How Peanut the Squirrel ($PNUT) Became a Billion Dollar Memecoin
From viral sensation to tragedy to viral memecoin, the story of Peanut the squirrel is both emotional and thrilling. We discuss the rise of $PNUT memecoin and its price action.
Few stories have captured the public imagination quite like that of Peanut the Squirrel. From humble beginnings as an injured animal rescued by a compassionate New York family to an internet sensation and eventual cryptocurrency inspiration, Peanut’s journey is both heartwarming and astonishing.
Let's have a closer look at how $PNUT became a memecoin with over $1.6B market capitalization:
Peanut's Beginnings: Rescue and Viral Fame
Peanut’s story began when Mark Longo, an animal lover in New York, rescued an injured squirrel he named Peanut. Mark discovered the tiny creature near the Pennsylvania border after witnessing her mother tragically hit by a car. Nurtured back to health, Peanut became part of Longo’s growing animal sanctuary, "Peanut's Freedom Farm," a nonprofit that houses hundreds of rescued animals.
Peanut’s adorable antics and personality quickly gained traction online, amassing over 600,000 followers on TikTok and becoming an internet sensation. Videos of Peanut balancing on branches, enjoying snacks, and snuggling in warm blankets brought joy to countless viewers, earning her a special place in the hearts of animal lovers everywhere.
Peanut’s Euthanization and Public Outrage
In a shocking turn of events, officers from the New York Department of Environmental Conservation (NYDEC) arrived at the sanctuary, citing regulations that make it illegal to house certain wild animals in the state. Despite Longo’s efforts to obtain certification as an educational animal caretaker, the authorities seized Peanut and another rescued animal, a raccoon named Fred. Both were euthanized, ostensibly over health concerns.
This incident ignited a firestorm of public outrage. Social media erupted with memes, hashtags, and petitions calling attention to what many perceived as an act of government overreach. Figures like Elon Musk and JD Vance amplified the discussion, denouncing the NYDEC’s actions and framing the story as emblematic of bureaucratic insensitivity. The tragedy of Peanut was likened to other viral animal stories, such as Harambe the gorilla, creating a groundswell of digital activism.
The government should not be allowed to barge into your house and kill your pet! That’s messed up.
— Elon Musk (@elonmusk) November 3, 2024
Even if it is illegal to have a pet squirrel (which it shouldn’t be), why kill PNut instead of simply releasing him into the forest!? https://t.co/2m9Gi5QpUT
Enter $PNUT: Turning Grief Into Memecoin Glory
In the wake of this viral moment, an entrepreneurial group of developers launched $PNUT, a cryptocurrency inspired by Peanut’s story, on the Solana blockchain. Harnessing the widespread sympathy for Peanut and the growing outrage over her fate, $PNUT quickly captured the imagination of the crypto community.
Key Highlights of $PNUT’s Launch:
- Total Supply: 999,856,448 tokens
- Market Performance: Surged by over 4,000% in its first week.
- Exchange Listings: Rapidly picked up by major platforms like Binance, contributing to its meteoric rise.
- Community Growth: Amassed over 17,000 Twitter followers within days, driven by a narrative of resistance against government overreach.
This memecoin leveraged not only its emotional origin story but also the power of internet virality to achieve something extraordinary—reaching a $1 billion market cap in less than 48 hours.
$PNUT Token Price
At the time of writing, 1 $PNUT = $1.66 with a market capitalization of $1,658,559,503. The price has remained relatively steady for the past few days after a period of vigorous growth.
Source: CoinGecko
Social Media and Celebrity Endorsements
The success of $PNUT was heavily influenced by a blend of social media savvy and celebrity endorsements. Elon Musk’s tweet decrying Peanut’s fate brought the story to the attention of his vast audience, while political figures like JD Vance linked the incident to broader narratives about government inefficiency. Memes comparing Peanut to other viral animal stories fueled the buzz, creating a potent cocktail of humor, activism, and financial speculation.
Why $PNUT Resonates With Crypto Investors
- Emotional Appeal: Peanut’s story is one of love, loss, and resistance—a narrative that resonates deeply with many. This emotional connection translated into a strong community of supporters willing to champion the coin.
- Accessibility: $PNUT was quickly listed on major exchanges, providing liquidity and accessibility to a wide audience of traders and investors.
- Timing: The launch of $PNUT coincided with a broader bull market in cryptocurrencies, particularly in the memecoin space, amplifying its growth potential.
- Celebrity and Media Boost: With high-profile endorsements and viral media coverage, $PNUT broke through the noise of an often-saturated crypto market.
The Risks and Lessons of Memecoins
While $PNUT’s rapid ascent is impressive, experts warn about the inherent volatility of memecoins. Dragonfly General Partner Rob Hadick pointed out that the odds of sustaining such explosive growth are akin to gambling at a casino.
Binance, the exchange that listed $PNUT, marked the token with a "Seed Tag," cautioning users about its high-risk nature. Traders were required to complete a risk acknowledgment quiz before engaging with the coin.
Nevertheless, $PNUT’s story highlights the unique dynamics of cryptocurrency markets. Memecoins thrive on narrative, community, and virality, and Peanut’s tale provided the perfect storm of these elements.
A Legacy Beyond the Blockchain
Peanut the Squirrel may no longer be with us, but her story has transcended the confines of TikTok and the physical world. From sparking debates about government overreach to creating a thriving online community, Peanut has left a lasting impact. The $PNUT memecoin is a testament to her legacy, turning a moment of tragedy into a global phenomenon.
As the world of crypto continues to evolve, one thing is clear: the combination of storytelling, social media, and decentralized technology has the power to create movements that are as unpredictable as they are impactful. Peanut’s journey from rescue to blockchain icon serves as a poignant reminder of the unexpected ways in which our digital and financial lives intertwine.
