The recent controversy surrounding Peanut the Squirrel has led to significant developments in the cryptocurrency market, particularly with the rise of memecoins themed after the viral squirrel. Mark Longo, the owner of Peanut, has accused Binance of intellectual property theft for using Peanut's likeness to promote the PNUT token, highlighting the ongoing legal and ethical challenges in the crypto space. Meanwhile, the death of Peanut has triggered a surge in Solana-based memecoins, with some reaching market caps exceeding $100 million, demonstrating the volatile yet lucrative nature of meme-driven investments.
In addition to the legal battles, the market has reacted positively to Coinbase's announcement of plans to list a Peanut-themed memecoin, causing its value to surge. This development underscores the influence of major exchanges on market dynamics and investor sentiment. Despite the financial losses faced by some traders, as evidenced by a lawsuit involving a $231 loss, the broader impact of Peanut the Squirrel on the crypto market illustrates the power of viral phenomena in shaping investment trends and the potential for substantial financial gains.
The Rise of PNUT: Memecoins, Legal Battles, and Market Dynamics
September 13, 2025
1 min read
The recent controversy surrounding Peanut the Squirrel has led to significant developments in the cryptocurrency market, particularly with the rise of memecoins themed after the viral squirrel. Mark Longo, the owner of Peanut, has accused Binance of intellectual property theft for using Peanut's likeness to promote the PNUT token, highlighting the ongoing legal and ethical challenges in the crypto space.