As a researcher with years of experience in the field of cryptocurrencies and digital assets, I must admit that the sudden surge of Peanut-themed memecoins in the Solana DeFi markets has left me both intrigued and perplexed. While it’s fascinating to witness the power of social media and public sentiment driving financial trends, the underlying story behind this phenomenon is heartbreaking.
Memecoins associated with “Peanut the Squirrel” have surged in popularity and made their way into the Solana Decentralized Finance (DeFi) sector. Some of these tokens have amassed market valuations exceeding $120 million.
Mark Longo, who manages the social media account of Peanut (a well-known squirrel with over 600,000 followers), shared on October 30th that New York’s Department of Environmental Conservation had taken action against Peanut and a raccoon named Fred. The department had seized them and ultimately put them to sleep due to concerns about their living conditions being potentially unsafe. Longo expressed this on Instagram:
“Well internet, you WON. You took one of the most amazing animals away from me because of your selfishness. To the group of people who called DEC, there’s a special place in hell for you.”
7 years ago, Longo found Peanut the squirrel after witnessing its mother get hit by a car. Due to an injury, Longo believed Peanut wouldn’t make it in the wilderness. As a result, Peanut ended up nursing Longo back to health and taking on the role of his caregiver.
The incident sparked strong criticism, as figures such as Elon Musk, a renowned billionaire, voiced their disapproval of the government, labeling its actions as “thoughtless” and “uncaring.
Peanut-themed memecoins hit the markets
The swift rise in Peanut’s fame prompted meme coin developers to introduce meme-themed tokens, inspired by the well-liked squirrel character.
According to the DeFi data tracker Dexscreener, a number of meme-based cryptocurrencies related to Peanut have been introduced on the Solana network. Furthermore, two Peanut-themed memecoins find themselves among the top 10 tokens in Dexscreener’s daily charts.
2 days ago, a digital asset named Peanut the Squirrel (PNUT) saw a whopping volume of around 300 million dollars and more than 200,000 transactions. At this moment, its market capitalization stands at $100 million, having briefly reached $120 million before undergoing a readjustment.
Another meme-based cryptocurrency, much like it, found its way onto the Binance Smart Chain and reached a market capitalization of $80 million, with trading volumes exceeding $110 million.
Simultaneously, a memecoin themed around Fred, the raccoon who became famous after being euthanized with peanut butter, made its debut in the Solana memecoin marketplace. The coin, named First Convicted Raccoon (FRED), saw approximately 150,000 transactions and a trading volume of $83 million. However, despite these figures, the project’s total market capitalization stands at just $8.2 million.
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2024-11-03 16:08