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The Backstory of PNUT
Peanut the Squirrel (PNUT) became the fastest animal meme-coin to reach market cap of $1 billion, in just 11 days. PNUT is a meme-coin inspired by the story of a real-life squirrel named Peanut.
The squirrel, cared for by Mark Longo, gained a significant following on social media due to its endearing antics. However, a tragedy struck when Department of Environmental Conservation (DEC) raided Longo’s home and seized Peanut another pet, and euthanized both pets a day later. The event sparked an outpouring of grief and support from the online community.
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Elon Musk & Donald Trump Jr
Just before the US Presidential election, things got a little heated, when both Elon Musk and Donald Trump Jr. voiced their support for the pets and calling out the government overreach.
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Birth of PNUT
Capitalizing on this emotional wave, ‘Peanut the Squirrel’ (PNUT) token was launched on October 31, 2024, Pump.fun, a platform to create meme tokens on the Solana blockchain. The token's sudden rise in popularity was fueled by the viral story and the broader meme-coin trend.
PNUT Developer
The specific developer behind PNUT is somewhat anonymous. It was created by a relatively unknown user ‘HrHJpu’. PNUT’s creation and launch are likely attributed to crypto enthusiasts who recognized the potential of the squirrel's story to drive community engagement and coin value and it seems to have gained quite some traction.
Main Factors Driving the Price
Several factors have contributed to the rapid price surge of PNUT:
- Viral Story: The heartwarming and tragic story of Peanut the Squirrel has resonated with many people, generating significant online buzz and attracting attention to the token.
- Musk’s Tweet: Few days after the first tweet, Musk posted an AI generated image of a jedi squirrel, with the name Obi PNut Kenobi, with following statement, “If you strike me down, I will become more powerful than you could possibly imagine”. Although it was not a direct promotion, but it sure did help PNUT gain popularity and ultimately drove the price up.
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- Meme Coin Trend: PNUT has benefited from the broader meme-coin trend, which has seen several tokens experience explosive growth based on internet culture and community sentiment.
- Market Speculation: As with any meme coin, speculation has played a significant role in price hike.
Exchange Listings
Owing to its popularity, it managed to get listed on various CEX and DEX such as Binance, Bitvavo, Kraken, Bybit, Crypto.com, Gate.io, Mexc, XT.com, dYdX, Bitmart and Bitunix.
Tokenomics & Price
PNUT holds a staggering market cap of $1.32 Billion in just few days of its launch.
- Age: 1 month & 10 days
- Maximum supply: 999.8 million
- Circulating Supply: 100%
- Current Price: $1.32 (as of writing) +5.60% over the last 7 days
- 24-hour Trading Volume: $1.31 billion
- Total Holders: more than 68,000
Conclusion
PNUT does not have specific real-world utility or a defined use case beyond speculation and community engagement for the P'nuts Freedom Farm Animal Sanctuary. It’s meteoric rise is a perfect example of viral internet story, ‘FOMO’ and connection to celebrities like Elon Musk. It is as a speculative asset, with its value driven by market sentiment, social media trends, and the overall crypto market.
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