Less than a month after its launch, PNUT—the “poor squirrel” memecoin—has taken the market by storm after being listed on Binance. So, what has made PNUT so attention-grabbing? Let’s explore it with Bnbfaucets in the simplest way possible!
What is PNUT?
PNUT is the memecoin of the *Peanut the Squirrel* project, launched on Solana via the Pump.fun platform to honor the memory of the beloved squirrel Peanut.
The story of PNUT began with Peanut, a pet squirrel cared for by Mark Longo for over seven years after its mother died in an accident. Peanut became a social media sensation with over 580,000 followers who adored the cute photos and videos of its daily life with Longo.
However, Peanut’s peaceful life was disrupted when an anonymous complaint was sent to the Department of Environmental Conservation (DEC), claiming Peanut was a rabies threat. DEC soon arrived to seize Peanut, sedating him and sparking outrage on social media during the pre-election period.
This incident catalyzed the creation of the PNUT memecoin on the Solana platform as a tribute to Peanut.
Despite being less than a month old, PNUT quickly reached a market cap close to $400 million, becoming the first squirrel-themed memecoin to be listed on Binance, reigniting interest in the memecoin trend.
The Story Behind PNUT
PNUT’s popularity grew significantly when billionaire Elon Musk and Donald Trump Jr., son of Donald Trump, criticized New York authorities for acting harshly against a harmless squirrel while letting crime flourish.
Both cleverly used Peanut’s story as an election tool to criticize the Democratic Party. In a Twitter post, Donald Trump Jr. condemned the U.S. government for allegedly ignoring criminal immigrants while taking harsh measures against a defenseless squirrel.
This narrative not only rallied public support but also built a strong Republican voter base, advancing their goal to help Donald Trump return to the presidency.
Elon Musk even voiced his support for Peanut in an episode of *The Joe Rogan Experience* podcast, questioning, “How can we live in America, the land of freedom, where the government can enter your home, take your pet, and kill it?”
The podcast episode attracted a huge audience, particularly among Joe Rogan fans, and boosted Donald Trump’s vote count amid Kamala Harris’s media dominance.
Statements from Elon Musk and Donald Trump Jr. revealed that Peanut’s story wasn’t just about pet protection—it touched on deeper issues of politics and Americans’ personal freedoms. This angle transformed Peanut’s tale into a viral cause, turning PNUT into a symbol of social media resistance.
Within days, PNUT rose from an obscure memecoin to the spotlight with trading volumes exceeding hundreds of millions of dollars.
On November 11, Binance surprised the market by listing PNUT on Binance Spot (alongside ACT), propelling PNUT’s price by over 300% in just half an hour.
Development Team
PNUT was created on the Pump.fun platform, but the identity of the creator behind this memecoin remains unknown.
Investment Fund and Partners
PNUT has no investment fund.
Potential and Risks
Potential
Memecoin Wave: Memecoins have been a high-growth trend this cycle. Listing PNUT on Binance Spot gives the project a boost from the massive liquidity of centralized exchanges.
Compelling Story: The story behind PNUT has gained substantial support from Elon Musk and Donald Trump Jr., adding intrigue and creating a powerful promotional angle.
Risks
Lack of Tangible Value: As a memecoin, PNUT lacks technological value, and buyers are largely motivated by its story and hype. If major influencers stop supporting it or the story cools down, PNUT’s market appeal may diminish.
Political Campaign Connection: Both Elon Musk and Donald Trump Jr. leveraged Peanut’s story to criticize the Democratic Party and gain traction in their political race. However, whether they genuinely support PNUT remains uncertain.
Conclusion
The Memecoin Supercycle is still a popular topic, especially as Binance continues to list memecoins rather than tech-focused coins. This trend serves as a strong catalyst for this narrative to keep growing in the current cycle.
Hopefully, this article has helped you understand more about PNUT and the story behind this memecoin in a simple and accessible way.
