reignited sympathy and outrage from a previous incident during the Biden presidency, when the squirrel was reportedly taken from its owner and put to sleep, sparking widespread backlash and recurring mentions by Musk.

In his latest post, the Tesla and SpaceX CEO once again used the word “Peanut,” a move that historically precedes market reactions among memecoin enthusiasts.

This particular tweet caused the PNUT token to leap over 10%, peaking at $0.235 before slightly pulling back to around $0.2193.

Speculative interest exploded shortly after Musk’s post, with PNUT’s daily trading volume surging by over 150% to reach $273 million.

This dramatic increase highlights the strong influence Musk continues to wield over digital assets, especially low-cap, narrative-driven tokens.

Open interest in PNUT futures also rose by 14%, hitting $132 million, suggesting that traders are becoming increasingly bullish about the coin’s short-term trajectory.

The trading frenzy comes despite the fact that PNUT has no formal utility, roadmap, or protocol backing — its popularity rests entirely on its meme appeal and Elon Musk’s unpredictable support.

At the time of writing, Peanut the Squirrel (PNUT) was trading at $0.2193, reflecting a modest gain of 1.3% over the past 24 hours but still far below its all-time high of $2.44 recorded in November 2024.

The coin’s price has fluctuated within a daily range of $0.2128 to $0.2386, with its seven-day range stretching from $0.2104 to $0.2536.

Despite the recent rally, the token remains down more than 90% from its peak, though it has gained over 580% from its all-time low of $0.03187.

While some observers dismissed the rally as another short-lived meme coin bubble, technical analysts have started taking notice of PNUT’s price action.

Crypto analyst Javon Marks shared his outlook on X, projecting a potential 654% rally that could see the token break out toward a target of $1.7907.

$PNUT (Peanut The Squirrel) can be setting up here to deliver a major continuation within an over 654% uphill run towards the $1.7907 BREAKOUT TARGET which is IN PLAY 🔥! https://t.co/vUkSWC2ftd pic.twitter.com/BgLcjJb805

— JAVON⚡️MARKS (@JavonTM1) July 9, 2025

According to Marks, key indicators suggest that bullish momentum remains intact, setting the stage for further gains if sentiment holds.

This forecast, though speculative, has attracted fresh attention from retail traders eager to ride the next meme coin wave.

The post Elon Musk’s tweet reignites interest in Peanut the Squirrel (PNUT) memecoin appeared first on CoinJournal.

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