The cryptocurrency Peanut the Squirrel (PNUT) is a meme token launched on the Solana blockchain. Inspired by the tragic story of Peanut, a popular pet squirrel with a large social media following, PNUT quickly gained attention after Peanut's controversial euthanasia by New York State authorities. This emotional backstory resonated with the online community, leading to the token's rapid popularity and significant price growth.
PNUT was created shortly after Peanut's passing as a symbolic tribute to the squirrel and as a reflection on the influence of social media. Its developers leveraged the emotional response to Peanut's story, building a strong, engaged community that aligns with its humorous yet poignant message. The token became a viral hit, thanks to endorsements from prominent figures and its listing on major exchanges like Binance, which further fueled its rapid market cap growth.
Within just two weeks of its launch, PNUT achieved a market cap of $2 billion, showcasing the power of meme coins to capture the crypto community's imagination. The token’s success underscores the broader trend of meme coins blending humor, internet culture, and speculative investment. While it capitalizes on Solana's fast transaction speeds and low fees, PNUT’s rise also reflects the broader appeal of meme coins beyond traditional financial metrics.