Peanut the Squirrel (PNUT) is a memecoin on Solana inspired by a cute squirrel that met a tragic fate when killed by New York authorities. This act has drawn condemnation from the community, including celebrities and politicians like Elon Musk and Donald Trump. PNUT was listed on Binance on November 11, 2024, and upon the announcement, PNUT surged 400%, reaching a market cap of 400 million USD.
I. What is Peanut the Squirrel?
Peanut the Squirrel (PNUT) is a memecoin project symbolized by the cute squirrel, developed on the Solana blockchain. The project is inspired by the tragic death of a real squirrel named P'nuts, who was captured and brutally killed by New York authorities.
The death of P'nuts triggered a storm on social media, especially within the animal lover community. A large number of posts and discussions around the keyword 'Peanut the Squirrel' circulated online, expressing anger and sadness over P'nuts' passing. This event sparked a wave of memecoins symbolized by 'PNUT' in the cryptocurrency world, with various projects emerging to commemorate P'nuts.
Among the many PNUT meme coins, on November 11, 2024, Binance officially launched the Peanut the Squirrel project on the spot trading market. Prior to the launch, the project had a market cap of about 100 million USD; within an hour of the announcement, that number quadrupled to 400 million USD.
II. The Story Behind PNUT Memecoin
P'nuts became a social media icon through the Instagram account 'peanut_the_squirrel12.' According to P'nuts' caretaker Longo, he rescued the squirrel seven years ago after witnessing its mother get hit by a car and raised it. With a touching story and adorable photos, Longo's account attracted 900,000 followers. Inspired by this success, Longo also founded the non-profit organization 'Peanut's Freedom Farm' to rescue over 300 abandoned animals, including squirrels, raccoons, dogs, and more.
On October 30, 2024, the situation escalated further when the New York Department of Environmental Conservation (DEC) suddenly raided Longo's home, confiscating P'nuts under the pretext of violating prohibitions against keeping wildlife as pets. Unfortunately, DEC officials not only confiscated the squirrel but also killed and dissected it.
After Longo shared this story on social media, animal lovers and influencers expressed their outrage. Prominent figures, including Elon Musk, New York State Assemblyman Nick Langworthy, and even former President Donald Trump, publicly condemned the actions of the EPA.
The story of P'nuts transcended the Web2 world, capturing the attention of the Web3 community. Many memecoin projects inspired by P'nuts emerged to commemorate and protest against the actions of the DEC, including the Peanut the Squirrel project.
III. Squirrel Project Team
Currently, the team behind Peanut the Squirrel memecoin remains completely anonymous, with no information disclosed about the developers.
IV. Similar Projects
Peanut the Squirrel (PNUT) is a memecoin on Solana, similar to projects like MEW, WIF, etc.
V. Overview of PNUT Token
Basic Information
Token Name: Peanut the Squirrel
Token Symbol: PNUT
Blockchain: Solana
Smart Contract: 2qEHjDLDLbuBgRYvsxhc5D6uDWAivNFZGan56P1tpump
Listing Date: November 4, 2024
Price: 0.4 USD (as of November 12, 2024)
Market Cap: 400 million USD
Fully Diluted Market Cap: 400 million USD
Total Supply: 999,858,912
Max Supply: 999,858,912
Circulating Supply: 999,858,912
Token allocation and distribution
Currently, the entire supply of PNUT tokens is in circulation on the market.
Uses of PNUT Token
PNUT is primarily used for trading, with no other practical use.
Where to Acquire PNUT
Investors can acquire it on platforms like Binance, OKX, Bybit, etc.
VI. PNUT Assessment
Potential of PNUT
Touching story and strong appeal to animal lovers: PNUT is inspired by the touching story of P'nuts, resonating with the animal lover community. This background story can drive user engagement and attract participation in expressing sympathy, thus enhancing the token's appeal. Memecoins associated with strong narratives often attract short-term users, boosting initial market cap.
Social media influence and support from celebrities: The P'nuts incident drew attention from influential figures like Elon Musk and Donald Trump. These individuals can generate significant social media impact, making it easier for PNUT to gain visibility and increase in value.
Listing on major exchanges: Being listed on Binance and other exchanges makes PNUT easily accessible to a large user base. Listing on reputable exchanges can increase liquidity and provide long-term growth opportunities for the token, although it does not guarantee price stability.
Demand for memecoins and the rising risk asset market: Memecoins often attract many high-risk investors seeking quick high returns. Furthermore, as Bitcoin reaches new highs, the cryptocurrency market is rebounding, leading to investments in risk assets, including memecoins like PNUT.
Risks of PNUT
Lack of intrinsic value and practical use: Like most meme coins, PNUT has no practical use beyond trading, making it highly speculative and entirely dependent on market sentiment. If interest wanes, PNUT could quickly devalue and potentially become a 'dead coin.'
Short-term price volatility: The price of memecoins like PNUT can easily be influenced by news or actions from celebrities or large communities. Investors should proceed with caution and adopt short-term strategies rather than expecting long-term growth.
High volatility and price manipulation: Due to a large supply and sudden spikes in demand, memecoins are susceptible to price manipulation. This results in significant price volatility that is difficult to control and increases the risk of asset bubbles.
VII. Conclusion
With media attention and support from the animal protection community, PNUT has strong short-term growth potential. However, the high-risk nature of meme coins requires careful consideration of the speculative nature of PNUT. To minimize risk, investors should set realistic expectations, only invest what they can afford to lose, and closely monitor project updates. Stay tuned for my subsequent exciting content!
