In a matter of days, Solana-based meme coin Peanut the Squirrel (PNUT) has climbed from relative obscurity to $150 million in buying and selling quantity, propelled by a mixture of public outrage and pre-election fervor.
The story went viral after his caretaker, Mark Longo, introduced on social media that New York’s Division of Environmental Conservation (DEC) had taken Peanut and one other pet, a raccoon named Fred, citing rabies considerations.
Sparked by the tragic story of Peanut—a beloved pet squirrel seized and euthanized by New York state authorities—the coin’s explosive ascent is yet one more showcase of the unpredictable impact of social media-fueled sentiment on the crypto market.
Peanut, who had change into an web sensation with over 500,000 followers, was greater than only a pet to Longo—he was a beloved member of the family and a fixture in his on-line group.
The backlash quickly gained traction when Tesla and SpaceX CEO Elon Musk joined in, making a number of posts on X about Peanut’s story.
Musk, one of many greatest supporters of presidential candidate Donald Trump, criticized the DEC’s choice, writing, “The federal government shouldn’t be allowed to barge into your home and kill your pet! That’s tousled.”
Musk’s pinned tweet on Sunday additionally referenced PNUT in a bid to amplify consideration to Peanut’s story. Curiosity additional sparked demand, with PNUT’s value hitting a peak of $0.14 earlier than early consumers started taking earnings.
The Telsa CEO and tech billionaire has usually tweeted memes in relation to the crypto trade, together with these concerning a private favourite—Dogecoin.
And, in fact, others have been fast to politicize the occasion within the lead-up to the U.S. presidential election on November 5.
Throughout a rally in Sanford, North Carolina, Senator and Donald Trump’s operating mate JD Vance shared that Trump was “fired up” in regards to the pet’s story, saying Peanut’s loss of life is an instance of presidency overreach.
Vance and different conservative voices, together with New York Congressman Nick Langworthy, argued that authorities ought to prioritize extra vital points slightly than focusing on animals, turning Peanut’s story right into a marketing campaign level within the lead-up to the election.
Nonetheless, the frenzy is cooling down as PNUT’s market cap has since decreased to $49 million, in accordance with Gecko Terminal information. The value, in flip, has dropped to $0.04 as early consumers take earnings, stabilizing the token after its preliminary surge.
In a heartfelt social media put up, Longo expressed his grief and willpower to proceed Peanut’s legacy, “I’ll arrange a fundraiser for many who wish to donate in Peanuts title. I’ll by no means quit on this nonprofit or those that fell in love with peanut.”
Edited by Sebastian Sinclair
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