The value of the meme coin $Pnut has skyrocketed in the world of cryptocurrency, surpassing $120 million in market capitalization. According to Lookonchain, an on-chain analytics firm, $Pnut’s meteoric rise can be attributed to the viral story of a squirrel named “Pnut.” In a series of posts, Lookonchain provided details about the substantial increase in $Pnut’s value.
The market cap of $Pnut has exceeded $120 million, making overnight millionaires out of many traders! Let’s delve into the fascinating story of $Pnut.
Lookonchain (@lookonchain) November 3, 2024, tweeted, “1/ Let’s dive into the story of $Pnut. ? pic.twitter.com/ijemfosAHV”
$Pnut’s Market Capitalization Reaches $120M Thanks to the Viral Squirrel Story
Lookonchain revealed that $Pnut’s market cap reaching $120 million has resulted in significant profits for numerous traders. The story behind this extraordinary surge dates back to 2017 when Mark Longo rescued a squirrel injured in a car accident. Longo named the squirrel Pnut and shared its story with the world. He continued to document Pnut’s recovery journey on social media.
In no time, Pnut captured immense attention due to its playful personality and adorable appearance, becoming an online icon. However, tragedy struck on October 30th when the New York-based Department of Environmental Conservation (DEC) received complaints about the “unlawful possession” of the animal. In response, the DEC confiscated Pnut and, while conducting rabies tests, euthanized the squirrel. This sparked a viral outcry on social media, with influential figures and the general public grieving the unjust loss of Pnut.
Famous Congressman Condemns the DEC’s Decision to Euthanize Pnut
This controversy quickly made its way into the crypto sector with the introduction of the meme token $Pnut. It is not the first time that public sentiment surrounding a significant animal incident has led to the creation of a meme coin. The launch of the meme token $Harambe followed the death of a gorilla, which propelled its market capitalization to an astonishing $80 million.
Public interest in Pnut’s story escalated further when Congressman Nick Langworthy publicly condemned the DEC’s actions. This further fueled the growth of $Pnut, attracting attention from influential crypto investors, including “whales” who invested as much as $1.56 million in the meme coin.