In a matter of days, Solana-based meme coin Peanut the Squirrel (PNUT) has climbed from relative obscurity to $150 million in trading volume, propelled by a mix of public outrage and pre-election fervor.

The story went viral after his caretaker, Mark Longo, announced on social media that New York’s Department of Environmental Conservation (DEC) had taken Peanut and another pet, a raccoon named Fred, citing rabies concerns. 

Sparked by the tragic story of Peanut—a beloved pet squirrel seized and euthanized by New York state authorities—the coin’s explosive ascent is yet another showcase of the unpredictable effect of social media-fueled sentiment on the crypto market.

Peanut, who had become an internet sensation with over 500,000 followers, was more than just a pet to Longo—he was a beloved family member and a fixture in his online community. 

The backlash soon gained traction when Tesla and SpaceX CEO Elon Musk joined in, making multiple posts on X about Peanut’s story.

Musk, one of the biggest supporters of presidential candidate Donald Trump, criticized the DEC’s decision, writing, “The government should not be allowed to barge into your house and kill your pet! That’s messed up.” 

Musk’s pinned tweet on Sunday also referenced PNUT in a bid to amplify attention to Peanut’s story. Interest further sparked demand, with PNUT’s price hitting a peak of $0.14 before early buyers began taking profits.

The Telsa CEO and tech billionaire has often tweeted memes in relation to the crypto industry, including those regarding a personal favorite—Dogecoin.

And, of course, others have been quick to politicize the event in the lead-up to the U.S. presidential election on November 5.

During a rally in Sanford, North Carolina, Senator and Donald Trump’s running mate JD Vance shared that Trump was “fired up” about the pet’s story, saying Peanut’s death is an example of government overreach. 

Vance and other conservative voices, including New York Congressman Nick Langworthy, argued that authorities should prioritize more significant issues rather than targeting animals, turning Peanut’s story into a campaign point in the lead-up to the election.

However, the frenzy is cooling down as PNUT’s market cap has since decreased to $49 million, according to Gecko Terminal data. The price, in turn, has dropped to $0.04 as early buyers take profits, stabilizing the token after its initial surge.

In a heartfelt social media post, Longo expressed his grief and determination to continue Peanut’s legacy, "I will set up a fundraiser for those who want to donate in Peanut's name. I’ll never give up on this nonprofit or those who fell in love with Peanut.”

Edited by Sebastian Sinclair