In a bizarre twist, the sudden fame of a squirrel named Peanut has set Solana’s DeFi scene ablaze. Memecoin creators didn’t wait long to jump on the trend, launching tokens inspired by Peanut and his raccoon friend, Fred. Fueled by online outrage and the tragic fate of these beloved animals, these squirrel and raccoon-themed tokens have hit staggering market caps, drawing attention from all corners of crypto.
The Story Behind Peanut’s Fame
Peanut the Squirrel, with over 600,000 followers on social media, became an overnight sensation. Mark Longo, Peanut’s owner, shared the grim news on Oct. 30: the New York Department of Environmental Conservation (DEC) had confiscated and euthanized Peanut and a raccoon named Fred. Complaints about their living conditions led to the DEC’s intervention, leaving Longo heartbroken. Longo wrote, “Well internet, you WON. You took one of the most amazing animals away from me because of your selfishness.” The post sparked an outpouring of anger and grief online, with Elon Musk even calling the decision “mindless” and “heartless.”
Memecoins Emerge: PNUT and FRED Take Over Solana
This emotional wave spilled into the crypto sphere, where DeFi enthusiasts launched Peanut-themed tokens on Solana’s network. Dexscreener, a prominent DeFi tracker, shows multiple Peanut-inspired tokens storming the 24-hour top charts. Leading the charge is Peanut the Squirrel (PNUT), which recorded over 200,000 transactions and hit a $100 million market cap—briefly spiking to $120 million before stabilizing. PNUT saw nearly $300 million in trading volume, proving that sentiment can be as powerful as market fundamentals.
But Peanut wasn’t alone in this frenzy. A Fred-themed token, dubbed First Convicted Raccoon (FRED), joined the scene. Despite a smaller impact, with 150,000 transactions and $83 million in volume, FRED garnered considerable interest, though its market cap lags at $8.2 million. Memecoins, it seems, have found new mascots in Peanut and Fred, bringing life to a speculative new niche within Solana’s DeFi landscape.
The Impact Spreads Beyond Solana
While the Solana network took the brunt of this quirky token mania, other blockchains weren’t immune. A similar Peanut-themed token launched on BNB Smart Chain, where it quickly hit an $80 million market cap and $110 million in trading volume.
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