A viral story about a pet squirrel named Peanut, who was seized and euthanized by the New York Department of Environmental Conservation, has led to the creation of multiple memecoins on the Solana blockchain. The event began when Mark Longo, who managed Peanut’s social media account, announced that the squirrel and a pet raccoon named Fred had been seized and euthanized.
Longo had rescued Peanut seven years ago and became its caretaker. The news sparked outrage on social media, with high-profile figures like Elon Musk criticizing the government’s actions. Trading data from Dexscreener shows that several Peanut-themed tokens were launched on the Solana network, with the leading token, Peanut the Squirrel (PNUT), recording almost $300 million in trading volume and over 200,000 transactions within its first two days.
PNUT’s market capitalization peaked at $120 million before a correction. The trading frenzy spread beyond Solana, with a Peanut-themed token launching on the BNB Smart Chain, achieving an $80 million market cap and generating over $110 million in trading volume. The story also took on political dimensions ahead of the U.S.
presidential election, with Senator JD Vance and other conservative voices using Peanut’s story as a campaign talking point. Longo has announced plans to establish a fundraiser in Peanut’s memory and has expressed his commitment to continuing the nonprofit work inspired by the squirrel. The creation of multiple tokens across different blockchains highlights how quickly viral stories can transform into tradable assets in the cryptocurrency market.
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