Image source: https://pnutsol.com/

In the ever-evolving world of cryptocurrencies, meme coins continue to capture attention, spark debates, and drive massive community engagement. One of the latest entrants to shake up the meme coin space is Peanut the Squirrel Coin (PNUT). Born out of a viral controversy involving a squirrel named Peanut, this token quickly gained momentum, leveraging social sentiment and major exchange listings to skyrocket in value.

Let’s take a deep dive into the fascinating story of PNUT, its market trajectory, and what investors need to know.

The Story Behind Peanut the Squirrel and the Creation of PNUT

The inspiration behind PNUT is anything but conventional. In November 2024, a viral news story emerged about Peanut the Squirrel, who was euthanized after biting multiple residents in a U.S. neighborhood. The event triggered an emotional wave of reactions, particularly among right-wing online communities who rallied in defense of the squirrel’s “freedom.”

In response, the owner of Peanut launched a Solana-based meme coin, aptly named PNUT, as a tribute and protest. Within days, the coin found a cult following online, sparking an organic movement that saw PNUT’s trading volumes and price surge.

Market Performance: PNUT’s Rapid Ascendancy in the Crypto World

In a matter of weeks, PNUT reached a market cap of over $130 million, outperforming several mid-cap tokens and joining the ranks of trending meme coins like DOGE and SHIB.

After being listed on Coinbase, PNUT experienced a 20% price jump overnight. Social media buzz, fueled by Reddit and X (formerly Twitter), helped sustain the momentum.

Influential Endorsements and Exchange Listings Boosting PNUT’s Popularity

Nothing catapults a meme coin faster than celebrity and tech mogul endorsements. Elon Musk, known for influencing crypto markets with his tweets, posted a cryptic meme involving a squirrel and a peanut emoji, widely interpreted as an endorsement of PNUT.

Shortly after, major exchanges like Gate.io, Binance and OKX followed Coinbase in listing the token. These listings granted the coin credibility and access to broader liquidity pools.

Public Sentiment and Political Reactions Surrounding PNUT

Peanut’s euthanasia became a politically charged issue, especially among conservative groups who framed it as a freedom-of-expression matter. Some politicians even commented on the issue, calling it an example of government overreach.

This unusual blend of politics, pop culture, and finance turned PNUT into more than just a coin—it became a statement. Social communities on platforms like X, Truth Social, and Telegram started rallying behind the coin, reinforcing its meme power.

Tokenomics of PNUT

Peanut the Squirrel (PNUT) is a Solana-based meme coin that has garnered significant attention due to its unique backstory and rapid market movements. The token’s economic structure is outlined as follows:

• Total Supply: 1,000,000,000 PNUT tokens.

• Circulating Supply: 999,858,912 PNUT tokens, indicating that nearly the entire supply is in circulation.

Market Capitalization of PNUT

As of April 7, 2025, Peanut the Squirrel (PNUT) maintains a market capitalization of approximately $131.37 million, positioning it at rank 305 among cryptocurrencies by market cap. The token is priced at $0.13275, with a circulating supply of 999.86 million PNUT coins, reflecting a 7.18% decline over the past 24 hours.

It’s noteworthy that PNUT’s market capitalization has experienced fluctuations since its peak in November 2024, when it surpassed $1 billion shortly after launch. These variations underscore the token’s volatility and the influence of market dynamics on its valuation.

Token Utility of PNUT

PNUT primarily functions as a meme coin within the Solana ecosystem, with its utility largely centered around community engagement and speculative trading. Key aspects of its utility include:

• Community Engagement: PNUT serves as a symbol for animal rights advocacy, stemming from the story of Peanut the Squirrel. This narrative has fostered a dedicated community rallying around the token.

• Speculative Trading: As with many meme coins, PNUT’s value is heavily influenced by market sentiment and social media trends, making it a popular choice for traders engaging in speculative activities.

• Charitable Initiatives: The project has donated a portion of its proceeds to animal welfare organizations and plans to continue supporting such causes in the future.

It’s important to note that, like many meme coins, PNUT lacks intrinsic utility beyond its role as a tradable asset and a symbol within its community. Investors should exercise caution and conduct thorough research, considering the high volatility and speculative nature associated with such tokens.

Risks and Considerations for Potential PNUT Investors

While meme coins like PNUT offer high-reward opportunities, they also come with significant volatility and risk. Much of PNUT’s value is tied to social sentiment, which can shift rapidly. Investors should approach such assets with caution and ensure a diversified portfolio.

Final Thoughts

The rise of Peanut the Squirrel Coin (PNUT) underscores how meme culture continues to drive trends in crypto. What began as an emotional reaction to a bizarre news event has turned into a multimillion-dollar token, showing the power of online communities and narrative-driven investing.

Whether PNUT will sustain its momentum remains to be seen—but for now, it stands as a symbol of how unpredictable and entertaining the crypto world can be.