The Peanut the Squirrel (PNUT) memecoin, built on the Solana blockchain, has experienced a meteoric rise, achieving a trading volume of $230 million within 48 hours of its launch. This surge followed the controversial euthanization of a beloved pet squirrel named Peanut by New York City officials, which sparked outrage from prominent figures, including Elon Musk and Donald Trump, amidst a politically charged atmosphere just ahead of the elections.
Within a day of its introduction, PNUT’s value skyrocketed to $0.14, fueled by widespread online backlash and vocal support from celebrities. The incident was initially brought to light by Mark Longo, Peanut’s owner, who shared on Instagram that his pet had been captured and killed over concerns related to rabies, alongside a raccoon named Fred. Peanut, who boasted a following of over half a million on social media, became a symbol of the larger debate over government intervention, igniting discussions across the U.S. political landscape.
At a recent rally in North Carolina, JD Vance, the running mate of presidential candidate Trump, expressed Trump’s intense reaction to Peanut’s fate, criticizing it as an illustration of governmental overreach. Elon Musk also weighed in, voicing his outrage on social media platform X. He stated, “No government should be able to just walk into your home and kill your pet! What is this madness?”
Despite the initial bullish trend, PNUT’s market momentum has since waned, with the total market capitalization dropping to $49 million and its price decreasing to $0.04 as early investors began to take profits.
In the wake of this tragedy, Longo, still grieving the loss of his pet, announced plans for a fundraiser in Peanut’s memory. He stated, “I will create a fundraising campaign for those who wish to send money in Peanut’s name. This nonprofit shall not fade away, just like those who fell in love with Peanut. I shall not quit!”
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