Source: PUNT official website, Twitter, Business 2 Community
On November 11, 2024, Binance announced that it would launch Peanut the Squirrel (PNUT) at 18:00 and open USDT spot trading pairs. As soon as the news came out, PNUT briefly reached 0.28 USDT, an increase of 141.15% in 1 hour and more than 3 times in 10 minutes. The market value rose from US$100 million to US$362 million.
According to Dex Screener data: As early as November 2, the price of PNUT began to soar, and the highest price increased by more than 6,600 times compared with the time of listing. Its market value also exceeded 110 million US dollars on November 3. As of 20:00 on the 11th, the market value of PNUT has reached 451 million US dollars.
What is PNUT?
PUNT is a memecoin launched on the Solana blockchain, born out of an unexpected and heartbreaking real-world event that resonated across social media. PUNT seeks to channel the outpouring of love and advocacy into a movement to protect small animals. The coin represents a mission of compassion, remembrance, and change in the world of cryptocurrency, thereby combining community spirit with impactful causes.
Peanut the Squirrel
PNUT is a meme coin inspired by the squirrel Peanuts. Peanut is an internet celebrity squirrel living in the United States. Its owner Mark often shares his daily life on Instagram. Mark not only uses these videos to attract fans, but also founded an animal rescue organization in the name of Peanut to raise funds for animals in need.
On October 30, the New York State Department of Environmental Conservation (DEC) took Peanut away and detained him after receiving an anonymous tip. Mark launched a petition to release the squirrel that he had lived with for seven years, which attracted the attention of many supporters.
However, on November 2, the news of Peanut's euthanasia was announced, sparking strong anger on the Internet. The community condemned the DEC's violent law enforcement and compared the incident to the "Black Lives Matter" movement in 2020, raising the slogan "Rat Lives Matter". The DEC director was mocked as "Karen" for his tough attitude, and the Democratic government became the focus of public opinion.
Musk also joined the memorial and posted several tweets in support of Peanut.
Behind the incident, PNUT tokens have gradually become a symbol of protest. Supporters expressed their support for animal rights by purchasing PNUT, while protesting against the government's improper handling.
Social significance and investment value of PNUT
The birth of PNUT reflects the public's emphasis on animal rights and dissatisfaction with government law enforcement, and has triggered the "Rat Lives Are Precious" social movement. Through PNUT, supporters not only express their condolences for Peanut, but also see it as a way to protest the government. The rapid popularity of PNUT shows the deep integration of cryptocurrency and social topics. It is not just an investment product, but also a reflection of social sentiment. PNUT supporters use this to express their care for animal lives and criticism of government injustice.
As meme coins diversify, more similar cryptocurrencies may emerge in the future, combining social topics and political sentiments to continue to lead investors and the general public to participate. Such meme coins may continue to develop into carriers of social movements and political positions. They not only have market potential, but can also effectively reflect social opinions and become a new way for the public to express their demands.
