Hello everyone, welcome back after the weekend to the workweek! Dardion’s eye fell on a squirrel and its token PNUT, which even got listed on Binance! Is it a gem or not? Let’s find out in today’s article!
What is PNUT?
Peanut the Squirrel (PNUT) is a meme coin launched on the Solana blockchain, inspired by the story of a pet squirrel named Peanut. In 2024, Peanut was seized from its owners by the New York State Department of Environmental Conservation and was euthanized, sparking widespread public outcry and drawing attention to animal rights issues.
In response to this tragedy, the crypto community created the PNUT meme coin, aiming to unite people around the idea of animal protection and raise awareness about such incidents. The project positions itself as a symbol of compassion and a drive for change to protect wildlife.
After its launch, PNUT saw rapid growth. In December 2024, its price surged from $0.1 to $2.27, and its market capitalization exceeded $2 billion, making it one of the fastest-growing meme coins in history.
However, like many meme coins, PNUT is highly volatile. After reaching peak values, its price started to decline, and in the past week, the token has dropped more than 35%.
Despite this, the community continues to support the project, seeing it not only as a financial instrument but also as a way to bring attention to animal protection and environmental issues. PNUT remains an example of how meme coins can unite people around social and ethical causes, going beyond simple internet jokes.
PNUT Project Team
The creator exited with the meme right from the start! According to monitoring data from Lookonchain, the developer of PNUT created a new wallet, attracted 2 SOL from a centralized exchange to launch PNUT, and then quickly sold all of his tokens. Two other associated wallets also sold all their PNUT, earning a total profit of about $73,000.
Additionally, on November 3, 2024, the wallet tonkadriving.sol sent 4 million PNUT to the token creator, which at that time was worth $244,000. All these tokens were sold, confirming the creator’s intention to quickly liquidate their assets after the project’s launch.
Elon Musk and PNUT
In November 2024, Elon Musk expressed outrage over the euthanasia of a pet squirrel named Peanut by New York authorities. In his tweet, he called the government a “thoughtless and soulless killing machine.”
This comment drew attention to the PNUT meme coin, created in honor of the squirrel. Following Musk’s tweet, the price of the token skyrocketed, increasing by more than 300% in 24 hours, hitting a new record high.
At this point, PNUT’s market capitalization surpassed $130 million, making it one of the fastest-growing meme coins.
Thus, Elon Musk’s statements played a significant role in popularizing and driving up the price of PNUT, highlighting his influence on the cryptocurrency market and his ability to impact the prices of digital assets through public statements.
PNUT Token and Tokenomics
- Max supply: 999,858,912 tokens.
- Token distribution: Information on how the tokens are distributed among different categories (e.g., team, investors, community) has not been officially released, which is common for many meme coins.
- Use case: Like many meme coins, PNUT primarily serves for speculative trading and does not have a specific utility.
Current Market Indicators (as of January 2025):
- Price: approximately $0.589731 per token.
- Market capitalization: around $589.65 million.
- 24-hour trading volume: around $4.66 million.
- All-time high price: $2.47, reached on November 14, 2024.
- All-time low price: $0.00001498, recorded on November 1, 2024.
Where to buy PNUT:
PNUT is available for trading on various cryptocurrency exchanges, including Uniswap V2 and others.
Why Did Binance and Coinbase Decide to List This Coin?
The decision by major cryptocurrency exchanges like Binance and Coinbase to list the PNUT meme coin was driven by several factors:
- Popularity and Demand: The story of the squirrel named Peanut generated significant public resonance, leading to increased interest in the associated meme coin PNUT. The high demand from traders and investors prompted exchanges to consider adding it to their listings.
- Community Activity: PNUT received substantial support on social media and in crypto communities, fueling its viral spread and boosting liquidity.
- Market Prospects: Exchanges aim to meet their users’ interests by offering relevant and in-demand assets. Listing popular meme coins can attract new clients and increase trading volumes.
- Competition Between Exchanges: With growing competition in the industry, platforms strive to expand their list of offered tokens to retain existing users and attract new ones. Adding popular meme coins like PNUT is part of this strategy.
Pros:
- Popularity due to its viral story and community support.
- High liquidity thanks to listings on major exchanges.
- Opportunities for short-term speculative profits.
Cons:
- Strong volatility due to its speculative nature.
- Lack of utility or real-world application.
- Risks associated with the anonymity of the developers and their actions.
Price Prediction for PNUT (2025–2050)
Various sources offer different predictions for the price of PNUT in the 2025–2050 period:
- MEXC: Predicts that by 2050, the price of PNUT could reach $17, which would be an increase of 638.64% from the current value.
- BitScreener: Expects that in 2025, the price of PNUT might reach $0.05290, and by 2040, it could drop to $0.0050, losing relevance in the market.
- Bitget: Predicts that by 2050, PNUT’s price could reach $0.7, reflecting a 15% growth from its current value. However, it could lose relevance in the market over time.
As you can see, not everything is so rosy, as this is a speculative token, and it is unlikely to survive through the next bull market.
Conclusion
To conclude, PNUT is like a squirrel that jumped into the crypto world so quickly that we barely managed to set up nut holders (or maybe took nuts from it). Those who exited at the Binance or Coinbase listing made a profit. Now, we just hope that Musk can give the squirrel one more PR boost to bring back long-term holders from hibernation. Remember, DYOR and NFA are your trusted friends!
Thanks for reading, your Dardion team <3
