The recent passing of Peanut the Squirrel, a social media sensation, has led to a wave of memecoins on the Solana blockchain, with some tokens reaching impressive market valuations. Fans of the beloved squirrel, saddened by his unexpected death, have channeled their support into the digital currency space, fueling the rapid growth of Peanut-themed tokens.

The Story Behind Peanut’s Popularity

Peanut, a rescued squirrel cared for by Mark Longo, gained viral attention online, amassing over 600,000 followers. Seven years ago, Longo took in Peanut after witnessing his mother get hit by a car. Longo nursed the injured squirrel back to health, and Peanut quickly became a beloved fixture on social media. However, controversy arose when the New York Department of Environmental Conservation seized Peanut, citing complaints about his living conditions, and ultimately euthanized him along with another animal, a raccoon named Fred.

The incident sparked widespread outrage, with even high-profile figures like Elon Musk criticizing the decision. Musk called it “mindless” and “heartless,” fueling online backlash against authorities and further cementing Peanut’s place in internet culture.

Memecoins Inspired by Peanut Take Off

In response to Peanut’s sudden and tragic end, memecoin creators launched multiple squirrel-themed tokens on the Solana network. Within days, the tokens began to soar in popularity, generating massive trading volumes and significant market caps. Data from decentralized finance tracker Dexscreener shows that several Peanut-inspired tokens are now trending on Solana’s memecoin charts.

One token, named “Peanut the Squirrel” (PNUT), quickly became one of the top tokens on Solana. Just two days after its launch, PNUT recorded a trading volume of nearly $300 million and reached a peak market capitalization of $120 million before settling at around $100 million.

The Rise of Other Animal-Themed Tokens

Alongside Peanut-themed tokens, another coin was launched in memory of Fred, the raccoon who was euthanized with Peanut. Named “First Convicted Raccoon” (FRED), this memecoin has also seen considerable activity, with nearly 150,000 transactions and a trading volume of $83 million, although its market cap remains lower at approximately $8.2 million.

The Peanut phenomenon hasn’t been limited to Solana; Peanut-themed tokens have also appeared on other blockchain networks. On the BNB Smart Chain, a similar Peanut-inspired token has hit an $80 million market cap, recording a trading volume of over $110 million.

What’s Next for Peanut Memecoins?

As the furor over Peanut’s untimely death continues, it remains to be seen whether these tokens will retain their popularity or if the interest will eventually taper off. For now, Peanut the Squirrel has not only left a lasting impact on his fans but has also carved out an unexpected legacy in the world of decentralized finance and blockchain technology.