The $Pnut memecoin recently soared past a $120 million market cap, creating unexpected wealth for many traders.
But the story of $Pnut goes far beyond finance, rooted in the tale of an endearing squirrel named Pnut, whose tragic fate ignited a social media storm.
In 2017, Mark Longo rescued a squirrel injured in a car accident, affectionately naming it Pnut (short for Peanut).
Through photos and videos shared on social media, Pnut quickly captured the hearts of thousands with its playful antics and charm.
However, on October 30, the New York State Department of Environmental Conservation (DEC), responding to complaints, seized Pnut as an “unlawfully possessed” animal. In a tragic twist, Pnut was euthanized for rabies testing, sparking widespread outrage online, even drawing reactions from public figures.
The tragedy echoed similar controversies, like the 2016 incident involving Harambe the gorilla, who was killed at a zoo to protect a child. Just as $Harambe became a popular memecoin, $Pnut soon emerged, capturing attention and value.
$PNUT Gains Momentum After Widespread Attention And Interest
A developer launched $Pnut after withdrawing 2 SOL from Coinbase to create the token. They subsequently sold off their $Pnut holdings, reportedly netting around $73,000. As Pnut’s story went viral, $Pnut’s market cap rocketed to over $8 million by November 1. Even Congressman Nick Langworthy weighed in, criticizing the DEC’s actions and suggesting a need for reform.
The $Pnut market cap exceeded $120M, making many traders rich overnight!
1/ Let's dive into the story of $Pnut. 🧵 pic.twitter.com/ijemfosAHV
— Lookonchain (@lookonchain) November 3, 2024
With influential figures like Elon Musk amplifying the story, posting numerous Pnut-related tweets, $Pnut has gained substantial momentum. Large investors, or “whales,” have also started buying in, including a whale who recently spent 9,600 SOL ($1.56 million) on both $Pnut and $FRED—a memecoin inspired by another pet taken by the DEC.
As the US election nears, $Pnut may continue to dominate conversations, symbolizing both animal rights and the cultural power of memecoins.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: costello77/123RF // Image Effects by Colorcinch
