Peanut the Squirrel Memecoin Gains Attention in Cryptocurrency
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Peanut the Squirrel (PNUT) is a memecoin founded on the story of a pet squirrel euthanized in New York. Established just four days ago by the Solana -based platform PumpFun, PNUT has started to capture the attention of the cryptocurrency community.
PNUT Coin Performance
The market value of PNUT reached approximately $135.5 million on its launch day due to high interest. However, shortly thereafter, its value dropped by about 70%, settling around $44.1 million. According to Dex Tools, PNUT is still trading above 4 cents.
According to blockchain analysis firm Nansen, many “smart money” wallets that purchased the token on launch day began reducing their exposure to PNUT. In the last 24 hours, these addresses saw a net outflow of around $339,000 in PNUT.
Political and Social Media Influence
PNUT became the most traded liquidity pool on the Solana exchange, with a trading volume of $106.4 million in just 24 hours. This success began to intersect with the 2024 U.S. presidential campaign, as JD Vance publicly stated that PNUT is supported by Donald Trump Jr. It is essential to recall that the squirrel, frequently shared on social media by its owner, was euthanized by authorities just days before the election results were announced, causing significant backlash.
“Donald Trump Jr. is excited about Peanut the Squirrel.”
Elon Musk also supported PNUT, generating buzz among the public.
“Vote for PNUT! For freedom and independence!” – Elon Musk
As a memecoin born from a viral squirrel figure, PNUT has quickly made a significant impact in the crypto world. Both the public and investors closely monitor this token, which also raises questions about its future performance. Investors are advised to be cautious given the volatility often associated with such memecoins.
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