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Peanut the Squirrel (PNUT) is one of the most trending cryptocurrencies at the moment. It just became life in the cryptocurrency market about three days ago, and the market capitalization has already surged to more than 1 million USD (118.56% hike in the last 24 hours). While a surge in popularity and trading activity of this magnitude is not unheard of, in the crypto market, it is of course rare. So, what made this dream-like surge possible? Is it a safe time to invest in PNUT? And most importantly what is Peanut the Squirrel?
This article is dedicated to readers who want to know the real reasons behind the quick surge of Peanut the Squirrel. We will discuss how Elon Musk’s Tweets about the token have fueled its growth, and what its future looks like. By the end of this article, you will be knowledgeable about Peanut the Squirrel (PNUT), and its growth.
What is Peanut the Squirrel (PNUT)?
Peanut the Squirrel was an internet sensation, that caught the attention of many people when its caretaker, Mark Longo posted heartwarming pictures and stories on social media. Peanut the Squirrel put a smile on the face of anyone who came across its cute face. But the smiles and chuckles didn’t last too long.
On October 30th, Mark Long broke the hearts of millions of social media followers of Peanut the Squirrel when he posted that the New York State Department of Environmental Protection euthanized the beloved squirrel.
The news spread through the internet like a wildfire. The public was understandably outraged by the decision. The incident caught the attention of the mainstream media and came across several influential personalities.
Public figures like the trillionaire Elon Musk, and Congressman Nick Langworthy expressed their outrage towards the decision through their social media handles. Amongst the celebrities, Elon Musk was the most outspoken about the incident, he posted several tweets condemning the authority’s action.
The Reason Behind the Sudden Price Surge of PNUT
PNUT is a cryptocurrency based on the Solana blockchain, created to commemorate Peanut the Squirrel. The token belongs to the “meme coin” subcategory of cryptocurrencies. It was created with a tagline that said “PEANUT FOREVER” with the hashtag: #JusticeForPeanut.
Almost immediately after the launch of the token, it became a big talking point in the social media. While, the authorities defended their decisions, saying that they acted on rabies concerns, not a lot of people support the decision. The creation of the token was like opening up a platform for people to express their outrage.
An X handle named Peanut the Squirrel Fan page is the creator of PNUT. In a post created on October 31st, they invited other fans of Peanut to sign the petition and to check out the meme coin they have created in the Solana Blockchain.
The post caught the attention of both the fans of Peanut and the general cryptocurrency community. Needless to say, the post exploded quickly. People started buying PNUT to immortalize the existence of Peanut in the blockchain.
Current Market Statistics of PNUT
Here is the current market statistics of the meme coin made for immortalizing Peanut the Squirrel:
- Market Cap: $112,676,678
- Fully Diluted Valuation: $112,676,678
- 24 Hour Trading Vol: $174,362,436
- Circulating Supply: 999,858,912
- Total Supply: 999,858,912
- Max Supply: 999,858,912
Although PNUT is new to the cryptocurrency market, it touched the million-dollar market cap within just a couple of days. A major factor behind the astonishing price surge is the public outrage against the authorities for Euthanising Peanut the Squirrel.
How to Buy PNUT?
If you also want to be a part of the community and stand against the decision that the authorities took, one of the easy ways is to buy PNUT.
PNUT is traded on selected decentralized and centralized crypto exchanges including MEXC, XT.com, CoinGecko, LBANK, and more.
Here is a step-by-step guide for purchasing PNUT from the official website:
- Find the official X (formerly Twitter) handle: PNUT – Peanut The Squirrel | Fan Page
- From the bio, click on the official website link
- At the top of the website, click on the button that says “Buy $PNUT”, which will direct you to Raydium
- Connect your wallet that has SOL
- Enter the amount you want to purchase
- Sign the payment to receive PNUT in your wallet
You need $SOL to buy PNUT from Raysium. So, make sure that you have enough SOL in your crypto wallet.
IS PNUT a Safe Investment?
PNUT is not just a meme coin made to capitalize on the virality of a meme, but to take a unified stance against a perceived injustice. So, most people investing in the coin have this agenda. However, traders have reaped rewards from the coin.
So, if the community stays strong, PNUT can be a beneficial investment option. However, you should also be aware that other than being an outlet for public outrage, PNUT does not have any other use case. So, do your research before investing in it.
Conclusion
PNUT is a cryptocurrency made to immortalize the social media sensation, Peanut the Squirrel. The Squirrel was Euthanized by the authorities due to the possibility of rabies.
Many people including one of the most influential people on the internet, Mr. Elon Musk condemned the incidents, fueling a public outcry. This outrage is why PNUT’s market cap skyrocketed within days of its launch. In this article, we have explored PNUT, how to buy it, and whether it is a safe time to buy it.
