The internet is mourning the loss of ‘Peanut,’ a beloved pet squirrel and social media star, and it seems the cryptocurrency world is riding the wave of grief. Two tokens named ‘PEANUT’ have exploded in value, driven by the outpouring of emotion surrounding the squirrel’s death.
One ‘PEANUT’ token, listed on the decentralized exchange (DEX) Uniswap, saw a remarkable 58% increase in price over the past 24 hours. Its market capitalization now sits at a respectable $2.2 million. A similar token launched on the Solana-based DEX Raydium has experienced an even more dramatic rise, skyrocketing a whopping 336% within the same timeframe, although its market capitalization remains considerably lower at $33,790.
However, it’s crucial to understand the inherent risk associated with these ‘PEANUT’ tokens. Their liquidity is extremely low, meaning they are not traded on major cryptocurrency exchanges and are only available on DEXs. This lack of liquidity makes them highly susceptible to dramatic price swings, potentially resulting in significant losses for investors.
Peanut’s tragic death has become a flashpoint in the ongoing political landscape, particularly ahead of the upcoming presidential elections. New York state officials, citing potential rabies exposure, seized and euthanized Peanut, along with a raccoon named Fred. This action triggered a wave of outrage on social media, with influential figures voicing their disapproval.
Elon Musk, a vocal supporter of the Republican party, even tweeted, “President Donald Trump will save the squirrels,” expressing his condolences for the deceased animal.
Peanut’s Instagram account boasts a staggering 666,000 followers, drawn to his adorable videos featuring tiny hats and waffle-munching antics. His unexpected demise has sparked a surge of emotional engagement, translating into a surprising cryptocurrency phenomenon.
This episode highlights the incredible power of online communities and the potential for seemingly unrelated events to drive market trends, even in the face of tragedy. As the ‘PEANUT’ tokens continue to trade, investors should proceed with caution, recognizing the inherent risks associated with low-liquidity memecoins.
