Elon Musk’s post criticizing the justice system drew attention to Solana’s PNUT token

Billionaire Elon Musk’s X post drew attention to Solana’s Peanut the Squirrel (PNUT) token, which has so far climbed more than 10% in price in just 24 hours. 

In his Tuesday post, Musk bashed the government for failing to take action against people on the Epstein client list, including a meme mocking the justice system. The meme insinuated that more squirrels and raccoons than Epstein’s affiliates have been apprehended.

Crypto traders tied Musk’s post to Solana’s PNUT token

Musk also mentioned a squirrel named Peanut, who was “arrested (and killed), in his post. While he didn’t name the PNUT token explicitly, the timing of his post coincided with a spike in the coin’s price and trading activity.

He wrote, “They arrested (and killed) Peanut but have not even tried to file charges against anyone on the Epstein client list. Government is deeply broken.”

So far, the post has over 13.7 million views, earning nearly 45% of the views in just a few hours. Crypto investors seem to have associated his post with the Solana meme coin. After his post, the PNUT token surged 10% to $0.2357.  The asset’s 24-hour trading volume also grew 80%, crossing $214 million. Currently, the meme coin has a market cap of $223 million, trading at $0.2257.

Musk’s past posts have fueled crypto price rallies

This is not the first time Musk’s posts have driven price rallies for crypto assets. In January, he changed his handle on X to “Kekius Maximus” and profile picture to show “Pepe the Frog” in Roman military attire, holding a video game joystick. After his alteration, the Kekius Maximus token surged over 900%.

In 2021, Musk wrote, “The Dogefather SNL May 8” in one of his posts, and Dogecoin, a popular meme coin, rose over 20% in 24 hours. Then again, in 2024, he posted an AI image related to the token, causing another price rise for the token by about 8%.

Additionally, in January 2021, he changed his bio on the platform to #bitcoin. Soon after, Bitcoin’s price jumped from roughly $32,000 to more than $38,000, adding $111 billion to its market cap. Moreover, the Ethereum-based meme coin Floki rose 418% after the billionaire posted a picture of his dog named Floki in 2023.

Judging from history, Musk’s meme and crypto-related posts, no matter how subtle, tend to spark swift reactions in the crypto market. In this case, a satirical political reference propelled a Solana meme token upward, but whether the token can grow more hinges on future hype and traction.

Musk is hoping to establish a new political party

Meanwhile, the billionaire is focused on building a third party that could rival the Republican and Democratic parties. Following his fallout with President Trump over the ‘Big Beautiful Bill,’ Musk disclosed the birth of the American Party. He’s touted the new party as tech-driven, fiscally responsible, energy-friendly, and politically centrist, aiming to attract both Democrats and Republicans alike.

However, experts have warned that disbanding the grip of the traditional parties demands significant funding and long-term dedication. They noted how previous attempts failed, especially since elections in the country are at a state-by-state level. However, some are optimistic that Musk could pull through with his new party, including David Jolly, a former Republican congressman from Florida. Jolly believes the challenge in forming a new party is having resources, noting that Musk could provide that.

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