The tragic death of a famous internet squirrel named Peanut has stirred controversy in the United States. Its owner revealed that authorities took the animal away and forcibly euthanized it. This incident has sparked a surge in interest within the crypto community, particularly for Solana blockchain meme coins inspired by the squirrel.

Internet Star Seized from Owner, Musk Blames Democrats

Peanut’s owner, Mark Longo, managed a popular Instagram account showcasing moments from his pet’s life. With over 600,000 followers, Peanut’s videos often went viral. Longo rescued Peanut about seven years ago after witnessing a car accident that killed the squirrel’s mother. Due to Peanut’s injuries, Longo decided to care for him, believing he wouldn’t survive in the wild.

However, after several anonymous complaints, the New York City Department of Environmental Conservation visited Longo’s home and confiscated Peanut and a raccoon named Fred. Longo reported that the search of his farm, P’Nuts Freedom Farm, lasted five hours. The animals were later allegedly euthanized on suspicion of rabies.

This incident caused widespread public outcry, especially among animal rights activists and the general public. Billionaire Elon Musk commented on the situation, calling the authorities’ actions “insane and cruel” and suggesting a vote for Donald Trump.

“Insane and cruel actions by the authorities. Vote for Trump.” – Elon Musk

Social media posts in memory of Peanut started to appear, with users demanding accountability from NYSDEC officials. Many expressed doubts about the rabies information and emphasized that Peanut lived in perfect conditions without posing any danger to people.

Peanut Sparks Meme Coin Rally

The situation surrounding Peanut has caught the attention of the crypto community. In response, tokens dedicated to the squirrel began to emerge on the network. Monitoring resources report that the market capitalization of many Solana-based meme coins associated with Peanut has rapidly increased to several million dollars. Two thematic meme coins even entered the top ten leaders in daily trading volume.

One prominent leader was the Peanut the Squirrel meme coin (PNUT), which reached a trading volume of $300 million and 200,000 transactions within just two days. At its peak, its market capitalization was $120 million. Peanut’s popularity also led to the emergence of similar tokens on other blockchain platforms, such as a Peanut-themed meme coin on the BNB Smart Chain, which reached a valuation of $80 million and exceeded $110 million in trading volume.

There has also been significant interest in a token dedicated to another deceased animal, Fred the Raccoon. The meme coin First Convicted Raccoon (FRED) achieved $83 million in trading volumes and 150,000 transactions within a few days. However, the hype around these meme coins has significantly died down, with FRED falling by 85% in the last 24 hours and its market cap dropping to $106,000.

Future Prospects and Market Impact

The phenomenon of viral events being converted into blockchain assets is not new. However, the success of tokens associated with Peanut and Fred highlights the close connection between the meme coin market, social media trends, and public emotional reactions.

While platforms like Instagram have become the main channels for spreading stories like Peanut’s, decentralized systems like Solana have allowed fans to translate their emotions into financial assets. This creates a new form of self-expression through digital ownership.

Experts warn that the upcoming U.S. elections could unexpectedly impact the meme coin market. Analysts predict possible volatility as investors react to political events. The crypto market, including niche instruments like meme coins, often responds to changes in public sentiment caused by political factors.

Positive outcomes for cryptocurrency supporters could increase investment, benefiting popular tokens like Dogecoin and Shiba Inu. Conversely, tighter regulations or unfavorable policies could reduce interest in speculative investments, causing prices to fall as traders seek more reliable assets.

Meme coins are particularly vulnerable to social influences and political events, given their speculative nature and active community participation. With the U.S. elections approaching, crypto enthusiasts and meme coin investors will likely pay close attention to regulatory changes. Analysts advise holders of such tokens to be prepared for possible fluctuations and investors to monitor political signals as early indicators of market directions post-elections.

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