10 days on Binance, Squirrel "PNUT" ignites the crypto market

Source: PUNT Official Website, Twitter, Business 2 Community

On November 11, 2024, Binance announced the launch of Peanut the Squirrel (PNUT) at 18:00 and opened USDT spot trading pairs. Upon the news release, PNUT briefly reached 0.28 USDT, with a rise of 141.15% within 1 hour, and more than tripled in 10 minutes. The market cap increased from 100 million USD to 362 million USD.

According to Dex Screener data: As early as November 2, the price of PNUT began to soar, increasing more than 6600 times compared to its launch price, and its market capitalization surpassed 110 million USD on November 3. As of November 11 at 8 PM, the market capitalization of PNUT has reached 451 million USD.

What is PNUT?

PUNT is a memecoin launched on the Solana blockchain, born out of an unexpected and heartbreaking real-world event that resonated on social media. PNUT aims to channel the outpouring of love and advocacy into a movement for protecting small animals. This coin represents a mission of compassion, remembrance, and transformation in the cryptocurrency world, thereby combining community spirit with impactful causes.

Internet Celebrity Squirrel Peanut Tragedy

PNUT is a meme coin inspired by the squirrel Peanuts. Peanut is a popular squirrel living in the United States, and its owner Mark often shares its daily life on Instagram. Mark not only attracts fans with these videos but also founded an animal rescue organization in Peanut's name to raise funds for animals in need.

On October 30th, after receiving an anonymous tip, the New York State Department of Environmental Conservation (DEC) took Peanut away and detained it. Mark launched a petition calling for the release of this squirrel, which he had spent 7 years with, attracting significant attention from supporters.

However, on November 2, the news of Peanut being euthanized sparked intense outrage online. The community condemned DEC's violent enforcement and compared the incident to the 2020 "Black Lives Matter" movement, coining the slogan "Mouse Lives Matter". The director of DEC was ridiculed for his hardline stance as "Karen", and the Democratic government became the focus of public opinion as a result.

Musk also joined this memorial activity, continuously posting multiple tweets in support of Peanut.

Behind the event, the PNUT token gradually became a symbol of protest, with supporters expressing their support for animal rights by purchasing PNUT, while protesting against the government's mishandling.

Social Significance and Investment Value of PNUT

The birth of PNUT reflects the public's concern for animal rights and dissatisfaction with government enforcement, triggering the "Mouse Lives Matter" social movement. Through PNUT, supporters not only express their mourning for Peanut but also see it as a way to protest against the government. The rapid rise of PNUT shows the deep integration of cryptocurrency and social issues. It is not just an investment product, but also a reflection of social sentiment. PNUT supporters use this to express their care for animal lives and criticism of government injustices.

With the diversification of meme coins, more similar cryptocurrencies may emerge in the future, combining social topics and political sentiments, continuously leading investors and the general public to participate together. These types of meme coins may continue to develop into vehicles for social movements and political positions. They not only have market potential but can also effectively reflect social opinions, becoming a new way for the public to express their demands.