Following Peanut’s death, social media users began supporting memecoin projects to show their affection for him. This event, which went viral on platforms like Twitter and Reddit, sparked both sadness and excitement within the community. Crypto enthusiasts swiftly embraced the tokens created in his memory, and the value of these tokens rose rapidly.

Peanut-themed memecoins stand out due to their low transaction fees and fast processing times on the Solana network. Analysts note that while these types of memecoins may offer high short-term returns, they also carry substantial risk. Investors are advised to exercise caution, especially as crypto projects that gain popularity on social media can experience rapid gains as well as losses in value.

This event sparked outrage, with figures like billionaire Elon Musk criticizing the government, calling it ‘mindless’ and ‘heartless.’

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Peanut-Themed Memecoins Launched

The DeFi data tracking platform Dexscreener shows that many Peanut-themed memecoins have been launched on the Solana network. Additionally, two Peanut-themed memecoins have made it into the top 10 tokens in Dexscreener’s 24-hour rankings.

A token called “Peanut the Squirrel” (PNUT), created two days ago, reached nearly $300 million in volume and recorded over 200,000 transactions. The token currently has a market capitalization of $100 million, having peaked at $120 million before experiencing a correction.

A similar memecoin was also launched on the BNB Smart Chain, reaching a market cap of $80 million while recording a volume exceeding $110 million.

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