No Nut November was not taken literally, as Peanut the Squirrel ($PNUT) became the first memecoin coming from the platform “Pump Fun,” where literally everyone can create and launch a meme for pennies that gets a listing at a tier one exchange…
A memecoin born due to a modern and recent atrocity where the government intervened in ordinary lives, leaving casualties. Let’s take a look at what it is all about…
To understand the memecoin, we need to understand the meme. Peanut the Squirrel, also affectionately known as P’Nut, was a rescued animal who became a beloved social media sensation. After being found as an orphaned baby squirrel with a severe injury, Peanut was adopted by Mark Longo of Pine City, New York.
Deemed unfit for the wild due to his injuries, Peanut thrived under Longo’s care and became a popular figure on social media platforms like Instagram, where he gathered a 692,000 big following.
But like every great leader in history, his story didn’t end well, as on October 30, 2024, the New York Department of Environmental Conservation (DEC) intervened after receiving anonymous complaints about the conditions in which Peanut and another rescued animal, a raccoon named Fred, were kept.
Citing legal and safety concerns, the DEC officials seized both animals when Peanut bit one of the officials, which led to both animals being euthanized for rabies testing.
The decision to euthanize Peanut and Fred caused a significant public outcry and widespread criticism of government control on social media. And so the squirrel with the legendary status was born as he quickly became the internet sensation.
Because Peanut’s story has raised important questions about wildlife regulations, the rights of pet owners, and the role of government in personal lives, the incident not only led to enormous internet hype, but crypto memecoin creations followed.
Many coins were created in order to capitalize on the PNUT hype. But the original PNUT community stood strong.
This review of Peanut the Squirrel (PNUT) was created for informational purposes. This article is not intended for promotion.
Not applicable
Not applicable
Since exchanges have recognized a demand in the market for more speculative trading, as in memecoins, PNUT was, with no listing fees, a clear sign to attract a big following as its story reached all corners of the internet world.
Since PNUT is listed on Tier 1 exchanges as of today, it can be found almost anywhere, including Bybit and MEXC.
As his following worldwide is very big, the reaction to the listing has been overwhelmingly positive, with an exponential surge in the PNUT price. For instance, following the announcement of its Binance listing, the price of $PNUT went parabolic by 300%.
For new traders it is important to take your profits and not to get caught up in the hype. The attention and big volume of $PNUT will quickly fade away. The plan is to get in and out at certain levels and trade the volatility, which would be ideal. To understand more about trading check out our trading course here.
The listing of PNUT on major exchanges like Binance is another milestone in this memecoin supercycle where memability favors usability. Only a week after his death, many became rich in his legacy. Maybe it was too soon, or maybe it was what he would have wanted.
Disclaimer: Trading and investing in cryptocurrencies (also called digital or virtual currencies, altcoins) involves a substantial risk of loss and is not suitable for every investor. You are solely responsible for the risk and financial resources you use to trade crypto. The content on this website is primarily for informational purposes and does not constitute financial advice.
Start learning about crypto at YourCryptoLibrary
