Peanut the Squirrel（PNUT）代幣經濟學

Peanut the Squirrel (PNUT) is a meme coin operating on the Solana blockchain. The token was created as a tribute to a rescued eastern gray squirrel named Peanut, who became a viral internet sensation before being euthanized by New York state officials in late 2024. This event sparked significant cultural and political discourse, which served as the primary catalyst for the token's rapid adoption and market activity.

Issuance Mechanism

The issuance of PNUT tokens is primarily driven by the mechanics of the Pump.fun platform, a popular launchpad for Solana-based meme coins.

• Bonding Curve Model: PNUT was launched using a bonding curve mechanism. In this model, the price of the token increases automatically as more tokens are purchased. This ensures that early participants can acquire tokens at a lower cost while providing immediate liquidity.
• Migration to Raydium: Once a token launched on Pump.fun reaches a specific market capitalization milestone—typically $69,000—it automatically migrates to Raydium, a decentralized exchange (DEX) on Solana. At this stage, the bonding curve is completed, and the token enters the broader open market.
• Total Supply: The total supply of Peanut the Squirrel (PNUT) is approximately 999,850,000 tokens (often rounded to 1 billion).

Allocation Mechanism

As a community-driven meme coin, PNUT's allocation is characterized by a "fair launch" style rather than a structured institutional distribution.

• Public Distribution: Unlike many utility tokens, there were no private sales, seed rounds, or specific allocations for a foundation or team. The majority of the supply was made available to the public through the initial bonding curve on Pump.fun.
• Exchange Listings: Following its viral success, the token was listed on major centralized exchanges, including Binance, Coinbase, Kraken, and Binance.US. These listings significantly increased the circulating supply's accessibility to retail and institutional traders. Notably, Binance applied a "Seed Tag" to the listing, indicating that the project is in its early, experimental stages.

Usage and Incentive Mechanism

The primary utility of the PNUT token is rooted in its meme appeal and community strength.

• Speculative Trading: The token serves as a vehicle for speculation on cultural moments and political sentiment. Its value is highly sensitive to social media activity, particularly high-profile mentions from figures like Elon Musk.
• Community Engagement: PNUT acts as a symbol for a movement advocating for wildlife policy reform and government accountability. Holding the token is often viewed as a way for community members to show support for the legacy of Peanut the Squirrel.
• Transaction Fees: On the Ethereum-based version of the token (a separate cross-chain iteration), the project specifies a 0% tax on transactions, encouraging high-frequency trading and liquidity.

Locking Mechanism and Unlocking Time

Because PNUT is a meme coin launched via a bonding curve, it does not follow the traditional vesting or locking schedules typical of venture-backed protocols.

Market Performance and Context

PNUT experienced explosive growth shortly after its inception, reaching a peak market capitalization of approximately $120 million within its first 48 hours of trading, with volumes nearing $300 million. Following its listing on Coinbase in early 2025, the token saw renewed volatility, surging 30% in a single day. Despite its high volatility—including an 80% decline from its all-time high of $2.44 down to $0.47—it remains a prominent fixture in the Solana DeFi ecosystem.