Thomas Daniels
The controversial euthanization of “Peanut the Squirrel” has sparked a memecoin surge on the Solana blockchain, with some tokens reaching market valuations surpassing $100 million. This unexpected wave of Peanut-themed digital assets underscores the power of online culture in influencing decentralized finance (DeFi) markets.
Peanut’s death came after New York’s Department of Environmental Conservation (DEC) reportedly confiscated and euthanized both the squirrel and a raccoon named “Fred” on October 30. The agency cited complaints over potential safety concerns surrounding the animals’ living conditions. Mark Longo, Peanut’s owner, who had managed a social media account for Peanut with a following of over 600,000, voiced outrage 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.”
Longo detailed his years-long care for Peanut, initially rescuing him after a car accident that left the animal unable to survive in the wild. The incident has since sparked significant online backlash, with public figures such as Elon Musk denouncing the government’s actions as “mindless” and “heartless.”
Memecoins on Solana See Unprecedented Activity
The news surrounding Peanut’s passing quickly reached the crypto community, catalyzing the creation of multiple Peanut-themed memecoins. According to DeFi data from Dexscreener, these tokens rapidly gained traction, with two Peanut-based tokens breaking into the platform’s top 10 tokens in the 24-hour trading charts.
One token, named Peanut the Squirrel (PNUT), amassed a trading volume nearing $300 million and saw over 200,000 transactions within its first two days. PNUT’s market capitalization reached $100 million, spiking to $120 million at its peak before stabilizing.
This trend has expanded beyond Solana as well, with similar tokens appearing on other blockchains. For example, a Peanut-inspired token on the BNB Smart Chain saw a market cap of $80 million and recorded a trading volume exceeding $110 million. Meanwhile, a Fred-themed token, First Convicted Raccoon (FRED), also gained attention on Solana, generating close to 150,000 transactions and a trading volume of $83 million, though its market capitalization remains at $8.2 million.
The rapid rise of these tokens underscores the unique blend of social sentiment and digital finance, further highlighting the DeFi sector’s receptiveness to cultural events. The Peanut-inspired memecoin movement demonstrates how digital communities can leverage blockchain to memorialize public figures and, in this case, a viral animal mascot.
