Let me briefly introduce the squirrel: $PNUT, also known as Peanut the Squirrel Meme coin, combines a legendary story with real events, the power of social media, and the volatility of the cryptocurrency market.

I. The Origin of PNUT

The birth of PNUT originated from an internet-famous squirrel named Peanut. In 2017, Mark Longo, a resident of Norwalk, Connecticut, discovered an orphaned squirrel that had lost its mother while traveling in New York and rescued it, naming it Peanut. Longo began posting videos about Peanut on social media platforms, and by the end of 2023, Peanut had accumulated over 500,000 followers on Instagram.

However, on October 30, 2024, the New York State Department of Environmental Conservation entered Longo's home under a search warrant and seized Peanut, due to strict laws in New York State prohibiting the keeping of wild animals in residential areas, with Longo frequently receiving complaints from neighbors. Although Longo claimed to have released the wild animals he kept back into the wild, Peanut still appeared on his social media. The Department of Environmental Conservation claimed that Peanut bit an officer during the capture. Due to concerns that the animal might carry rabies, Peanut was euthanized on November 1, 2024.

II. The Rise of PNUT

Peanut's tragic fate sparked widespread outrage and mourning on social media, with slogans like 'A squirrel's life is valuable' emerging. Tesla CEO Elon Musk also tweeted a series of posts joining the debate, urging everyone to vote for Peanut, which further intensified the emotional response surrounding the situation. Peanut's story even became a political topic on the eve of the U.S. presidential election, with Republican vice presidential candidate Vance stating that Trump was 'angry' about this story.

Against this backdrop, the PNUT Meme coin was launched on the Solana blockchain in early November 2024 to pay tribute to Peanut. The launch of PNUT quickly caused a sensation, with its market capitalization surpassing $1 billion in less than 48 hours. As news spread and celebrities like Musk joined, the demand for PNUT surged, making it one of the hottest Meme coins.

III. Market Performance of PNUT

PNUT's market performance has been stunning. After Binance announced the listing of PNUT on November 11, 2024, the price of this Meme coin skyrocketed more than tenfold, reaching an all-time high of $2.44 on November 14, with a market capitalization exceeding $2 billion. Although its price fell from the historic peak the following day, it remained at a high level.

The rise of PNUT is not only attributed to Peanut's story and the support of celebrities like Musk but is also related to the overall optimistic sentiment in the cryptocurrency market. Factors such as Trump's election victory and interest rate cuts by the Federal Reserve have instilled confidence in the cryptocurrency market, driving up Meme coins like PNUT.

IV. Future Prospects of PNUT

Coin Codex predicts that PNUT could reach $4.56 in 2025 and exceed $6.62 by 2030. Although PNUT's market performance is impressive, its future remains uncertain. On one hand, as more investors join the community and Peanut's story continues to attract attention on social media, the value of PNUT may further increase. On the other hand, like all Meme coins, PNUT's price may fluctuate significantly due to external factors such as social sentiment and celebrity endorsements or viral trends.

Moreover, the story of the squirrel 'Peanut' may have limited staying power. Whether PNUT can maintain investor interest if the cryptocurrency market cools down is also uncertain. Additionally, the lack of any technical documents or white papers explaining what PNUT is or its function may deter more serious investors.

In summary, PNUT, as a Meme coin sparked by an internet-famous squirrel, combines a legendary story with real events, the power of social media, and the volatility of the cryptocurrency market. While its future is full of uncertainties, the rise of PNUT undoubtedly brings new vitality and possibilities to the cryptocurrency market.

Disclaimer: The content published in this article is intended to share information, disseminate knowledge, and is not intended to provide any specific investment advice. Before making any investment decisions, we strongly recommend that you conduct independent research and analysis, and make informed decisions based on your personal financial situation, investment goals, and risk tolerance.

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