Memecoins cashing on the popularity of pet squirrel and social media star ‘Peanut' have become the new money-minting opportunities for cryptocurrency degens.
What happened: A token named PEANUT on the popular decentralized exchange (DEX) Uniswap UNI/USD jumped over 58% in the last 24 hours, with its market capitalization now around $2.2 million, as per CoinMarketCap.
A coin with a similar name was launched on Solana SOL/USD-based DEX Raydium, which was up a whopping 336% in the last 24 hours, though having a far lower market capitalization of $33,790.
It is worth noting that the liquidity of these tokens is very low because they are not traded on major cryptocurrency exchanges and are only available on DEXs as of this writing, making them vulnerable to extreme price swings.
Why It Matters: The death of the adorable creature has become the latest flashpoint ahead of the presidential elections.
New York state officials confiscated and euthanized Peanut, along with a raccoon named Fred, triggering a wave of outrage from social media and influential figures.
Tech mogul and Republican supporter Elon Musk wrote, "President Donald Trump will save the squirrels," along with a condolence message for the animal.
According to the statement from authorities first reported by CBS News, the officials took the action citing potential human exposure to rabies from the animals.
Additionally, a person involved with the investigation was bitten by the squirrel, prompting the officials to put the animals down to test for rabies.
Peanut’s Instagram account is followed by 666,000 followers, with his videos of donning little hats and munching on waffles bringing delight to many.
Image via Wikimedia Commons
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