As a researcher who has spent years studying the intersection of technology, social media, and human behavior, I find this phenomenon incredibly intriguing. The rapid rise and fall of PNUT, a meme coin based on Solana, is a testament to the power of social media influencers and the emotional resonance they can evoke in their followers.
In just under 48 hours, the meme cryptocurrency called Peanut the Squirrel (PNUT), which operates on Solana, has amassed a trading volume of $230 Million. This surge in value can be attributed to the tragic event where popular social media pet squirrel “Peanut” was euthanized by New York City authorities. The outcry sparked by this incident, which gained attention from Elon Musk and U.S. Presidential Candidate Donald Trump, is believed to have influenced this significant increase in the coin’s value.
Due to a significant online backlash and endorsements from notable figures, the price of PNUT skyrocketed to $0.14 within 24 hours of its launch.
The incident started when Mark Longo, Peanut’s caretaker, announced on Instagram that DEC had put down his pet squirrel, Peanut, and another raccoon named Fred, due to rabies concerns. With over half a million followers online, the unfortunate event quickly spread, making it a significant topic in U.S. politics just one day before elections.
At a North Carolina rally, Trump’s vice presidential pick JD Vance noted that Trump was noticeably enthusiastic when he learned about the situation involving Peanut, using it as an illustration of overbearing government intervention. In response, Elon Musk, CEO of Tesla, voiced his strong disapproval of such practices in a post on X, expressing his viewpoint that no government should have the authority to enter one’s home and euthanize a pet without cause, questioning the sanity behind such actions.
Vote
For PNut!
For Liberty!
For Freedom!— Elon Musk (@elonmusk) November 4, 2024
Initially, I witnessed an exhilarating bull run in my crypto investments, pushing the total market capitalization to a substantial figure. However, things have since taken a turn as the market cap has shrunk to a mere $49 million, and the price of my crypto plummeted to $0.04. It seems like early investors are cashing out their profits now.
Longo, who is deeply grieving the loss of his beloved pet, has expressed his intention to establish a fundraiser in remembrance of his pet. He explained, “I plan to initiate a fundraising drive for those willing to donate money in Peanuts memory. I want this charitable cause to live on, just as Peanut touched the hearts of many, so I vow not to give up!
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2024-11-04 12:47