Peanut the Squirrel Sparks $150M Surge in Solana Meme Coin

In an unexpected turn of events, a Solana-based meme coin, Peanut the Squirrel (PNUT). Skyrocketed from obscurity to reach $150 million in trading volume. Fueled by an outpouring of public outrage and political fervor. The story behind the coin’s explosive growth is a heart-wrenching tale of a pet squirrel. Seized and euthanized by New York state authorities, that has captured the attention of social media, the crypto world, and even political leaders.

The saga began when Peanut’s caretaker, Mark Longo, shared on social media that New York’s Department of Environmental Conservation (DEC) had confiscated Peanut and a raccoon named Fred due to concerns over rabies. Peanut, a social media sensation with over 500,000 followers, was not just a pet to Longo but a beloved family member and an icon to his online community. Outrage over Peanut’s fate quickly spread across social platforms. Creating a groundswell of sympathy and frustration.

Viral Support from Elon Musk and Political Figures

Tesla and SpaceX CEO Elon Musk, known for his influence in the crypto world and his penchant for meme coins like Dogecoin, was quick to react. Musk took to X (formerly Twitter) to criticize the DEC’s decision, writing, “The government should not be allowed to barge into your house and kill your pet! That’s messed up.” His pinned tweet about Peanut’s story amplified the coin’s visibility, leading to a spike in demand for PNUT. Which reached a peak price of $0.14 as traders jumped on the bandwagon.

Musk’s endorsement catapulted PNUT into the spotlight, drawing comparisons to Dogecoin’s meteoric rise in previous years. The timing of the incident has also added a political dimension, with Musk’s close ties to Donald Trump’s campaign intensifying the spotlight on the coin as well as Peanut’s story.

Political Reactions: Turning Peanut’s Story into a Campaign Message

With the U.S. presidential election just days away, Peanut’s story has become a talking point for conservative figures. During a rally in Sanford, North Carolina, JD Vance, Trump’s running mate, referenced Peanut’s case as an example of “government overreach,” a theme that resonates with many of their supporters. Vance, along with other conservative leaders like New York Congressman Nick Langworthy, argued that authorities should prioritize significant issues rather than targeting harmless pets, using Peanut’s fate as a campaign rallying cry.

“Trump was fired up when he heard about Peanut,” Vance told the audience. Implying that the former president sees the incident as a symbol of government interference in personal lives—a message that aligns with his platform. The sentiment has further fueled interest in PNUT. Which some see as a form of protest against government control.

The Rise and Fall of PNUT’s Price

Following the social media frenzy, PNUT surged in value, achieving a market cap of $150 million before early buyers began to take profits. According to Gecko Terminal data, the token’s value has since dropped to $0.04. Bringing the market cap down to around $49 million. The initial rush has stabilized, with the price cooling as speculative interest wanes.

Despite the decline, PNUT’s initial performance highlights the unpredictable influence of social media and public sentiment on meme coins. The coin’s rapid rise and subsequent stabilization illustrate how quickly market trends can shift. Particularly when they’re tied to emotionally charged narratives.

Longo’s Determination to Honor Peanut’s Legacy

In the wake of Peanut’s passing, Mark Longo expressed his grief and gratitude for the widespread support. On social media, he posted a heartfelt message, pledging to honor Peanut’s memory. “I will set up a fundraiser for those who want to donate in Peanut’s name. I’ll never give up on this nonprofit or those who fell in love with Peanut,” he wrote.

Longo’s statement has inspired many within Peanut’s online community to continue supporting his cause. Creating a legacy for the squirrel that transcends his tragic end. The fundraiser aims to channel the community’s passion into positive action. Ensuring that Peanut’s story remains a symbol of resilience and love.

Conclusion: The Power of Social Media and Politics in the Crypto Space

The meteoric rise of PNUT highlights the unique power of social media and political sentiment to influence the crypto market. What began as a heartbreaking story of a pet squirrel’s tragic end has morphed into a rallying point for millions and a vehicle for protest, gaining attention from public figures and crypto enthusiasts alike.

As the U.S. presidential election approaches, stories like Peanut’s will likely continue to serve as catalysts for discourse on government control, personal freedoms, and even the power of digital assets as tools for expression. For now, PNUT’s journey serves as a reminder of how quickly sentiment and social momentum can shape the crypto landscape, even for a meme coin born from a bittersweet tale.