Peanut the Squirrel (PNUT), a meme coin based on Solana, has reached a trading volume of $230 Million in less than 48 hours, after a social media celebrity pet Squirrel “Peanut” was euthanized by New York City officials, thereby triggering an outrage led by Elon Musk and US Presidential Candidate Donald Trump.
A massive outrage on the internet and statements from prominent personalities led to PNUT’s proce soaring as high as $0.14, just 24 hours after it was launched.
The entire episode began when Mark Longo, Peanut’s guardian, posted on Instagram that DEC had captured and euthanized his pet squirrel, along with another raccoon called Fred, over rabies fears. Peanut had over half a million fans online and after the tragic news went viral, the case has become sort of a flashpoint in U.S. politics, a day ahead of elections.
At the North Carolina rally, Trump’s running mate JD Vance said Trump was so ‘’fired up’’ when he heard about the fate of Peanut and compared this as an example of excessive government control. Elon Musk, Tesla’s CEO, became acquainted with the subject and did not hesitate to demonstrate his displeasure with such methods in his post on X, stating, “No government should be able to just walk into your home and kill your pet! What is this madness?”
Nevertheless, the cryptocurrency’s bullish trend has since reversed, as the total market cap pared down to $49 million while the price was reduced to $0.04 with the early investors booking profits.
Longo, who is still mourning the death of his pet, has announced that he would like to launch a fundraiser in honor of his pet, stating that, “I will create a fundraising campaign for those who wish to send money in Peanuts name. This non profit shall not die as well as those that fell in love with peanut, I shall not quit!”
Also Read: Bitcoin, Ethereum or Solana: Who Will Win the Race amid U.S. Elections?
