Peanut The Squirrel (PNUT) Memecoin Hits $300M Trading Volume After Viral Story

TLDR:

• Peanut the Squirrel’s euthanasia sparked outrage and multiple memecoins
• PNUT token reached $120M market cap with $300M in trading volume
• Elon Musk’s comments fueled the trading frenzy
• The story became politicized ahead of U.S. elections
• Multiple Peanut-themed tokens launched across Solana and BSC

A viral story about a pet squirrel named Peanut has triggered a wave of memecoin trading on the Solana blockchain, with some tokens reaching market capitalizations over $100 million in just days.

The event began when Mark Longo, who managed Peanut’s social media account with over 600,000 followers, announced that New York’s Department of Environmental Conservation had seized and euthanized the beloved squirrel on October 30, 2024, along with a pet raccoon named Fred.

Longo had rescued Peanut seven years ago after witnessing the squirrel’s mother get hit by a car. Due to injuries, he determined the squirrel wouldn’t survive in the wild and became its caretaker.

The news sparked widespread outrage on social media, attracting attention from high-profile figures including Elon Musk, who called the government’s actions “mindless” and “heartless.” Musk’s involvement helped amplify the story’s reach and fuel trading activity.

Trading data from Dexscreener shows that several memecoins based on Peanut launched on the Solana network. The leading token, Peanut the Squirrel (PNUT), recorded 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 experiencing a correction. The token price reached $0.14 before early investors began taking profits, leading to a decline to $0.04 as markets stabilized.

The trading frenzy spread beyond Solana, with a similar Peanut-themed token launching on the BNB Smart Chain. This version achieved an $80 million market cap and generated over $110 million in trading volume.

Even Fred, the raccoon euthanized alongside Peanut, inspired a memecoin. The First Convicted Raccoon (FRED) token recorded nearly 150,000 transactions and $83 million in trading volume, though its market cap remained more modest at $8.2 million.

The story took on political dimensions ahead of the U.S. presidential election. During a rally in North Carolina, Senator JD Vance reported that Donald Trump was “fired up” about Peanut’s story, framing it as an example of government overreach.

Love to see this space doing good things, justice for Pnut!! 🙏🏾 pic.twitter.com/BqcDoxWn2X

— SEAN KINGSTON © (@SeanKingston) November 3, 2024

New York Congressman Nick Langworthy and other conservative voices argued that authorities should focus on more pressing issues rather than targeting pets, turning Peanut’s story into a campaign talking point.

Longo has announced plans to establish a fundraiser in Peanut’s memory, stating his commitment to continuing the nonprofit work inspired by the squirrel. “I’ll never give up on this nonprofit or those who fell in love with Peanut,” he posted on social media.

The creation of multiple tokens across different blockchains demonstrates the speed at which viral stories can transform into tradable assets in the cryptocurrency market. Within hours of the news spreading, traders had launched and begun exchanging various Peanut-themed tokens.

The event mirrors previous memecoin phenomena where social media sentiment rapidly translates into market activity. The involvement of high-profile figures like Musk has historically influenced trading patterns in the cryptocurrency market.

Market data indicates that while initial trading volumes were intense, activity began to normalize as early investors took profits. This pattern follows typical memecoin trading cycles, where initial enthusiasm gives way to more stable trading levels.