The memecoin called Peanut the Squirrel (PNUT) stands out as a cryptocurrency based on a pet squirrel that was euthanized in New York. Created four days ago by Solana-based memecoin platform PumpFun, PNUT has begun to gain traction in the crypto community.
PNUT Coin
PNUT’s market value reached $135.5 million on Sunday, seeing high interest on the first day. However, soon there was a decrease of approximately 70% in its value, falling to 44.1 million. According to Dex Tools, PNUT is currently trading above 4 cents.
According to blockchain analysis firm Nansen, a large portion of “smart money” wallets that purchased the token on launch day began reducing their exposure to PNUT. Approximately $339,000 in net inflows and outflows of PNUT were observed at these addresses in the last 24 hours.
Political and Social Media Effects
PNUT had the most traded liquidity pool on the Solana exchange with a 24-hour transaction volume of 106.4 million. This success has started to take part in the 2024 US presidential campaign. J.D. Vance said in a public speech that PNUT’s Donald Trump Jr. He stated that he was supported by. Here it is necessary to remember the beginning of the story again. This squirrel, which was constantly shared by its owner on social media, was put to sleep by the authorities days before the election results were announced. The authorities went to the house of the person who shared on social media and adopted the squirrel, and took PNUT from there, on suspicion of rabies, and put him to sleep, which caused a great reaction. Trump supporters turned this into important election propaganda on many topics, from the government’s lack of borders to many other topics.
“Donald Trump Jr. is “excited about Peanut the Squirrel.”
Elon Musk also created a public agenda by supporting PNUT.
“Vote for PNUT! For freedom and independence!” -Elon Musk
As a memecoin born from a squirrel figure that went viral, PNUT has quickly made a significant impact in the crypto world. This token, which is closely followed by both investors and the public, brings doubts about its future performance. Investors are advised to be cautious considering the volatility in such memecoins.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
