1. The Initial Emotional Story: Justice for P’Nut
At the end of 2024, a squirrel named P’Nut in New York was captured and euthanized by authorities under suspicion of rabies. The incident quickly spread across social media and sparked heavy criticism, particularly after Elon Musk publicly defended the squirrel.
Shortly thereafter, the crypto community reacted by creating the memecoin Peanut the Squirrel (PNUT) as an act of “justice” for the squirrel. The token was launched with a strong viral spirit, carrying messages of justice, compassion, and emotion.
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2. Emotional Theme Becomes a Speculative Tool
Though originating from a notable story, PNUT quickly became a true speculative tool after being listed on Binance:
Its market capitalization surpassed 1.4 billion USD within a few days,
The community spread the slogan “Justice for Peanut” like a viral marketing campaign commonly seen in the memecoin world,
With no specific product or clear roadmap, PNUT primarily existed based on the story and emotions it evoked.
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3. The Real Owner Steps In – But Fails
P’Nut’s owner, Mark Longo, criticized the use of his squirrel’s image without permission. He later released his own memecoin called JUSTICE FOR PEANUT (JFP) to “take control of the message.”
However:
JFP lost over 67% of its value just two weeks after launch,
It failed to generate the same community effect as PNUT,
This highlighted that “true justice” was not as appealing as a quick speculative wave.
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4. New Wave of Interest – Emotions Are Still Central
After a period of calm, PNUT saw a return of funds and attention from the community in early May 2025. On May 9th, the price surged from around $0.22 to nearly $0.39, with trading volume exceeding $387 million—its highest level since the beginning of the year.
On May 10th, it opened at $0.3845, showing that market sentiment was still closely monitoring. The price previously reached a peak of $0.4172 in the previous session, raising questions: Is this a signal of a new community wave, or merely a temporary viral effect?
Regardless of the direction, one thing is clear: PNUT still maintains its appeal thanks to emotions and the story behind it, rather than technological foundation or real-world application.
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5. The Lesson from PNUT: "Justice" Might Just Be a Marketing Trick
PNUT is a clear example of how a social story can be turned into a marketing and speculative tool:
Emotional spark → community spreads the word → speculation skyrockets,
But without a real foundation, what is called "justice" is merely a facade for hot money,
Those who buy into it out of empathy or long-term hope are often the ones who take the biggest risks.
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Conclusion
PNUT started with a strong message of justice for animals, but its journey reflects the very characteristics of the memecoin market: emotions are the fuel, the community is the engine, and speculation is the outcome.
Is this price surge a “revival” or just the last wave before it fizzles out? That’s a question for those still holding onto this coin—but one thing is for sure: this is no longer just the story of P’Nut the squirrel.
