Can a squirrel and a meme coin change the world? Meet Peanut the Squirrel, the inspiration behind the latest crypto sensation, the PNUT token.
PNUT coin was born from a great by somewhat saddening story of resilience and political defiance. It’s in the last few days arose as not just another meme coin—but a major movement. This coin enjoys its foundations within the Solana ecosystem, blending its charm, controversy, and cutting-edge technology.
Owing to the strong foundation as a tribute to a beloved squirrel to its meteoric rise in the crypto market, PNUT has captured the imagination of investors and meme enthusiasts alike. But, what really is Peanut the Squirrel? How did it gain fame and string status in the crypto space? Let’s dive into what makes this token a standout in the crowded crypto space.
What is Peanut The Squirrel?
One of the most standout meme tokens of the past few days is Peanut The Squirrel, popular ticker symbol being PNUT. Peanut the Squirrel is known as the latest meme coin within the Solana ecosystem.
But before digging deep into the world of this meme token, it’s important to understand where this story begins. PNUT stands apart from other meme coins. While tokens like Dogecoin became cultural icons, PNUT carries both charm and a political edge.
It is a story about a squirrel named Peanut, who was taken away from his home and more recently euthanized by the NYSDEC. This squirrel who was 7 years old was a proper representation of the Freedom Farm Animal Sanctuary (its family).
The sanctuary is essentially an organization primarily created with the plan to rescue and rehabilitate all injured and abandoned animals. However, on October 30th, The state Department of Environmental Conservation visited Mark Longo’s home and animal sanctuary in rural Pine City taking away the squirrel and a raccoon named Fred.
As per the agency, their move was caused by reports that wildlife was illegally and unsafely being kept in the sanctuary. However, since then, the state organ, including various government employees have faced massive criticism for the actions.
Things have turned even more sour in the recent hours, after the state organs decided to euthanize Peanut The Squirrel and Fred the raccoon to test them for rabies, after the duo attacked some state officers. However, despite the deaths, the two animals were found free of rabies.
The entire campaign and even the launch of memecoin is completely inspired by the life and freedom of Peanut the Squirrel.
Features of Peanut The Squirrel (PNUT Token
Based on Solana Blockchain
One of the most primary features of the PNUT meme cryptocurrency is its SOlana base. In the past year, many memecoin developers have opted to go for Solana over Ethereum to host their services. But why?
In recent years, Solana has shaped up as a proper DeFi ecosystem powering the memecoin revolution owing to the efficiency and affordability it brings. Among its perks over Ethereum include:
- Faster transactions
- Low Gas
By basing services on Solana, PNUT will enjoy the benefits, bringing cheaper services to the average users.
Zero Transaction Taxes
PNUT token is also popular due to its zero transaction tax policy. By charging zero taxes in transactions, Peanut the squirrel ecosystem makes PNUT coin highly available to everyone, and transactions cheaper.
Calls for Justice
Peanut the Squirrel is a token already associated with the fight for justice despite its infancy within the crypto space. With justice seeming a rare commodity, PNUT token could play a major role in helping future fights for justice.
Huge Social Media Following
Peanut the squirrel enjoys a massive following on social networking even after euthanization. On X (formerly Twitter), PNUT coin enjoys over 36.1K followers. Other social media platforms where PNUT token enjoys a huge following include Tiktok, Instagram, and Telegram.
Understanding The Process of Buying PNUT Tokens
After discussing the PNUT meme and its huge potential, many investors will now want to know how to buy these tokens. Here is a short process on how to truly access these tokens:
Step 1: Get a Wallet
To get access to Peanut the Squirrel tokens, you need a wallet that supports Solana based crypto tokens. Of course, there are many wallets boasting the capability.
However, the one proposed and accepted by the PNUT network is Phantom wallet. You must therefore download the Phantom wallet from stores.
In its bid to reach as many people as possible, Phantom brought availability to Desktop users, Google Chrome users and more. By visiting the phantom.app web page, you will be able to spot the download links for Chrome extensions of Phantom wallet.
Step 2: Buy Some Solana
To purchase PNUT tokens, you need Solana in your phantom wallet. This is essentially because you are buying the tokens from Solana’s main chain.
You will need SOL for:
- Gas
- Swapping for PNUT
As such, you must fund your Phantom wallet with Solana. You can either do that by moving the Solana you currently own from another wallet, or buy it in a crypto exchange and send it directly to the wallet. Whatever the route you choose, you will not be able to own any PNUT if you dont have SOL in your Phantom wallet.
