The value of the meme coin $Pnut in the cryptocurrency world has experienced a significant surge, surpassing $120 million in market capitalization. According to Lookonchain, an on-chain analytics firm, this incredible rise in $Pnut’s value can be attributed to the viral story of a squirrel named “Pnut.” The firm provided detailed information about $Pnut’s substantial growth through a series of posts.
The market capitalization of $Pnut has exceeded $120 million, making many traders wealthy overnight! Let’s delve into the story of $Pnut.
Lookonchain (@lookonchain) November 3, 2024, mentioned that $Pnut has reached a market cap of $120 million, resulting in significant profits for many traders. The story behind this remarkable surge began in 2017 when Mark Longo rescued a squirrel that had been injured in a car accident. He named the squirrel Pnut and shared its story. Longo continued to document the squirrel’s recovery journey on social media.
In a short period of time, Pnut garnered immense attention due to its playful personality and adorable appearance, becoming a beloved online icon. However, tragedy struck on October 30th when the New York-based Department of Environmental Conservation received complaints about the “unlawfully possessed” animal. In response, the DEC confiscated Pnut and euthanized it for rabies testing. This sparked a viral outcry on social media, with prominent figures and the general public mourning Pnut’s unjust death.
The controversy surrounding Pnut quickly made its way into the cryptocurrency sector with the introduction of the meme token $Pnut. This is not the first time public sentiment stemming from a prominent animal incident has led to the creation of a meme coin. A similar scenario occurred with the launch of the meme coin $Harambe following the death of a gorilla, which resulted in a staggering market capitalization of $80 million.
The interest in Pnut’s story intensified when Congressman Nick Langworthy publicly condemned the DEC’s actions. This further fueled the growth of $Pnut, attracting the attention of influential players in the crypto world, including whales who invested up to $1.56 million in the meme coin.
