Peanut the Squirrel (PNUT) is a meme token with a heartwarming history

What is Peanut the Squirrel?

Peanut the Squirrel, or PNUT, is a new meme token issued on the Solana blockchain in SPL format. Peanut the Squirrel is unique because it came about due to one unexpected and sad event.

The Peanut the Squirrel meme token was created in honor of the Instagram-famous Peanut the Squirrel or, as it was also known, P-Nut. On November 1, Peanut the Squirrel's owner posted on Instagram that the New York State Department of Environmental Protection (DEP) had put his beloved pet to sleep, ignoring all calls for compassion for pets.

The news was even addressed by Congressman Nick Langworthy, who expressed his displeasure with the DEP's actions on social network X and added that the agency "needs a serious review of its ridiculous priorities."

In response to the situation, Tesla and SpaceX founder Elon Musk said that "the government is a mindless and heartless killing machine." Musk's statement only increased the degree of protest and attracted even more attention from animal rights activists and the crypto community. U.S. President-elect Donald Trump also spoke out about the situation during the then-ongoing election race, calling on social network X to vote against a government that allows such things to happen.

As a result, the story became resonant, so the meme-token Peanut the Squirrel was created in memory of the famous P-Nut squirrel (the asset's name translates as "Peanut the Squirrel" or "Peanut the Squirrel").

According to the authors of the Peanut the Squirrel meme token, its creation was to support charitable initiatives and environmental protection projects.

About Peanut the Squirrel token

The PNUT token originally appeared on November 4, 2024, on Raydium, one of the largest decentralized exchanges (DEX) in the Solana ecosystem. However, the PNUT token has also been flooded by major centralized exchanges, including Binance and ByBit.

A total of 1 billion PNUT tokens have been issued and are circulating on the crypto market. Even though less than two weeks have passed since the listing of Peanut the Squirrel, as of mid-November 2024, the capitalization of this asset exceeds $1.8 billion. According to this indicator, PNUT ranked 56th in the CoinMarketCap cryptocurrency ranking, surpassing such fundamental projects as:

• The Graph,
• Ethena,
• Jupiter,
• Pyth Network.

The price of Peanut the Squirrel token grew more than 36 times during the same period — from $0.05 to $1.84. Moreover, the active phase of growth began on November 11 — just after the listing on the largest exchange, Binance.

This indicates solid crypto community support amid the favorable situation in the crypto market, when the leading cryptocurrency, Bitcoin, once again reached its all-time high (ATH).

Does Peanut the Squirrel have a future?

Only a few memcoins and meme tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have demonstrated the ability to "stay afloat" for an extended period as they have managed to gather a massive community around them.

However, it is hard to say whether a similar thing will happen with the Peanut the Squirrel meme token, as it depends on many factors, including community support and the actions of the project team.