he value of the Peanut the Squirrel memecoin, built on the Solana blockchain, has skyrocketed in the wake of the recent euthanization of Peanut the Squirrel. Three days after the widely controversial death of Peanut, the market cap of PNUT surged to nearly $130 million. This report investigates what caused this incident and the responses from the crypto community.
Outrage Over Peanut's Euthanization
Peanut the Squirrel gained further publicity when he was seized by New York's Department of Environmental Conservation or the NYS DEC, which cited public health concerns as grounds for seizure. Reports said Peanut died in custody, and outraged animal lovers and the general public had their say.
Mark Longo, Peanut's caretaker, took to social media with tears in his eyes and said, "To the group of people who called DEC, there's a special place in hell for you." It was one sentiment shared across the board; even people like Elon Musk called in to condemn the agency's actions as "mindless and heartless." This reaction then catalyzes a wave of interest in meme coins inspired by Peanut, showing the power of social media virality across the cryptocurrency space.
Explosive Market Growth and Trading Activity
There was an unprecedented price increase in the PNUT token following the scandal. According to trading data, its market cap rose briefly to as high as $130 million following the incident as trading volume leapt to more than $300 million in just a few days. Reports were that more than 200,000 transactions happened with investors flocking en masse to profit from the emerging interest.
Data from Dexscreener showed that retail and whale investors were deep in the buy action. One such transaction by a whale was to splash approximately $839,207 for 8.99 million PNUT tokens, a pointer to the high stakes involved in this memecoin frenzy.
This was after the initial fanfare, though, in which it saw the beating in the markets of the PNUT token. The token pulled back from $0.14 to $0.078, with the market cap falling to about $80.98 million as early investors took profits.
With continued public interest in the humorous tale of Peanut the Squirrel, one has to wonder whether the PNUT token will survive in the longer term. As always, investors are encouraged to do thorough due diligence and consider the viability of projects in the ever-changing cryptocurrency market.
Disclaimer: This report is based on information purposes only and should not be regarded as financial or investment advice. Always perform your due diligence, and consult your financial advisor before investing.
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