Coinbase will list the Peanut the Squirrel (PNUT) meme coin on the Solana network, with trading scheduled to begin on January 14, 2025, pending liquidity conditions. This marks a significant milestone for the Solana-based meme coin, which previously soared to a $2 billion market cap in November before facing a sharp decline.
PNUT Surges Nearly 10% Following Coinbase Announcement
The announcement of PNUT's listing on Coinbase triggered a 10% price surge within an hour, though the token remains 13% down for the day. Trading volume spiked over 90%, according to CoinMarketCap data.
“Coinbase will add support for Peanut the Squirrel (PNUT) on the Solana network. Trading will commence on or after 9AM PT on January 14, 2025, contingent on liquidity. The PNUT-USD pair will launch in phases, with possible jurisdictional restrictions,” Coinbase stated.
Key Highlights:
- Listing Delay: While Binance, Bybit, and Bitget listed PNUT earlier, Coinbase’s inclusion is a major credibility boost.
- Market Volatility: PNUT has lost over 50% of its value since November, now holding a market cap of ~$500,000.
- Recent Integrations: Web3 payment provider Transak recently added PNUT, expanding its accessibility.
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The Rise and Challenges of PNUT
Launched via Pump.fun in November 2024, PNUT was inspired by the viral pet Peanut the Squirrel, owned by New Yorker Mark Longo. After Peanut was euthanized by authorities, anonymous developers capitalized on the social media outcry to create the meme coin.
Despite initial hype, Longo sued Binance for unauthorized use of his intellectual property, alleging improper endorsement of PNUT. The token, however, continues to attract speculative traders.
FAQ
1. Why is PNUT listed on Coinbase later than other exchanges?
Coinbase follows stricter regulatory protocols, leading to delayed listings compared to global exchanges like Binance.
2. What caused PNUT’s recent price drop?
Broader market liquidations and reduced meme coin demand contributed to its 50% decline.
3. Will PNUT recover after the Coinbase listing?
While listings often boost short-term interest, long-term viability depends on community engagement and market trends.
Conclusion
Coinbase’s PNUT listing underscores the growing acceptance of meme coins in mainstream crypto markets. However, investors should remain cautious given its high volatility and legal complexities.
For real-time updates, follow reputable crypto trackers and conduct independent research before trading.
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