Step 3: Go To Raydium.io
Now visit Raydium.io platform where you will be able to complete your purchase. Raydium offers decentralized exchange services for Solana network users.
Another alternative for the swap is Jup.ag. In both of these platforms, you can swap your Solana tokens for $PNUT and join the new memecoin revolution.
Step 4: Buy $PNUT
AT this stage, you simply need to add the necessary details into Raydium or Jupiter. This primarily means your wallet address, so you can swap your SOL for $PNUT. $PNUT boasts the capability of offering zero tax exchanges on purchases.
Top Crypto Exchanges That Listed PNUT
Despite its infancy, Peanut The Squirrel has already enjoyed listing from various crypto exchange networks.
Here is a list of the popular exchanges that have listed PNUT:
- Binance Exchange — The largest most popular crypto exchange network Binance is among the earliest platforms to list PNUT. On Binance, investors can trade PNUT in the PNUT/USDT, PNUT/TRY pairs. Listing on Binance boosts the confidence of investors on thi new product.
- Raydium — Already discussed earlier, Raydium brings the PNUT/SOL pair for easy token accessibility.
- OKX — ANother popular centralized trading network OKX introduced the PNUT/USDT pair recently.
- Bitget — Crypto exchange Bitget supports the PNUT/USDT pair
- KuCoin — The popular exchange currently hosts that PNUT/USDT pair
AMong other exchanges supporting PNUT are Bitmart, MEXC, Binance TR, CoinW, Hotcoin, LBank, HTX, Gate.io, BingX, CoinEx, Phemex, Bitrue, Tapbit, AscendEx, Orca, NovaDax, ZKE, SpireX KoinBay, and more with the PNUT/USDT pair being popular.
The listing on exchanges like Binance and OKX sparked major growth in the coin’s trading volumes, setting a good foundation for the coin. As per reports, immediately following the OKX listing, PNUT surged by over 9% in a short time.
On the other hand, after Binance listed PNUT, the exchange waived listing fees for the token signaling high confidence in the token. This caused an almost 100% gain in a short while.
PNUT Token Economics
Here are the token economics associated with the entirety of the Peanut The Squirrel Ecosystem:
- Total Initial Supply: 1 billion Tokens
- Liquidity provider tokens to be burnt
- Taxes: 0% per transaction
PNUT Price Performance
Peanut the Squirrel ($PNUT) was officially listed on Coinmarketcap on November 4th 2024, the day of the United States elections. The listing price was merely $0.05.
Later the next day, PNUT’s price plunged further to about $0.035. However, since November 5th, after it was clear that Donald Trump was the next president, the coin began reporting massive surges.
By November 11th, PNUT had surged to a new peak of $0.4. The positive price action continued with PNUT surging beyond the $1 markt in November 13.
The price action of PNUT continued its upward trajectory, hitting the $2.4 mark by November 14. Although the coin was trading at around $2.02 when writing this report, it’s still in massive gains exceeding 3657% from its launch price.
The Elon Musk Effect
Billionaire businessman Elon Musk’s role in the price performance of PNUT cannot be ignored. Elon has been quite active in the crypto and memecoin business in the past few years, supporting coins like Bitcoin, and later Dogecoin.
In fact, in 2021, Elon Musk was a critical player in the DOGE rally, which saw the coin attain a market cap exceeding $80 billion. Later, the billionaire earned a role in the Dogecoin Foundation, charged with responsibility for developments associated with DOGE.
However, in 2024, it appears that the billionaire has now switched his interest to yet another memecoin, Peanut the Squirrel.
The confiscation and later euthanization of Peanut The Squirrel from its home, a few days before the US election sparked a massive online backlash. In fact, the Republican party used the backlash to add more fuel into the campaign against the already existing government.
Elon Musk, in fact posted on X a tweet in support of PNUT. His tweet triggered a massive upsurge in the price of PNUT. Following the Election win, Elon Musk posted again, “America was saved by a squirrel and a meme coin!”
Musk’s tweets have propelled PNUT’s price to new heights, proving his impact extends beyond electric cars, space exploration, and even U.S. politics.
What’s Next for The PNUT Coin?
Of course, PNUT coin and the Peanut the Squirrel ecosystem are currently enjoying a lot of online backing. Musk’s tweet, exchange’s listings and other factors are contributing to the increasing popularity of the memecoin.
Its role in recent politics of the US has been a major political statement, positioning it at the peak of growth in the current crypto landscape.
Will PNUT become the next big meme coin? With Elon Musk in its corner, anything seems possible.
Future US elections could likely contribute to further growth in the PNUT ecosystem.
