- The death of Peanut the squirrel, a beloved pet that has turned into a conservative cause célèbre, is being used by cryptocurrency traders.
Following the news that New York wildlife officials put a pet named Peanut to death, traders are placing bets on a variety of memecoins with squirrel themes on the Pump.fun platform, which is based in Solana.
The squirrel, who was a tiny online sensation before being arrested on October 30 and executed two days later, has recently gained notoriety among conservative pundits who see the event as a flagrant abuse of official authority.
The virality of peanuts and their eventual immortalization on the blockchain as memecoins reflect the peculiar political climate leading up to Tuesday’s U.S. presidential election. Memecoins, according to some, serve as a gauge of public interest.
Although dozens of tokens have been introduced to profit from Peanut’s legacy and politicization, Pnut and Nut In Profit, two of the biggest squirrel coins by market capitalization, have over $37 million in bets resting on them. Six hours before to publishing, Nut in Profit (ticker: NIP) was launched.
Anyone with access can launch a token using the Pump.fun platform. The network rewards early buyers by using a special bonding curve algorithm that raises token prices when demand rises along a predetermined curve. A token is automatically moved to Raydium, the top Solana decentralized exchange, whenever its market value hits $69,000.
In their remarks about Peanut, former President Donald Trump and his running mate J.D. Vance have compared the rodent’s passing to the “misguided priorities” of the Democratic Party.
Elon Musk, a Trump supporter, has also made multiple posts regarding Peanut’s premature passing. In the world of cryptocurrency, Musk is renowned for his ability to raise awareness of memecoins, especially Dogecoin.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
