Viral squirrel ‘Peanut’ triggers Solana memecoin frenzy
Memecoins inspired by "Peanut the Squirrel" have surged in popularity within the Solana decentralized finance (DeFi) markets, with some tokens exceeding a market capitalization of $120 million. Following the euthanization of Peanut and a raccoon named "Fred" by New York's Department of Environmental Conservation due to alleged unsafe housing, outrage ensued, with figures like Elon Musk criticizing the government's actions. Peanut-themed memecoins have been launched, including a token called Peanut the Squirrel (PNUT), which achieved nearly $300 million in volume and over 200,000 transactions, reaching a market cap of $100 million. Another memecoin on the BNB Smart Chain peaked at $80 million. A Fred-themed token, First Convicted Raccoon (FRED), recorded almost 150,000 transactions and a trading volume of $83 million, but has a market cap of only $8.2 million.
