Death of famous squirrel sparks scandal and meme coin rally: What’s going on?

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As a seasoned crypto investor with a knack for spotting trends and a soft spot for Internet sensations, I find myself intrigued by the latest turn of events surrounding Peanut, the beloved squirrel meme coin sensation on Solana.

In my analysis, the untimely demise of the beloved internet icon, Peanut the Squirrel, has stirred a wave of debate across the U.S. According to his guardian, Peanut was confiscated by authorities and subjected to an inhumane euthanasia procedure.

As an analyst, I’ve noticed a significant spike in curiosity within the crypto community surrounding the Solana blockchain and its squirrel-themed meme coins. This renewed interest can be attributed to the captivating narrative that has unfolded recently.

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Internet star seized from owner, Musk blames Democrats

Mark Longo, Peanut’s caring owner, managed a widely-followed Instagram account showcasing their pet’s life experiences. With over 600,000 followers, clips of the lively squirrel frequently trended. Seven years ago, Longo saved him following a car accident that claimed Peanut’s mother. Given his wounds, it seemed improbable for Peanut to endure in the wild, so Longo chose to nurse him back to health and provide him with a loving home.

Subsequently, following multiple unidentified reports, the New York City Department of Environmental Conservation carried out an inspection at Longo’s residence, taking Peanut and a raccoon named Fred. Longo stated that the search of his farm, P’Nuts Freedom Farm, went on for five hours. The animals were later accused of having rabies and allegedly put down forcefully.

The event prompted a significant uproar from the general public, with animal advocates and everyday people being particularly vocal about it. Notably, billionaire Elon Musk voiced his opinion on the matter, labeling the actions of the authorities as “reckless and inhumane” and expressing support for Donald Trump.

President @realDonaldTrump will save the squirrels 🐿️ 😢

RIP P’Nut

— Elon Musk (@elonmusk) November 2, 2024

As a crypto investor, I’ve been keeping an eye on social media lately, where posts honoring Peanut have been popping up. These posts are urging NYSDEC officials to take responsibility, arguing that the squirrel lived in optimal conditions and didn’t pose any threat to people. There seems to be a growing skepticism about the rabies claims being circulated.

Peanut sparks meme coin rally

As an analyst, I’ve found myself drawn into the intriguing dynamics surrounding the digital world of Peanut. The recent developments have sparked a flurry of interest within the crypto community. In response to this news, tokens inspired by this particular animal have emerged on various networks. Using the DEX Screener platform as a reference, I’ve discovered that the count of Solana-based meme coins related to the squirrel has climbed into the dozens.

It’s been observed that the market value of numerous cryptocurrencies has seen a significant surge, reaching multiple millions of dollars. Simultaneously, two meme-themed coins have made their way into the top 10 most actively traded coins on DEX Screener in terms of daily volume.

One prominent leader was the Peanut the Squirrel meme coin (PNUT), which reached a trading volume of $300 million and 200,000 transactions in just two days. At its peak, its market capitalization was $120 million.

The widespread appeal of Peanut not only sparked its growth but also motivated the creation of similar tokens across various blockchain networks. Consequently, another meme coin based on Peanut made its debut on the BNB Smart Chain. This new token swiftly garnered a valuation of $80 million and surpassed $110 million in trading volume. Even though it’s relatively fresh, it has already attracted significant attention.

There’s been a notable surge of attention towards a token named after another departed raccoon, Fred the Raccoon. The meme coin, First Convicted Raccoon (FRED), has seen a massive trading volume of $83 million and over 150,000 transactions within a short span of days.

Currently, the excitement surrounding meme coins appears to have noticeably decreased, as evidenced by the situation of First Convicted Raccoon (FRED), which has dropped by 85% in just the past day and now boasts a market cap of only $106,000.

That could all change soon

It’s not surprising that viral occurrences are often turned into digital assets on the blockchain. What’s interesting is how tightly linked the meme coin market seems to be with social media fads and the general public’s emotional responses to current events, as demonstrated by the popularity of tokens associated with Peanut and Fred.

Through social media platforms such as Instagram and another popular one, Peanut and Fred’s tale is mainly disseminated. Meanwhile, innovative systems like Solana enable enthusiasts to express their feelings financially by converting them into digital assets, thereby introducing a fresh means of self-expression through ownership in the digital realm.

It’s important to be aware that upcoming U.S. elections might unexpectedly influence the meme coin market. Analysts foresee potential fluctuations due to investor reactions to political events. Notably, the crypto market, including unique assets such as meme coins, tends to react to shifts in public opinion that are often influenced by political factors.

A boost in positive outcomes for cryptocurrency backers might stimulate investment, benefiting well-known tokens such as Dogecoin (DOGE) and Shiba Inu (SHIB). Conversely, stricter regulations or policies unfavorable to cryptocurrencies could dampen enthusiasm for speculative investments, leading to declining prices as investors gravitate towards more dependable assets.

As a financial analyst, I’ve observed that unlike conventional financial instruments, meme coins are significantly impacted by social trends and internet dynamics, which can be swiftly altered by political events. This volatility is often amplified due to the unpredictable market conditions surrounding these digital assets. Given their speculative nature and active community involvement, it’s not surprising that meme coins exhibit similar price fluctuations.

As the U.S. elections draw near, crypto fans and meme coin investors might want to keep a closer eye on regulatory adjustments. Financial analysts suggest that token holders should brace for potential market swings and investors should monitor political cues, as these signals can forecast market trends following the elections. In simpler terms, stay informed about any changes in regulations and pay attention to political news, as they could hint at future market movements after the elections.

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2024-11-05 12:48