PNUT Describes Itself As

Peanut the Squirrel (PNUT) is a memecoin launched on the Solana blockchain in early November 2024 via the Pump.fun platform. Inspired by the tragic story of Peanut, a pet Eastern gray squirrel euthanized by New York State authorities, the coin became a viral sensation. The public outcry surrounding Peanut's death, amplified by Elon Musk’s comments on government overreach, turned the squirrel into a cultural symbol. PNUT achieved a market capitalization exceeding $2 billion within 11 days of its launch, contributing to the continued interest and speculation within the memecoin sector. 

Project Function

PNUT is a memecoin, with no inherent utility or roadmap for development. It serves as a speculative digital asset, benefiting from its association with the emotionally charged narrative of Peanut the Squirrel and its viral presence on social media.

The coin was created using Pump.fun, a platform designed for rapid meme token deployment on the Solana blockchain. PNUT's ecosystem does not include utilities like staking or governance. Its value is driven by market sentiment and online trends rather than functional applications.

Token Details

• Blockchain: Solana
• Launch Platform: Pump.fun
• Total Supply: 999,854,871.91 PNUT
• Contract: Renounced
• LP: Burnt
• Taxes: None

About the Founders

PNUT’s creator(s) remain anonymous, aligning with the trend among memecoin projects where community focus supersedes founder identity. 

Background of Peanut the Squirrel

Peanut was an Eastern gray squirrel rescued in 2017 by Mark Longo, who raised him after a failed release attempt. The squirrel gained widespread social media fame, amassing over 500,000 followers on Instagram for his human-like antics and interactions.

In October 2024, Peanut and another pet, a raccoon named Fred, were seized by the New York State Department of Environmental Conservation (NYSDEC) due to laws prohibiting the keeping of wild animals. Following Peanut’s alleged bite of an officer during the seizure, both animals were euthanized to test for rabies, sparking public outrage when tests confirmed neither animal was infected.

This incident fueled debates about government overreach, inspired legislative proposals like the “Peanut’s Law: Humane Animal Protection Act,” and set the stage for PNUT’s creation.

Elon Musk’s Role

Elon Musk’s commentary on Peanut’s death significantly boosted PNUT’s visibility. His tweets criticized the government’s actions and highlighted issues of personal freedom and animal rights, inadvertently promoting the coin through indirect association. Statements like "Vote For PNut! For Liberty! For Freedom!" blurred the lines between the real-life narrative and the memecoin, amplifying interest among retail traders.

Risks of TOKEN

Like an investment in other crypto assets, there are some general risks to investing in PNUT. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in PNUT is subject to the following specific risks:

• As a ‘memecoin’, PNUT is a community project, led by a pseudonymous team. 
• Any potential success associated with PNUT is reliant on the growth of its decentralized community, and their continued trading and enthusiasm for the asset. These factors are difficult to predict, and could result in very high volatility.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with PNUT. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The PNUT community and PNUT founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of PNUT have no recourse to the PNUT community, PNUT founding team, or Uphold if PNUT declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing PNUT on the Uphold Platform, Uphold performed due diligence on PNUT and determined that PNUT is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of PNUT, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of PNUT.
• Any marketing materials put forward by the PNUT social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with PNUT, including any code defects, security breaches and other threats concerning PNUT and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with PNUT, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of PNUT.