Peanut the squirrel, a rodent turned social media star turned martyr after being euthanized by investigators, is living on in the crypto world.

After agents with New York’s Department of Environmental Conservation euthanized Peanut and a raccoon named Fred to test them for rabies, a cryptocurrency was launched last month in the squirrel’s honor: PNUT — no crypto for Fred, sadly.

A website for the PNUT cryptocurrency reads, “He may no longer walk amongst us, but he lives on forever. Peanut forever.” 

The currency is known as a meme coin, a type of cryptocurrency based on viral internet sensations that often feature fun images. Meme coins are typically traded for fun among a fan base, and they are usually cheap to buy and a way to get people interested in investing in cryptocurrencies. 

That is not stopping investors from buying the PNUT coin. The meme coin’s market value hovers around $1.40, and it is among the top 100 cryptocurrencies with a market value of roughly $1.4 billion. 

However, there is some controversy around the wildly popular meme coin as the owner of Peanut the squirrel, Mark Longo, is outraged at people trying to capitalize on his pet’s death.

Mr. Longo threatened to sue the holders of the PNUT coin in November. In a post on X, he fumed, “YOU USED MY STORY, MY SQUIRREL AND MY LIKEWISE TO MAKE MILLIONS … how would you feel if NO ONE included your nonprofit, made millions, then offered a FRACTION of the money you made. You people are delusional.”

Social media users have noted that the PNUT owners said they have donated to Mr. Longo’s animal sanctuary with the funds they earned from their meme coin.

In response to the PNUT coin’s success, he launched his own cryptocurrency, which he called JUSTICE. His coin surged to a market value of $13 million hours after it launched.

Despite Mr. Longo’s anger at the creation of the PNUT coin, several cryptocurrency blogs are listing it as one of the best meme coins to buy. 

Mr. Longo did not respond to a request for comment by the time of publication. 

Peanut the squirrel became a symbol of government overreach after he was euthanized by agents conducting a search of Mr. Longo’s home following anonymous complaints about a potentially unsafe environment.

Prior to the incident, Peanut was a social media sensation with hundreds of thousands of followers as his owner shared videos of him wearing hats or performing tricks. However, it is illegal to keep wildlife as pets in New York. Mr. Longo said he was applying to get Peanut certified as an educational animal at the time of the fateful search of his house.

The DEC says the squirrel bit one of its agents, a claim Mr. Longo denies, and officials euthanized Peanut and the raccoon named Fred to test them for rabies. However, officials later said the animals did not have rabies. 

Mr. Longo is suing New York for the incident, claiming officials did not have authority to euthanize his pets. He also says their deaths will lead to “substantial economic damages” and a loss of donations to his animal sanctuary that was named after Peanut.