Planet Money: The Parable of Peanut the Memecoin

Hosted by NPR's Alexi Horowitz-Ghazi and Nick Nevis | Released on March 5, 2025

1. Introduction: The Unexpected Raid

The episode opens with a gripping account from Mark Longo, a dedicated animal rescuer whose life takes an unexpected turn. On the morning of October 30, 2024, while tending to his animal sanctuary in upstate New York, Mark witnesses a government raid led by officers from the New York State Department of Environmental Conservation (DEC).

Mark Longo [01:06]: "Department of Environmental Conservation."

The officers arrive not to arrest Mark, but to seize his pet squirrel, Peanut, citing illegal wildlife ownership without the necessary permits. The situation escalates quickly, culminating in the unfortunate euthanization of Peanut and a raccoon named Fred after Peanut bites an officer.

Mark Longo [02:27]: "Until finally I was midway on the staircase. I had three cops to my right, I had three to my left. And one of them yelled, I found Peanut. I found the squirrel."

2. Peanut's Rise to Fame

Before the raid, Peanut had already become a social media sensation. Through Instagram and TikTok, Peanut amassed over a million followers, becoming one of the most beloved animal influencers.

Mark Longo [04:02]: "I met my wife because of Peanut."

Mark leveraged Peanut's popularity to create an empire that included merchandising and partnerships with brands like Cameo. This not only provided financial support for his sanctuary but also intertwined Peanut's story with Mark's personal life, leading to serendipitous events such as meeting his wife through Peanut's online presence.

3. Monetizing Viral Fame

The podcast delves into the intricacies of the modern attention economy, where social media platforms enable anyone—or any creature—to achieve rapid fame. Peanut's viral success opened doors to various monetization avenues.

Cameo Partnership

Cameo, a platform allowing celebrities to offer personalized shout-outs, approached Mark to feature Peanut. This collaboration included dressing Peanut in costumes and creating custom messages for fans.

Mark Longo [14:48]: "The coolest part about it was they were classifying Peanut as the same as, like, a lot of the celebrities that you see in movies."

OnlyFans Venture

Seeking additional revenue streams, Mark and his wife ventured into OnlyFans, a platform predominantly known for adult content. Surprisingly, their wholesome association with Peanut provided a unique twist, attracting thousands of subscribers within minutes of launching.

Mark Longo [19:07]: "Within minutes, literally. We launched it at like 10 o'clock in the morning and within the first 20 minutes I had a couple thousand subscribers."

Through strategic pricing and personalized content, Mark and his wife generated over $10,000 a month, which was crucial for maintaining their growing sanctuary hosting over 300 animals.

4. Tragedy Strikes and Viral Outrage

The untimely death of Peanut triggered a massive wave of media attention and public outrage. Mark found himself at the center of a viral storm, receiving messages from high-profile figures expressing condolences and outrage.

Mark Longo [22:53]: "I have Quentin Tarantino in my DMs. I have my favorite bands reaching out, going, what can we do to help?"

However, the loss also exposed the fragility of relying solely on viral fame for financial sustainability. Without Peanut, the primary source of attention—and income—was abruptly cut off, leaving Mark grappling with the sustainability of his sanctuary.

5. The Meme Coin Phenomenon

In the wake of Peanut's death, an anonymous group in the cryptocurrency sphere transformed Peanut's image into a meme coin titled "Peanut Coin" with the ticker symbol "P.N.U.T."

Mark Longo [24:34]: "It's at 2 billion. Are you involved in this? And I was like, I have no idea what you're talking about."

Peanut Coin rapidly surged to a market cap of over $2 billion, turning Peanut's legacy into a digital asset. This development introduced Mark to the volatile world of meme coins—a new frontier where viral moments translate into speculative financial instruments.

Market Dynamics and Challenges

Mark's limited understanding of cryptocurrency became a hurdle as he discovered that significant profits from Peanut Coin were accruing to anonymous traders, not supporting his sanctuary. Attempts to engage with the meme coin market led to further complications, including accusations of market manipulation and reputational damage.

Mark Longo [28:04]: "Peanut's viral popularity had been leveraged by a group of anonymous crypto insiders into ludicrous amounts of money, tens of millions of dollars."

6. Legal Battles and Seeking Justice

Determined to reclaim control over Peanut's legacy, Mark initiated legal actions against major crypto exchanges, alleging copyright and trademark violations due to the unauthorized use of his and Peanut's likeness.

Mark Longo [34:02]: "You go on their website, it literally has a photo of me with Peanut. They use this to base their whole project on my story."

Despite the anonymity of meme coin creators, Mark's legal strategy aimed to challenge the broader infrastructure supporting such cryptocurrencies, potentially setting precedents for intellectual property rights in the digital age.

7. Reflections on the Attention Economy

Throughout the episode, Mark reflects on the impermanence and fickleness of viral fame. His journey underscores the complexities of the attention economy, where fleeting moments can have profound and lasting impacts on individuals' lives.

Mark Longo [35:22]: "I never thought I'd be somebody who has to fight trauma like I'm about. I have to focus that anger into motivation and positivity because if I don't, I'm going to just mentally break down myself."

Mark's resilience and adaptation in the face of adversity highlight both the opportunities and pitfalls inherent in the modern digital landscape.

8. Conclusion: The Legacy of Peanut

As the episode wraps up, Mark continues to navigate the challenges of sustaining his sanctuary without Peanut's guiding influence. He remains hopeful that his legal efforts will yield positive outcomes, allowing him to honor Peanut's memory while ensuring the well-being of his other rescued animals.

Mark Longo [35:46]: "We're hanging on by a thread."

The story of Peanut the Memecoin serves as a poignant parable about the intersection of viral fame, digital economies, and personal resilience in an ever-evolving attention-driven world.

Notable Quotes:

• Mark Longo [02:27]: "Until finally I was midway on the staircase. I had three cops to my right, I had three to my left. And one of them yelled, I found Peanut. I found the squirrel."

• Mark Longo [04:02]: "I met my wife because of Peanut."

• Mark Longo [14:48]: "The coolest part about it was they were classifying Peanut as the same as, like, a lot of the celebrities that you see in movies."

• Mark Longo [19:07]: "Within minutes, literally. We launched it at like 10 o'clock in the morning and within the first 20 minutes I had a couple thousand subscribers."

• Mark Longo [24:34]: "It's at 2 billion. Are you involved in this? And I was like, I have no idea what you're talking about."

• Mark Longo [34:02]: "You go on their website, it literally has a photo of me with Peanut. They use this to base their whole project on my story."

• Mark Longo [35:22]: "I never thought I'd be somebody who has to fight trauma like I'm about. I have to focus that anger into motivation and positivity because if I don't, I'm going to just mentally break down myself."

• Mark Longo [35:46]: "We're hanging on by a thread."

Episode Credits:

Produced by James Sneed, edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Jimmy Keeley. Executive Producer: Alex Goldmark.

For insights into the explosive rise of meme coins and their impact on the financial landscape, listen to Planet Money's recent episode, "The Meme Coin Casino."