PeanutSquirrel (PNUT) is a memecoin on Solana inspired by a cute squirrel that met a tragedy when it was killed by New York authorities. This action was condemned by the community, including celebrities and politicians such as Elon Musk and Donald Trump. PNUT was listed on Binance on November 11, 2024, and upon the news, PNUT surged 400% and reached a market cap of $400 million.
1. What is Peanut Squirrel?
Peanut the Squirrel (PNUT) is a memecoin project based on a cute squirrel, developed on the Solana blockchain. The project was inspired by the tragic death of a real squirrel named P'nuts, who was captured and brutally killed by New York authorities.
P'nuts' death caused a storm on social media, especially in 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' death. The incident triggered a wave of memecoins with "PNUT" as the symbol in the cryptocurrency world, and various projects were launched to commemorate P'nuts.
Among the many PNUT meme coins, Binance officially launched the Peanut the Squirrel project on the spot trading market on November 11, 2024. Before the launch, the project's market value was about $100 million; within an hour after the announcement, this figure quadrupled to $400 million.
2. The story behind PNUT Memecoin
P'nuts became a social media icon through the Instagram account "peanut_the_squirrel12." According to P'nuts's keeper, Longo, he rescued and raised the squirrel seven years ago after he saw its mother get hit by a car. With his touching story and adorable photos, Longo's account has attracted 900,000 followers. Inspired by this success, Longo also founded the nonprofit organization "Peanut's Freedom Farm" to rescue more than 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) raided Longo's home and confiscated P'nuts for violating the ban on keeping wild animals as pets. Unfortunately, DEC officials not only confiscated the squirrel, they also killed and dissected it.
After Longo shared the story on social media, animal lovers and influencers expressed outrage. Prominent figures including Elon Musk, New York Rep. Nick Langworthy and even former President Donald Trump publicly condemned the EPA's actions.
The story of P'nuts went beyond the Web2 world and attracted the attention of the Web3 community. Many P'nuts-inspired memecoin projects emerged to commemorate and protest DEC's actions, including the Peanut the Squirrel project.
3. Squirrel Project Team
Currently, the team behind the Peanut the Squirrel memecoin remains completely anonymous and has not revealed any information about the developers.
IV. Similar Projects
Peanut the Squirrel (PNUT) is a memecoin on Solana, similar to projects such as MEW and WIF.
5. PNUT Token Overview
Basic Information
Token name: Peanut Squirrel
Token symbol: PNUT
Blockchain: Solana
Smart contract: 2qEHjDLDLbuBgRYvsxhc5D6uDWAivNFZGan56P1tpump
Release date: November 4, 2024
Price: $0.4 (as of November 12, 2024)
Market value: $400 million
Fully diluted market capitalization: $400 million
Total Supply: 999,858,912
Max Supply: 999,858,912
Circulation: 999,858,912
Token Allocation and Distribution
Currently, the entire supply of PNUT tokens is circulating in the market.
Purpose of PNUT Token
PNUT is mainly used for buying and selling and has no other practical use.
Where to get PNUT
Investors can obtain it on platforms such as Binance, OKX, and Bybit.
6. PNUT Assessment
The potential of PNUT
Touching story and strong appeal to animal lovers: PNUT is inspired by the touching story about P'nuts, which resonates with the animal lover community. This backstory can drive user engagement and attract participation to express sympathy, thereby enhancing the appeal of the token. Memecoins associated with powerful stories often attract short-term users, thereby increasing the initial market value.
Social media influence and endorsements from celebrities: The P'nuts campaign has attracted the attention of influential people such as Elon Musk and Donald Trump. These people can have a significant social media impact, making it easier for PNUT to gain attention and increase value.
Listing on major exchanges: Listing on Binance and other exchanges makes PNUT easily accessible to a large user base. Listing on a reputable exchange can increase liquidity and provide long-term development opportunities for the token, although it does not fully guarantee price stability.
Memecoin Demand and Rising Risk Asset Market: Memecoin often attracts many high-risk investors seeking quick high returns. In addition, as Bitcoin hits new highs, the cryptocurrency market is rallying, triggering investment in risk assets, including memecoins such as PNUT.
Risks of PNUT
Lack of intrinsic value and practical use: Like most meme coins, PNUT has no practical use other than buying and selling, making it highly speculative and entirely dependent on market sentiment. If interest wanes, PNUT may quickly depreciate and may become a "dead coin".
Short-term price fluctuations: The price of memecoins like PNUT can be easily affected by news or actions of well-known individuals or large communities. Investors should be cautious and adopt short-term strategies instead of expecting long-term growth.
High Volatility and Price Manipulation: Due to its large supply and sudden surges in demand, Memecoin is susceptible to price manipulation. This leads to high price volatility that is difficult to control and increases the risk of an asset bubble.
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 memecoins requires careful consideration of the speculative nature of PNUT. To minimize risk, investors should set realistic expectations and only invest what they can afford to lose, while keeping a close eye on project updates. Please follow me for continued sharing of exciting content!
