Last weekend, the MEME coin Pnut became a hot topic among Degen traders, with its market capitalization surpassing $100 million in just one day. This surge is related to the news of the American internet celebrity squirrel Peanut being "arrested" and subsequently euthanized, which has spread across the internet, especially with the support of public figures like Elon Musk, turning this incident into a political movement in the United States.
Written by: Nancy, PANews
Last weekend, the MEME coin Pnut became a hot topic among Degen traders, with its market capitalization surpassing $100 million in just one day. This surge is related to the news of the American internet celebrity squirrel Peanut being "arrested" and subsequently euthanized. The public's sympathy for Peanut's unfortunate fate has spread across the internet, particularly with the support of public figures like Elon Musk, transforming this event into a political movement in the United States, igniting strong outrage and widespread condemnation online.
Pnut's market cap peaked over $100 million, with deployers earning only $73,000
In recent days, the MEME market on Solana has seen a resurgence of meme projects, with the squirrel-themed MEME coin "Pnut" rapidly spreading as a satire of meme culture. According to Dex Screener data, starting from November 2, the price of the MEME coin "Pnut" began to skyrocket, peaking at over 6600 times its initial price, with its market cap reaching a high of $110 million on November 3. As of the time of writing, Pnut's market cap has fallen back to about $55 million.
Amidst the heated narrative, some smart money has profited significantly, while others have sold too early. According to @ai_9684xtpa's monitoring, smart money GmM5U…Hu9vB built a position in $Pnut at a low point, with a cost of $44,851, realizing a profit of $1.64 million, achieving a return rate of 3668%, and has sold nearly 90% of their position. Meanwhile, Onchain Lens reported that a user spent 8 SOL ($1,392) to buy 19.4 million Pnut, then sold it for 4.09 SOL ($711), incurring a loss of $681, while the value of these tokens once exceeded $1.85 million. Lookonchain also monitored that an address sold 19.1 million Pnut at a loss, which is now worth over $1.6 million. This address spent 11 SOL ($1,882) to buy 19.1 million Pnut and ultimately sold it for 4.57 SOL ($783), incurring a loss of $1,099.
It is worth mentioning that Lookonchain data shows that the deployer of Pnut withdrew 2 SOL from Coinbase to issue Pnut and quickly sold all of their Pnut, with two other wallets associated with them also having sold all their Pnut, totaling a profit of only about $73,000.
After Pnut's rise to fame, the MEME market's attention has shifted back to other animal-themed MEME coins like raccoons and elephants, but currently, only Pnut maintains a certain level of market heat.
The controversy over the internet celebrity squirrel's euthanasia escalates into a political struggle
The attention on the MEME coin Pnut is closely related to the controversy surrounding the internet celebrity squirrel "Peanut" being euthanized.
More than seven years ago, mechanical engineer Mark Longo, by chance, witnessed a mother squirrel die in a car accident. Out of compassion, he took the lonely little squirrel home and named it "Peanut." During the care process, Mark Longo shared countless interesting interaction videos between him and Peanut on his social media account, quickly attracting hundreds of thousands of followers, and Peanut became an internet animal celebrity.
According to Mark Longo, as his love for animals deepened, he fully committed himself to wildlife protection last year, founding a non-profit animal sanctuary called "P'Nuts Freedom Farm Animal Sanctuary," which currently houses over 300 animals, including horses, goats, and llamas.
However, an unexpected incident disrupted Mark Longo and Peanut's peaceful life. According to the Associated Press, on October 30, officials from the New York State Department of Environmental Conservation (DEC) entered Mark Longo's home without a search warrant and arrested Peanut. "The treatment I received was as if I were a drug dealer; the officials acted as if they were looking for drugs and guns," Mark Longo revealed. The environmental protection agency received multiple complaints from the public claiming that Peanut was a wild animal and expressed concerns that it could transmit rabies and other diseases.
As a result, Mark Longo had to launch a petition on social media, which quickly garnered tens of thousands of positive responses and signatures. However, the situation did not develop as everyone hoped. Mark Longo later announced with a heavy heart that Peanut had been euthanized after being deemed an "illegally kept wild animal." The DEC stated that Peanut bit a person involved in the investigation, leading to the euthanasia of Peanut and another raccoon named Fred for rabies testing.
This news instantly caused an uproar online, with countless netizens expressing strong dissatisfaction and anger, and the DEC found itself in the eye of a public relations storm.
"The way New York City treated the squirrel Peanut is as cruel as how they treated Harambe (the gorilla shot by a zoo to save a boy)," tweeted the Memecoin project Dogecoin. Elon Musk also joined the mourning activity, posting multiple tweets in support of Peanut and Mark Longo, stating, "The government should not be allowed to invade your home and kill your pet! This is terrible. Even if keeping a pet squirrel is illegal (which it shouldn't be), why kill Peanut instead of releasing it back into the wild?" "The government is a heartless killing machine; Trump would save the squirrel. Rest in peace, Peanut." The American satirical news site Babylon Bee remarked, "Radical squirrels wearing MAGA hats are starting to rise up."
As the U.S. presidential election approaches, the controversy surrounding Peanut has escalated into a campaign against the Democratic Party, even being used as a political weapon in the struggle.
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