Peanut the Squirrel Meme Coin Soars 2,300 Percentage, Tops Monthly Gainers List

A newly launched meme coin on the Solana blockchain, Peanut the Squirrel ($PNUT), has captured the attention of the crypto world with an astronomical rise of 2,300% since its release in early November. This unexpected surge has catapulted the token into the top 100 cryptocurrencies by market capitalization, sparking both excitement and controversy.

Phenomenal Growth in Just Weeks

Peanut the Squirrel made headlines by skyrocketing from an initial price of $0.052 to $1.31 at the time of writing. With this incredible performance, the token has outpaced other major gainers such as Hedera (689%), Stellar (470%), and XRP (428%) to claim the top spot for monthly growth.

Initially launched as a tribute to a squirrel euthanized by the New York State Department of Environmental Conservation, Peanut the Squirrel has amassed a market cap of $1.3 billion. Trading activity around the token remains robust, with daily trading volume soaring nearly 100% to $1.5 billion in early December.

Community Spotlight and Controversy

Despite its meteoric rise, the project has not been without its share of controversy. The token’s creation has drawn criticism from Mark Longo, the owner of the squirrel that inspired the project. Longo has accused the developers of profiting off his pet’s legacy without his consent, claiming that the story was misappropriated to generate millions.

"Wait till I shut it down for copyright infringement," said Longo in a statement shared on social media. He has announced plans to launch his own cryptocurrency, JUSTICE, in response to the controversy.

In contrast, supporters of Peanut the Squirrel claim to have raised and donated $50,000 to Longo in memory of the squirrel. This gesture has sparked a debate within the community about the ethics of using personal stories for financial gain in the cryptocurrency space.

The Future of $PNUT

While the controversy continues, $PNUT has shown no signs of slowing down. The token recorded a 10.13% price increase in a single day of trading this month, suggesting sustained interest from investors. However, the legal challenges from Longo could pose risks to the project’s future trajectory.

As Peanut the Squirrel continues to gain traction, its meteoric rise serves as a reminder of the volatility and unpredictability of the cryptocurrency market. Whether it remains a dominant player or becomes a cautionary tale will depend on how the legal and community dynamics unfold.