The PNUT memecoin, created on the Solana blockchain, has seen a remarkable surge, reaching a trading volume of $230 million in less than two days. The sudden popularity of the coin was triggered by the controversial euthanasia of “Peanut,” a celebrity pet squirrel with over half a million fans online. This incident has caused a nationwide outcry, with prominent figures like Elon Musk and presidential candidate Donald Trump voicing their outrage.

The Incident Behind the Outrage

The controversy began when Mark Longo, Peanut’s owner, announced on social media that New York City officials had captured and euthanized his pet squirrel and a raccoon named Fred due to fears of rabies. Peanut’s death quickly became a rallying point, sparking debates on social media about government control and animal rights. A day before the U.S. elections, the case has attracted strong opinions, fueling discussions in both political and public spheres.

High-Profile Reactions: Musk and Trump Speak Out

Tesla CEO Elon Musk expressed his anger over the incident, posting on X (formerly Twitter), “No government should be able to just walk into your home and kill your pet! What is this madness?” Meanwhile, Donald Trump, at a North Carolina rally, referenced Peanut’s death as an example of “excessive government control,” with his running mate JD Vance describing Trump as “fired up” over the matter.

Following the public outcry, PNUT memecoin’s price skyrocketed to $0.14 within 24 hours of its launch. However, as early investors began to secure profits, the bullish trend reversed, bringing PNUT’s market cap down to $49 million and its price to $0.04. Despite this dip, the coin remains a focal point in online discussions, reflecting a broader trend where social issues influence cryptocurrency dynamics.

A Memorial Fundraiser in Peanut’s Name

Mark Longo, still grieving for his pet, announced plans for a fundraising campaign to honor Peanut’s memory. He shared his intentions to establish a nonprofit organization, stating, “I will create a fundraising campaign for those who wish to send money in Peanut’s name. This nonprofit shall not die, as well as the love that people had for Peanut. I shall not quit.”

The PNUT memecoin’s meteoric rise highlights a recent trend of cryptocurrencies being linked to social and political issues. Peanut’s story has sparked more than just a debate; it’s a call to action that has extended to the digital finance world, demonstrating the growing intersection of activism and cryptocurrency.