PNUT: The Meme Coin Turning Tragedy into Opportunity
PNUT – In a matter of days, the Solana-based meme coin Peanut the Squirrel (PNUT) has skyrocketed from relative obscurity to $150 million in trading volume, fueled by a potent mix of public outrage and pre-election fervor.
The Viral Story of Peanut
The story gained significant traction when Mark Longo, Peanut’s caretaker, announced on social media that New York’s Department of Environmental Conservation (DEC) had taken Peanut and another pet, a raccoon named Fred, citing rabies concerns. The tragic narrative surrounding Peanut—a beloved pet squirrel seized and ultimately euthanized by New York state authorities—exemplifies the unpredictable impact that social media can have on the crypto market.
Peanut had become an internet sensation with over 500,000 followers, cherished not only as a pet but also as a family member and a staple in Longo’s online community. As the news spread, backlash against the DEC intensified, especially after Elon Musk, CEO of Tesla and SpaceX, weighed in on the situation. Musk, a prominent supporter of presidential candidate Donald Trump, criticized the DEC’s actions, tweeting, “The government should not be allowed to barge into your house and kill your pet! That’s messed up.”
Musk’s Influence on PNUT’s Surge
Musk’s pinned tweet on the matter also referenced PNUT, aiming to draw more attention to Peanut’s story. This endorsement sparked increased interest, pushing PNUT’s price to a peak of $0.14 before early investors began cashing in on their profits. Musk has a history of tweeting memes related to the crypto industry, including his affection for Dogecoin, which likely contributed to the frenzy surrounding Peanut.
As the U.S. presidential election on November 5 approaches, others have quickly politicized Peanut’s story. At a rally in Sanford, North Carolina, Senator JD Vance, who is Trump’s running mate, remarked that Trump was “fired up” about the situation, framing Peanut’s death as a glaring example of government overreach. Vance and other conservative figures, including New York Congressman Nick Langworthy, contended that authorities should focus on more pressing issues instead of targeting animals, using Peanut’s plight as a campaign talking point.
Market Reaction and Price Stabilization
Despite the initial excitement, the frenzy surrounding PNUT appears to be cooling down. According to Gecko Terminal data, the market cap of PNUT has since fallen to $49 million, with the price dropping to $0.04 as early investors began to take profits, stabilizing the token after its explosive ascent.
In a heartfelt social media post, Longo expressed his grief over Peanut’s loss and his determination to continue the squirrel’s legacy, stating, “I will set up a fundraiser for those who want to donate in Peanut’s name. I’ll never give up on this nonprofit or those who fell in love with Peanut.”
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