In a short period of time, the Peanut the Squirrel (PNUT) meme coin surged from relative obscurity to reach $150 million in trading volume, driven by a combination of public outrage and pre-election fervor. The story went viral after its caretaker, Mark Longo, announced on social media that New York’s Department of Environmental Conservation (DEC) had taken Peanut and another pet, citing rabies concerns.

The tragic story of Peanut, a beloved pet squirrel seized and euthanized by New York state authorities, led to the coin’s rapid ascent. With over 500,000 followers, Peanut was more than just a pet to Longo; he was a family member and an essential part of his online community. The backlash to the DEC’s decision gained traction when Tesla and SpaceX CEO Elon Musk joined the conversation, making multiple posts on social media about Peanut’s story.

Musk, a significant supporter of former presidential candidate Donald Trump, criticized the DEC’s actions, saying, “The government should not be allowed to barge into your house and kill your pet! That’s messed up.” His pinned tweet also referenced PNUT, helping to amplify attention to Peanut’s story.

As a result, interest increased, and PNUT’s price peaked at $0.14 before early buyers started taking profits. Elon Musk has often tweeted memes related to the crypto industry, including those involving his personal favorite, Dogecoin. Meanwhile, during a rally in North Carolina, Senator and Donald Trump’s running mate, JD Vance, shared that Trump was “fired up” about Peanut’s story, calling it an example of government overreach.

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 campaign point ahead of the election. However, the hype around Peanut’s story has cooled down, as PNUT’s market cap has decreased to $49 million, according to Gecko Terminal data, with the price dropping to $0.04 as early buyers take profits.

The token’s value has stabilized after its initial surge. In a heartfelt social media post, Longo expressed his grief and commitment to continuing Peanut’s legacy, mentioning plans to set up a fundraiser in the squirrel’s name.

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<p>The post Peanut the Squirrel: From Pet to Crypto Sensation first appeared on CoinBuzzFeed.</p>