PNUT's market value exceeds $450 million. A squirrel ignites the crypto market

Source: PUNT official website, Twitter, Business 2 Community

On November 11, 2024, Binance announced that it would launch Peanut the Squirrel (PNUT) at 18:00 and open USDT spot trading pairs. As soon as the news came out, PNUT briefly touched 0.28 USDT, an increase of 141.15% in 1 hour and more than 3 times in 10 minutes. The market value rose from US$100 million to US$362 million.

According to Dex Screener data: As early as November 2, the price of PNUT began to soar, with the highest price increasing by more than 6,600 times compared to when it was launched, and its market value also exceeded US$110 million on November 3. As of 20:00 on the 11th, the market value of PNUT had reached US$451 million.

What is PNUT?

PUNT is a memecoin launched on the Solana blockchain, born out of an unexpected and heartbreaking real-world event that resonated across social media. PNUT seeks to channel the outpouring of love and advocacy into the movement to protect small animals. The coin represents a mission of compassion, remembrance, and change in the world of cryptocurrency, thereby combining community spirit with impactful causes.

The tragedy of Peanut, the internet celebrity squirrel

PNUT is a meme coin inspired by the squirrel Peanuts. Peanut is an internet celebrity squirrel living in the United States. Its owner Mark often shares its daily life on Instagram. Mark not only uses these videos to attract fans, but also founded an animal rescue organization in the name of Peanut to raise funds for animals in need.

On October 30, the New York State Department of Environmental Conservation (DEC) took Peanut away and detained him after receiving an anonymous report. Mark launched a petition campaign calling for the release of the squirrel that he had spent 7 years with, which attracted the attention of a large number of supporters.

However, on November 2, the news that Peanut was euthanized broke, sparking strong anger on the Internet. The community condemned the violent law enforcement of the DEC and compared the incident to the "Black Lives Matter" movement in 2020, and put forward the slogan "Rat Lives Matter". The director of the DEC was ridiculed as "Karen" for her tough attitude, and the Democratic government became the focus of public opinion.

Musk also joined the memorial event and posted several tweets in support of Peanut.

Behind the incident, PNUT tokens have gradually become a symbol of protest. Supporters expressed their support for animal rights by purchasing PNUT, while protesting against the government's improper handling.

The social significance and investment value of PNUT

The birth of PNUT reflects the public's emphasis on animal rights and dissatisfaction with government law enforcement, and has triggered the "Rat Life is Precious" social movement. Through PNUT, supporters not only express their condolences to Peanut, but also regard it as a way to protest the government. The rapid popularity of PNUT shows the deep integration of cryptocurrency and social topics. It is not just an investment product, but also a reflection of social sentiment. PNUT supporters use this to express their care for animal life and criticism of government injustice.

With the diversification of meme coins, more similar cryptocurrencies may appear in the future, combining social topics and political emotions, and continue to lead investors and the general public to participate. This type of meme coin may continue to develop into a carrier of social movements and political positions. They not only have market potential, but also can effectively reflect social opinions and become a new way for the public to express their demands.