Memecoins Surge as “Peanut the Squirrel” Becomes a Viral Icon in Solana’s DeFi Market

Memecoins Surge as “Peanut the Squirrel” Becomes a Viral Icon in Solana’s DeFi Market

In a whirlwind of events, memecoins inspired by “Peanut the Squirrel” have made an explosive entry into Solana’s decentralized finance (DeFi) ecosystem, with some tokens reaching market capitalizations of over $120 million.

The sudden surge in Peanut-themed tokens follows a controversial incident involving Peanut, a popular squirrel with over 600,000 social media followers managed by Mark Longo. On October 30, New York’s Department of Environmental Conservation reportedly seized and euthanized Peanut along with a raccoon named Fred after complaints alleging inadequate housing. Heartbroken by the loss, Longo took to Instagram to express his frustration:

“Well internet, you WON. You took one of the most amazing animals away from me because of your selfishness. To the group of people who called DEC, there’s a special place in hell for you.”

Longo first rescued Peanut around seven years ago after witnessing the animal’s mother struck by a car. Due to injuries that would make survival in the wild unlikely, Longo nursed Peanut back to health and raised him as a companion. This recent event has sparked outrage online, with high-profile figures like Elon Musk condemning the decision, calling it “mindless” and “heartless.”

Peanut-Themed Memecoins Enter the Market

Peanut’s tragic story and growing fame have spurred the creation of a series of memecoins themed around the beloved squirrel. According to decentralized exchange tracker Dexscreener, multiple Peanut-inspired tokens have been launched on the Solana network, and two of these tokens have even climbed into the top 10 in Dexscreener’s 24-hour charts.

One token, simply named “Peanut the Squirrel” (PNUT), has seen staggering activity. Within two days, it recorded nearly $300 million in trading volume across more than 200,000 transactions. After reaching a peak market capitalization of $120 million, the token has since settled at around $100 million following a brief correction.

Another Peanut-themed memecoin launched on the BNB Smart Chain has also attracted significant attention, reaching a market cap of $80 million with trading volumes exceeding $110 million.

Meanwhile, a Fred-themed token, “First Convicted Raccoon” (FRED), was launched in homage to the raccoon euthanized alongside Peanut. Although it recorded an impressive 150,000 transactions and an $83 million trading volume, the project currently has a more modest market capitalization of $8.2 million.

The Rise of Memecoins in DeFi

This latest trend demonstrates the power of internet culture in shaping DeFi markets. Peanut’s story, coupled with the outrage surrounding his passing, has sparked a unique movement, drawing both sympathy and speculative investment from the crypto community.