Following the controversial death of the squirrel Peanut, Peanut-themed memecoins have surged on Solana, with some having a market cap of over $100 million, Cointelegraph reported.
Fueled by the sudden popularity of “Peanut the Squirrel,” Peanut-themed memecoins have been making waves on the Solana decentralized finance (DeFi) market, with some tokens even reaching a market cap of over $120 million.
Mark Longo, who manages Peanut's social media accounts, said the New York Department of Environmental Protection seized and euthanized the beloved squirrel, Peanut, and a raccoon named Fred on Oct. 30. The incident was caused by a complaint that Peanut's residence was unsafe. Longo wrote on Instagram:
"Okay, Internet, you win. You took away one of my favorite animals because of your selfishness. To those who called the EPA, you have a special place in hell."
Longo rescued the squirrel about seven years ago after witnessing Peanut's mother being hit by a car. Due to his injuries, Longo decided that Peanut would not survive in the wild. So he nursed Peanut back to health and became his caretaker.
The incident sparked outrage, with celebrities such as billionaire Elon Musk criticising the government, calling it "brainless" and "heartless".
Peanut-themed memecoins hit the market
Peanut’s sudden popularity prompted the memecoin creator to launch a token based on the popular squirrel.
DeFi data tracker Dexscreener shows that several Peanut-based memecoins have been launched on the Solana network. In addition, two Peanut-themed memecoins have entered the top ten of Dexscreener’s 24-hour ranking.
A token called Peanut the Squirrel (PNUT) had a trading volume of nearly $300 million two days ago, with more than 200,000 transactions recorded. The token currently has a market cap of $100 million and once reached $120 million before experiencing a pullback.
A similar memecoin was also launched on the BNB Smart Chain and has a market cap of $80 million and a trading volume of over $110 million.
Meanwhile, a Fred-themed memecoin based on Fred, the raccoon who was euthanized along with Peanut, also entered Solana’s memecoin market. The token, called First Convicted Raccoon (FRED), recorded nearly 150,000 transactions and $83 million in volume. Despite this, the project’s market cap is only $8.2 million.
