What is Peanut the Squirrel (PNUT) and How Does it Work?

When you take a look at the cryptocurrency space, all you can find is a continuously growing trend of competition for financial gains. Most of the new projects, including memecoins, focus on gaining attention to boost their popularity. Interestingly, Peanut the Squirrel coin or the PNUT memecoin grabbed eyeballs for striking an emotional chord. The memecoin draws inspiration from the adorable and tragic story of Peanut, a squirrel who met an untimely fate. Let us dive deeper into the story of Peanut the Squirrel and the memecoin that celebrates more than a meme.

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The Tragedy of Peanut

Upon reviewing the details of the most popular memecoin listings, you will be surprised to find the PNUT token. What is Peanut the Squirrel? What was the reason behind the PNUT memecoin rising above the crowd of other memecoins? The most popular reason underlying the rise of Peanut the Squirrel memecoin is that it resonated deeply with the community. PNUT became the first memecoin to emerge from a heartfelt tale of compassion and remembrance. It is one of the reasons for which Peanut the Squirrel evolved into a major phenomenon in the crypto space.

The story behind the PNUT memecoin started in 2017 when NY city resident, Mark Longo rescued an Eastern gray squirrel. Longo decided to keep the squirrel as his pet after unsuccessful attempts to release him into the wild and named him Peanut. Within a few years, Peanut became an internet sensation on Instagram with more than half a million followers loving his antics. 

Everything was going fine until the tragic moment in October 2024, when the New York State Department of Environmental Conservation seized Peanut from Longo’s home. In the ensuing chaos, Peanut allegedly bit an official and had to meet an untimely end by euthanasia. The seizure and euthanasia of the adorable internet sensation made his followers rally against the authorities, demanding for legal action. 

Arrival of the PNUT Memecoin

The death of Peanut the Squirrel, while as heartbreaking as it may be, inspired a revolution and led to the launch of the PNUT memecoin on the Solana blockchain. Unlike other memecoins that embraced humor and viral internet trends, the PNUT squirrel memecoin immortalized the memory of Peanut. The PNUT token is largely adopted as a tool for growing awareness regarding animal welfare and to source funding. The memecoin plays a crucial role in driving efforts to unify the global community for animal welfare.

The creator team behind PNUT memecoin is still anonymous, which is a common highlight in the world of crypto. After its launch in November 2024 on the Solana blockchain, the PNUT coin grabbed the attention of the community. Solana provided the most efficient platform with the assurance of lower fees and faster transaction speed. The listing of PNUT on Solana decentralized exchanges such as Orca and Raydium pushed the coin’s popularity higher. 

Within no time, the PNUT memecoin had captured the interest of thousands of buyers, and its market capitalization exceeded $120 million. The staggering performance of the memecoin can be attributed to the viral story behind it and the community support. On top of that, PNUT’s listing on major exchanges such as Binance also boosted its growth. Once the news of the Binance listing was out, the market cap of the PNUT token crossed the $1 billion mark within 48 hours. 

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Elon Musk’s Involvement with PNUT

The popularity of memecoins also depends significantly on celebrity endorsements. Among the many events that shaped the growth of Peanut the Squirrel coin in the crypto space, the association of Elon Musk with the story will stand out. Elon Musk criticized the government’s decision for euthanasia of Peanut. He indirectly shifted the limelight to PNUT coin through his posts on X that called for government accountability.

The involvement of a public figure like Elon Musk in the story expanded the discussion on governance overreach, animal rights, and the cultural impact of the phenomena. With Elon Musk speaking actively against the atrocity committed on Peanut the Squirrel, the story garnered more visibility. Most important of all, the advocacy for the meme coin also underscored the emotional connection with the story of Peanut. 

Crucial Features of PNUT Memecoin 

One of the significant highlights in any discussion about memecoin projects is the outline of the distinctive features. The success of PNUT token rides heavily on the following crucial features of the memecoin project. 

The foremost highlight of the Peanut the Squirrel crypto token is the foundation on the Solana blockchain. Solana offers the benefit of faster transaction speed and lower costs that make the PNUT token easier to use and more accessible.

Another notable highlight of Peanut the Squirrel memecoin is the community support. The project did not have to conduct any fundraising rounds to raise capital and maintained fairness and transparency. On top of it, the project aligns with its vision by participating in charitable initiatives and increasing awareness on environmental protection. 

• Diverse Use Cases of PNUT

The most valuable feature of the PNUT memecoin project is the wide range of use cases of its native token. The PNUT token is one of the few memecoin projects that have been listed on popular centralized and decentralized exchanges. Users in the community also pay for gifts and community initiatives with the PNUT token. With the integration of PNUT into some gaming and NFT applications in the Solana ecosystem, the token has attracted more users.

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Final Thoughts 

The arrival of memecoin projects like Peanut the Squirrel or PNUT indicates a key milestone in the crypto space. Why? Peanut the Squirrel is not just any other meme coin inspired by memes on animals. PNUT represents the memory of a beloved pet, adored by thousands of people, and the revolution that emerged after he was euthanized. It is one of the few memecoins that focus on environmental protection and safety of animals. Most important of all, PNUT works on the Solana blockchain, thereby ensuring faster transaction and interoperability. Learn more about the PNUT token to discover new insights about its future.

*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!