Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Crypto traders bet millions on squirrel-themed memecoins as story of a euthanized pet named Peanut becomes an election issue

Crypto traders bet millions on squirrel-themed memecoins as story of a euthanized pet named Peanut becomes an election issue

The BlockThe Block2024/11/03 16:00
By:The Block

Quick Take Crypto traders are capitalizing on the death of Peanut the squirrel, a euthanized pet that has become a conservative cause célèbre.

Crypto traders bet millions on squirrel-themed memecoins as story of a euthanized pet named Peanut becomes an election issue image 0

Traders are betting on various squirrel-themed memecoins on the Solana-based platform Pump.fun following news that New York wildlife officials euthanized a pet named Peanut. 

The squirrel, something of a minor internet fascination before being detained on Oct. 30 and put to death two days later, has become the latest cause célèbre among conservative commentators who describe the incident as a gross misuse of state power. 

Peanuts virality, and subsequent immortalization on the blockchain in the form of memecoins, speak to the strange political environment ahead of the U.S. presidential election on Tuesday. Some believe that memecoins act as a barometer for public interest.

Two of the largest squirrel tokens by market cap, Pnut and Nut In Profit, have over $37 million in bets riding on them — though dozens of tokens have been launched to capitalize on Peanut's legacy and politicization. Nut in Profit (ticker: NIP ) was launched just six hours ago before publication time. 

Pump.fun is a platform that enables anyone with access to launch a token. The platform uses a unique bonding curve mechanism that increases token prices as demand increases along a predefined curve, rewarding early buyers. Once a token’s market cap reaches $69,000, it is automatically migrated to the leading Solana decentralized exchange, Raydium.

Former President Donald Trump and his running mate J.D. Vance have both commented on Peanut, using the rodent’s death as a metaphor for the "misguided priorities" of the Democrat party. 

Elon Musk, who has endorsed Trump, has also posted several times about Peanut’s untimely demise. Musk is known in crypto circles for his ability to drive attention towards memecoins, particularly Dogecoin. 


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!