Peanut the Squirrel Memecoin Surges 140,000% Amidst Public Outcry Over Euthanization, Plunges 60%

A newly-minted Solana-based memecoin recently saw its price surge by around 140,000% as it managed to capitalize on the public outcry surrounding the euthanization of a pet squirrel that became a social media sensation. It has since plunged more than 60%.

A new Solana-based memecoin soared by around 140,000% as it capitalized on the public outcry over the euthanization of a pet squirrel that became a social media sensation, before plunging by over 60%.

The memecoin, called Peanut the Squirrel (PNUT), is named after the social media-famous squirrel whose caretaker Mark Longo made an account for him, posting heartwarming posts of Peter the Squirrel doing tricks and wearing different types of hats.

The memecoin's price surged to 0.12 SOL per token, from little over 0.00008 SOL before the pump started. It then quickly started correcting after various investors started taking profit, to now trade at 0.0445 SOL.

Prominent figures took to social media to criticize the authorities’ actions, including Tesla CEO Elon Musk, who said the government “should not be allowed to barge into your house and kill your pet.” He added that even if Peanut the Squirrel was illegal, it should have been released rather than euthanized.

Similarly, Congressman Nick Langworthy questioned the New York State Department of Environmental Protection’s decision, arguing it should be “focusing on critical needs like flood mitigation in places like Steuben County” instead of “seizing pet squirrels.”

Fans of Peanut the Squirrel have so far sent over $158,000 in donations via an online fundraising campaign titled “Call For Justice for Peanut the Squirrel and NYSDEC Reform.” New York lawmaker Jake Blumencranz has also introduced “Peanut’s Law: Humane Animal Protection Act” in a bid to prevent similar cases in the future.

Memecoin traders profited off of PNUT

The meme-inspired cryptocurrency's surge saw various memecoin traders making significant gains off of the token. According to on-chain analysis service Lookonchain, one trader made $1.77 million off PNUT’s rise in just two days.

This #MEMEcoins hunter made ~$1.77M profit on $Pnut in just 2 days!

This trader started trading #MEMEcoins 15 days ago and has traded 62 tokens with a win rate of 43.55%.

He caught $Pnut, $HIMA, $ProjectSid and $RIPETH, and has realized a profit of $955K in just 15 days!… pic.twitter.com/4cejoUTphN

— Lookonchain (@lookonchain) November 2, 2024

The trader reportedly started trading memecoins 15 days ago and in the process traded 62 tokens. Out of these traders, less than half were profitable, yet their final realized profit was of $955,000.

Memecoins are high-risk, high-reward cryptocurrencies that saw their popularity explode over the last few months in a trend largely linked to financial nihilism, which describes growing skepticisms toward the intrinsic value of financial systems.