Peanut the Squirrel: The Most Explosive Meme Coin In Solana Ecosystem

Although it was just launched in early November, the meme coin Peanut the Squirrel (PNUT) on the Solana has recorded strong growth thanks to the story of animal love and the passing of the famous squirrel P’nuts on Instagram. So, what is special about this project that makes the community participate enthusiastically? Let’s find out.

What is Peanut the Squirrel?

Peanut the Squirrel is one of the meme coin projects created on the Solana blockchain and a community-driven concept as a response to the tragic death of a real-life squirrel named P’nuts, which was cruelly seized and euthanized by New York state’s authorities.

P’nuts’s passing created outrage on social media, particularly among the animal-loving sections. Many posts abound online under the hashtag “Peanut the Squirrel” as these people were angry and sad over P’nuts’ passing. This even drove a meme coin frenzy in the crypto world under the ticker “PNUT”, where several projects were launched in commemoration of P’nuts.

Among the host of PNUT meme coins, Binance officially listed the Peanut the Squirrel project on its spot exchange on November 11, 2024. The market capitalization of the project before listing was roughly $100 million, surging to $400 million, which was quadrupled by its value within an hour of the announcement.

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The Story Behind Meme Coin PNUT

P’nuts was a famous squirrel on social media with an Instagram account called “peanut_the_squirrel12.” According to Mark Longo, P’nuts’ owner, he rescued and cared for the squirrel seven years ago after her mother was hit by a car. Thanks to this touching story and adorable photos, Longo’s account attracted over 900,000 followers. Longo also established a nonprofit, “Peanut’s Freedom Farm,” which has since rescued over 300 abandoned animals, including squirrels, raccoons, dogs, and more.

The situation escalated dramatically on October 30, 2024, when the New York Department of Environmental Conservation (DEC) unexpectedly raided Longo’s home and seized P’nuts, citing a violation of the state’s ban on keeping wild animals as pets. Tragically, DEC staff not only confiscated P’nuts but also euthanized and autopsied the squirrel.

After Longo shared the story on social media, a wave of outrage erupted from animal lovers and influencers alike. Prominent figures like Elon Musk, New York State Representative Nick Langworthy, and even re-elected President Donald Trump condemned the DEC’s actions.

The story of P’nuts drew attention not only from the Web2 community but also sparked interest within the Web3 space. Several P’nuts-themed meme coin projects emerged to honour the squirrel and denounce the DEC’s actions, including the project Peanut the Squirrel.

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Team

Currently, the development team behind the meme coin Peanut the Squirrel remains completely anonymous, with no information disclosed about the members behind the project.

Tokenomics

Key Metrics

• Token Name: Peanut the Squirrel
• Token Symbol: PNUT
• Blockchain: Solana
• Smart Contract: 2qEHjDLDLbuBgRYvsxhc5D6uDWAivNFZGan56P1tpump
• Listing Date: November 4, 2024
• Total Supply: 999,858,912
• Max Supply: 999,858,912
• Circulating Supply: 999,858,912

PNUT Token Allocation and Release

Currently, the entire supply of PNUT tokens has been fully distributed to the market.

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The Potential in PNUT

Heartwarming Story with Strong Community Appeal

Peanut the Squirrel was created based on a touching story about a squirrel named P’nuts, which raises strong resonance with animal lovers and stirs feelings of empathy. It is likely to attract interest and encourage people to take part in the project based on compassion, thus influencing the token. Strong narratives prevail in many meme coins, which attract users over short periods and increase market capitalization within a very short time.

Social Media Impact and Influencer Support

The story of P’nuts attracted major influencers like Elon Musk and Donald Trump. Their support can make a huge difference in terms of social media impact, as their influence will increase the visibility and value of Peanut the Squirrel.

Listings on Major Exchanges

Already listed on Binance and a few other prominent exchanges, it is pretty accessible to newer users. Being listed on reputable exchanges improves liquidity and creates an avenue for the token’s long-term growth, even as price stability is anything but guaranteed.

Demand for Meme Coins and Risk Asset Rally

Most of the time, meme coins attract a great pool of high-risk investors looking for quick and high returns. As the crypto market is high at these times, with Bitcoin reaching new highs, investment in riskier assets has also seen a wave in meme coins such as PNUT.

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Risks of PNUT

Lack of Intrinsic Value and Practical Utility

Like the majority of meme coins, Peanut the Squirrel doesn’t have any practical purposes outside of buying and selling, making it highly speculative and at the full mercy of market sentiment. If the interest dies off, then PNUT can quickly plummet in value and even become a “dead coin.”

Vulnerability to Short-Term Volatility

News or actions by key figures or communities often go a long way in determining fortunes in meme coins such as the PNUT. As such, investors should be short-term prepared rather than expect any form of growth in the long term.

High Volatility and Price Inflation

Meme coins are basically susceptible to large supply with spikes in demand. Their prices can have wild swings, with the potential for asset bubbles that are difficult to contain.

Conclusion

Peanut the Squirrel may have strong short-term growth potential due to media effects and community support from animal lovers. However, the risks associated with meme coins are substantial. Investors should carefully consider the speculative nature of this token, set realistic expectations, and invest only what they can afford to lose while closely monitoring project developments to mitigate risks.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.