Peanut the Squirrel ($PNUT), a meme coin launched on the Solana blockchain, has skyrocketed in market cap following its listing on Binance. In less than 48 hours, PNUT’s valuation surged from $128 million to a staggering $1.3 billion, with its price spiking over 280% to $1.60 in just 24 hours, according to CoinGecko data.

Origins and Emotional Backing

PNUT was created on the pump.fun memecoin platform shortly after the tragic euthanasia of a pet squirrel named Peanut by New York City’s Department of Environmental Conservation, which ignited widespread public outrage. Social media quickly picked up on Peanut’s story, with high-profile figures like Elon Musk and Donald Trump weighing in, criticizing the government’s actions. This emotional wave has driven PNUT’s popularity, creating an emotional connection among supporters, further fueling its rapid growth.

Government overreach kidnapped an orphan squirrel and executed him … https://t.co/YKoOCJWLMv

— Elon Musk (@elonmusk) November 2, 2024

Post-Listing Trends and Criticism of Binance

Binance’s listing of PNUT is part of a broader pattern in 2024, with the exchange adding several meme coins, many of which experienced rapid price increases. Another Solana-based meme token, AI Prophecy (ACT), jumped from $20 million to $650 million in market cap within days of its Binance listing. Such price hikes have sparked criticism, with some questioning Binance’s listing criteria and suggesting the exchange may be enabling pump-and-dump schemes.

Memecoins Dominate Solana Ecosystem

On-chain data from analyst Ai_9684xtpa reveals that Solana-based tokens have dominated Binance’s meme coin listings, accounting for 60% of the total in 2024. Notably, 80% of these tokens saw significant price gains after listing. Despite criticism, the demand for these coins reflects a continued appetite for meme-driven assets, particularly within the Solana ecosystem.