What is Pnut? The Meme Coin Dancing to Elon Musk’s Tune

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, announced 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 issues. 

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 grow to be 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 neighborhood. 

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 determination, 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 worth hitting a peak of $0.14 earlier than early patrons started taking income.

The Telsa CEO and tech billionaire has usually tweeted memes in relation to the crypto trade, together with these relating to a private favourite—Dogecoin.

And, after all, 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 working mate JD Vance shared that Trump was “fired up” in regards to the pet’s story, saying Peanut’s dying 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 important points fairly 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 keeping with Gecko Terminal data. The value, in flip, has dropped to $0.04 as early patrons take income, stabilizing the token after its preliminary surge.

In a heartfelt social media publish, Longo expressed his grief and dedication to proceed Peanut’s legacy, “I’ll arrange a fundraiser for many who need 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