Behind the cryptocurrency project called Peanut the Squirrel is the sad life story of a squirrel that has been introduced to the whole world.This story, which even Elon Musk drew attention to, made a great impression in the public. So, what is PNUT coin that came into being in the midst of all this? Let’s start this article, where we will discuss the details of this story that has had great repercussions in the public and what you need to know about this memecoin, which has reached a market value of millions of dollars in a short time!
What is Peanut the Squirrel Project? How did it come about?
One day, a squirrel was found on a crowded street in Manhattan, USA, by a person named Mark Longo. For this squirrel, it is mentioned that his mother was hit by a car and became an orphan as a result of this event. Longo rescued this squirrel, adopted it, and named it Peanut. After eight months of rehabilitation, Longo released Peanut into the wild. After a day and a half, Peanut was attacked and returned with a wound to his tail.
From this time on, the squirrel named Peanut would live in the house under the control of Longo. One day, Longo posted a video of Peanut jumping towards him, which got a lot of attention. After this development, Peanut turned into a world-famous squirrel. So, what is PNUT coin and how did it come about? In fact, there is a story behind this process. The main protagonist of the story is, as can be expected, a squirrel named Peanut.
Penut lived in Pine City, New York, and a raid was conducted on this house on October 30, 2024. The initiative, organized by the New York Department of Environmental Protection, cited “numerous reports from the public regarding the potentially unsafe harboring of wildlife that may carry rabies and the illegal keeping of wildlife as pets” and seized Peanut. In this attempt, a raccoon known as Fred, who also lived with Longo, was confiscated. These events were followed by the anesthetization of Peanut and Fred to perform a rabies test.
All of this was quickly heard and caused a large-scale barrage of criticism. The fact that the news about these events came to the fore before the US presidential elections in November 2024 brought along political discussions. In fact, Donald Trump’s son and Elon Musk also referred to the issue in their Tweets. This situation attracted even more attention from the public. While all this was going on, a memecoin dedicated to Peanut was minted and called Peanut the Squirrel (PNUT).
What Does PNUT Coin Do?
PNUT coin is the native cryptocurrency of a cryptocurrency project called Peanut the Squirrel. This cryptocurrency was developed on the Solana network. That is, it does not have its own blockchain. For this reason, although it is defined as a coin, it is actually traded as a token.
When the Peanut the Squirrel coin website is examined, there is no information about the intended use of cryptocurrencies. However, it is seen that they directed a petition about what happened to the squirrel named Peanut and an animal shelter called P’Nuts Freedom Farm Animal Sanctuary. It is known that this animal shelter was founded by Longo, is not for any profit and is a shelter where neglected homeless animals meet with a second chance.
So, is the supply of PNUT coin limited? A total of 1 billion units of this cryptocurrency have been produced. This, in fact, indicates that this cryptocurrency has a limited supply. Now that we’ve covered the details of Peanut the Squirrel, let’s take a look at who’s behind the project.
Who Owns PNUT Coin?
Although there is no clear information about PNUT token owner, it is speculated that this cryptocurrency project was created by a community. In memecoin projects, the emergence of a cryptocurrency involves a community rather than a generic name. This is a common occurrence in the memecoin world. A similar situation is thought to exist in this project. At this point, the PNUT coin holder can be called anonymous.
Is PNUT Coin a Good Investment?
PNUT coin has reached high values in terms of market value in a short time with the story behind it, this story having great repercussions by the public and being talked about by the world’s favorite names. In fact, after its launch, its market capitalization rose to over $120 million within 3 days.
We mentioned that this cryptocurrency is a meme coin. Meme coins are generally created for fun and pranks, gaining value with community support and social media trends. Some memecoin projects can continue their journey, which they started just for fun and jokes, by creating an ecosystem. For example, they can turn into a cryptocurrency exchange or NFT (non-fungible token) platform.
For now, there is no such development on the Peanut the Squirrel side, but there may be different initiatives in the future. Therefore, there are a few important factors to consider when assessing whether or not PNUT Coin is a good investment.
First of all, the high volatility in such projects should be taken into account. Meme coins can often gain value quickly based on community support and social media trends, but they also run the risk of losing value just as quickly. For this reason, these types of investments often appeal to investors with a higher risk tolerance.
Furthermore, the size and activity of the community behind the PNUT token is also an important factor influencing investment decisions. If the community actively supports the project, it can increase the chances of future success of such cryptocurrencies.
On the other hand, the statements and potential plans of the project team should also be carefully followed. The Peanut the Squirrel team taking steps such as developing an ecosystem, establishing collaborations, or creating new use cases in the future can play a critical role for long-term sustainability on the PNUT coin side.
Where Can You Buy PNUT Coin?
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