Elon Musk's latest tweet has ignited a surge in the Peanut the Squirrel (PNUT) memecoin, with its price climbing over 10% to a high of $0.235 before stabilizing at $0.2193. The Solana-based token saw a 150% spike in daily trading volume, reaching $273 million, following Musk's post on X, formerly Twitter, which referenced a controversial incident involving a squirrel named Peanut. The tweet also led to a 14% increase in open interest in PNUT futures, now at $132 million. Despite lacking formal utility, PNUT's popularity is fueled by its meme appeal and Musk's influence. The token, while still down over 90% from its peak, has rebounded 580% from its all-time low, drawing interest from retail traders.