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Elon Musk’s tweet reignites interest in Peanut the Squirrel (PNUT) memecoin

  • 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 viral tweet by Elon Musk that sent PNUT flying

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.

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.

Peanut the Squirrel (PNUT) volume spikes as traders pile in

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.

Analyst predicts massive upside potential for PNUT

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.

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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South Korea’s crypto reform plans offer tax cuts and funding access to companies

  • The move would give digital asset firms access to tax breaks and state funding.
  • Dunamu paid ₩24 billion in taxes after losing venture status in 2018.
  • Policy is part of President Lee’s pro-crypto economic strategy.

South Korea is moving to formally recognise crypto businesses as venture companies, a decision that could give the industry access to tax relief, government-backed loans, and startup funding for the first time.

The Ministry of SMEs and Startups has introduced a proposal to reclassify virtual asset firms, removing them from a list of restricted industries that includes gambling and nightlife.

If passed, the policy would reverse a long-standing rule that has blocked crypto startups from the country’s thriving venture ecosystem.

This legislative push follows years of regulatory exclusion, with one major flashpoint in 2018. Dunamu, the parent company of crypto exchange Upbit, lost its venture status and was forced to pay ₩24 billion ($18 million) in taxes.

Dunamu challenged the decision in court but lost, highlighting the financial consequences of South Korea’s previous stance.

The ministry now says it wants to acknowledge the innovative and entrepreneurial qualities of crypto companies, bringing them in line with other emerging technology sectors.

New law aligns with Seoul’s broader pro-crypto pivot

The proposal marks a significant departure from previous policy. Until now, crypto-related businesses have been grouped with sectors barred from receiving government support.

The proposed revision would remove virtual asset firms from this restricted category, allowing both new and existing startups to register as venture businesses without risking their certification.

The ministry argues that the new framework will expand South Korea’s venture ecosystem and promote growth in the blockchain and crypto industries.

Public feedback on the draft law is being collected until 18 August 2025, signalling the beginning of a formal legislative process.

If enacted, it would enable crypto firms to access the same support tools—such as tax cuts, subsidies, and loan guarantees—that are currently available to other recognised startups.

The change could also benefit companies that already hold venture status and want to expand into crypto, which previously risked losing their designation if they added digital asset operations to their business models.

President Lee’s crypto policies begin taking shape

The venture company proposal is one of several initiatives under President Lee Jae Myung’s new administration. Since taking office last month, Lee has made digital assets a cornerstone of his economic strategy.

His government is supporting the approval of spot Bitcoin exchange-traded funds (ETFs), exploring a won-based stablecoin, and reviewing the ongoing ban on institutional trading of cryptocurrencies.

Major South Korean banks are already responding. Some have filed trademarks for stablecoin products, while others are working on blockchain infrastructure and digital wallet services.

Industry legitimacy and investment may follow

The proposed legal amendment could have wide-reaching effects beyond tax incentives.

Recognising crypto firms as venture companies may lend credibility to an industry that has long operated on the fringes of formal finance in South Korea.

Greater legitimacy could attract institutional investors, encourage new business formation, and reduce compliance-related friction.

It may also align South Korea with other markets advancing similar policies, such as the European Union’s MiCA framework and Japan’s reforms to allow limited crypto fundraising.

With venture-backed crypto projects potentially gaining access to bank loans and innovation grants, the ecosystem may see accelerated development and a stronger foothold in South Korea’s broader tech economy.

Public submissions on the proposal are currently open, with final decisions expected later this year.

The post South Korea’s crypto reform plans offer tax cuts and funding access to companies appeared first on CoinJournal.