In a matter of days, the Solana-based meme coin Peanut the Squirrel (PNUT) has skyrocketed from relative obscurity to a staggering $150 million in trading volume, fueled by a mix of public outrage and the fervor surrounding the upcoming U.S. presidential election.
The viral sensation began when Peanut's caretaker, Mark Longo, announced on social media that New York’s Department of Environmental Conservation (DEC) had seized Peanut and another pet, a raccoon named Fred, citing rabies concerns. The heartbreaking story of Peanut—a cherished pet squirrel who was reportedly euthanized by state authorities—has captured the hearts of many and underscored the unpredictable influence of social media sentiment on the crypto market.
Peanut, who had amassed over 500,000 followers online, was not just a pet to Longo; he was a beloved family member and a central figure in his vibrant online community. The backlash against the DEC’s decision quickly gained momentum, especially when influential figures like Tesla and SpaceX CEO Elon Musk weighed in. Musk, known for his support of Donald Trump, took to X (formerly Twitter) to voice his disapproval, stating, “The government should not be allowed to barge into your house and kill your pet! That’s messed up.” His pinned tweet further referenced PNUT, amplifying attention to the coin and its connection to Peanut's story.
The support from Musk, a known advocate for meme coins like Dogecoin, significantly fueled interest in PNUT. The coin's price surged to a peak of $0.14, as demand skyrocketed and early buyers sought to capitalize on the sudden frenzy. However, as profits were taken, the market began to cool.
Adding to the political dimension of the story, JD Vance, Senator and Donald Trump’s running mate, commented on the incident during a rally in Sanford, North Carolina. He claimed that Trump was “fired up” about Peanut’s plight, framing the pet’s death as an example of government overreach. Vance and other conservative voices, including New York Congressman Nick Langworthy, argued that authorities should focus on more significant issues rather than targeting animals, turning Peanut's story into a rallying cry in the lead-up to the November 5 election.
Despite the initial surge, PNUT's market cap has since fallen to $49 million, with the price stabilizing at around $0.04 as early investors took profits and market excitement waned.
In a poignant social media post, Longo expressed his grief over Peanut’s loss and his commitment to preserving the squirrel’s legacy. “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,” he wrote, highlighting the impact Peanut had on his life and the lives of many others.
As the story of Peanut the Squirrel continues to unfold, it serves as a reminder of the profound ways in which social media can influence both public sentiment and financial markets, often in unexpected and powerful ways.
November 2024, Cryptoniteuae