What Is the Peanut Meme Coin?

• Peanut the Squirrel (PNUT) is a meme token on the Solana blockchain. It launched on October 31, 2024, through Pump.fun.

• PNUT was inspired by Peanut, a rescued squirrel with a large online following. New York state officials seized Peanut on October 30, 2024, and euthanized him, and the story spread widely online.

• The official PNUT website lists an initial supply of 1 billion tokens and states that its liquidity pool tokens were burned.

• PNUT doesn't have its own blockchain. The project's official website does not describe built-in governance, protocol revenue, or a native staking system. Its market price depends heavily on trading demand and community interest.

What blockchain is PNUT on?

PNUT is a Solana token. Its official contract address is:

2qEHjDLDLbuBgRYvsxhc5D6uDWAivNFZGan56P1tpump

Unrelated Peanut-themed tokens exist on Ethereum, BNB Smart Chain, and other networks, including on Solana itself. Don't confuse them with official PNUT.

• Viral real-world story: PNUT appeared as the story of Peanut the Squirrel spread widely online in late October and early November 2024.

• Fast exchange expansion: Binance listed PNUT for spot trading on November 11, 2024, less than two weeks after the token's first on-chain mint. Kraken and other exchanges added it later.

• Speculation: PNUT attracted traders seeking short-term price moves, contributing to extreme volatility in its early trading.

PNUT trades on both centralized and decentralized exchanges on Solana.

• Centralized exchanges (CEXs): PNUT is listed on several major crypto trading platforms. Availability depends on your location and the exchange.

• Decentralized exchanges (DEXs): PNUT can be traded on Solana DEXs, such as Raydium, using a compatible Solana wallet and SOL.

• Network selection: Before withdrawing PNUT from an exchange, confirm you're sending it on the Solana network to a Solana address. Sending it to an unsupported network or address can mean lost funds.

How do I avoid fake PNUT tokens?

Check the Solana contract address before buying:

2qEHjDLDLbuBgRYvsxhc5D6uDWAivNFZGan56P1tpump

Don't trust a token because its name, ticker, or artwork looks right. Copycat meme tokens can use identical branding, and anyone can create another asset called Peanut or PNUT.

PNUT's first on-chain mint occurred on October 31, 2024, one day after Peanut was seized. The token launched through Pump.fun and then moved into open trading on Solana.

The official website lists an initial supply of 1 billion PNUT. Because the supply is so large, PNUT's price per token has always been a small fraction of the price of assets like Bitcoin or Ether.

A small price per token doesn't make a crypto asset cheap or mean it has more room to rise. Market capitalization, circulating supply, liquidity, and demand give more useful context. Like most meme tokens, PNUT has had large price swings in both directions since launch.

For US taxpayers, PNUT follows the same federal tax rules as other digital assets. The IRS treats digital assets as property (IRS Notice 2014-21).

• Buying PNUT with US dollars: Not taxable by itself. Your cost basis is the purchase price plus fees.

• Buying PNUT with SOL or another crypto: A taxable disposal of the crypto you spend. You calculate a gain or loss on that crypto.

• Selling PNUT: A capital gain or loss if you hold PNUT as an investment.

• Swapping PNUT for another token: A taxable disposal of the PNUT you give up, even if you never convert to dollars.

• Spending PNUT: A taxable disposal.

• Receiving PNUT as payment or a reward: Ordinary income at fair market value when you receive or gain control of the tokens. Where you report it depends on why you received it. Digital asset income not reported elsewhere goes on Schedule 1, line 8v, while wages are reported on Form W-2 and self-employment or business income goes on Schedule C.

• Moving PNUT between wallets you own: Not taxable by itself, though the SOL used to pay the network fee is a small disposal.

Sales and swaps of investment-held PNUT generally go on Form 8949 and Schedule D. Ordinary income is reported on the applicable income form or schedule rather than Form 8949.

Keep records of acquisition dates, cost basis, wallet addresses, transaction hashes, fees, sale proceeds, and transfers between your own wallets. You must report taxable transactions even if you don't receive a Form 1099-DA.

Learn more in our memecoin tax guide and guide to reporting cryptocurrency on taxes.

Does PNUT have "zero taxes"?

No, not for US income tax purposes. PNUT's official website says "There's zero taxes" in its Raydium buying instructions. In that context, the phrase refers to the token's trading setup, not an exemption from US tax law.

Selling, swapping, or spending PNUT can still create a taxable gain or loss, and PNUT received as income may create ordinary or business income depending on why you received it.