Euthanized Squirrel Memecoin, Pnut, Exceeds $120M in Market Cap

PNUT peaked at $0.14 per coin with a total market cap exceeding $120million over night, with trading volume skyrocketing to $230 million within just 48 hours. The euthanized squirrel memecoin gained popularity and attracted many degen following its launch.

In response to Pnut’s death, the memecoin quickly emerged on the Solana blockchain to capitalize on the viral event.

The story quickly gained traction as Elon Musk voiced his anger and frustration on his X page, tweeting,

“No government should be able to just walk into your home and kill your pet! What is this madness?”

Early Pnut Traders Take Profit

Following the initial excitement, early investors have began taking in their profits.

According to reports, the developer behind $Pnut had created a new wallet, withdrew 2 $SOL from Coinbase to mint $Pnut, and subsequently sold all of his holdings. His other associated wallets also liquidated their $Pnut positions, collectively taking approximately $73,000 in profits.

Whales have also taken interest in the viral memecoin with a whale reportedly spending about 9,600 $SOL($1.56M) to buy $Pnut and $FRED —another popular pet adopted by Mark Longo and taken away by DEC along with Pnut.

Data according to Coingecko, as at November 4, shows the memecoin’s price has however dropped from $0.14 to around $0.049, with the market cap also declining to about $49 million.

$Pnut’s Influence on Coming U.S. Election

The viral story has put Pnut as more than just a meme, becoming an important matter for political discourse.

According to Elon Musk and Presidential candidate, Donald Trump, the euthanised squirrel’s legacy remains as a symbol of resistance against the current government’s regulatory overreach.

More on Peanut

Peanut, a squirrel, was rescued in 2017 by animal lover, Mark Longo, who rescued the injured squirrel from a car accident. Shortly after, he began sharing photos and videos of the playful squirrel on social media, quickly captivating followers and building a massive online fanbase that reached over half a million.

However, on October 30, following complaints of “unlawfully possessed” animals that the New York State Department of Environmental Conservation (DEC) received, Pnut was taken away and euthanized for rabies testing.

This event sparked widespread controversy on social media, attracting the outrage of public figures including Elon Musk and US Presidential Candidate Donald Trump who have referred to it as one of the many cases of government overreach.