On January 14th, the meme coin based on the Peanut the Squirrel character, known as PNUT, will become available for trading on the Solana network by Coinbase. Please note that this listing is contingent upon meeting certain liquidity requirements.
This signifies a significant advancement for the Solana meme token, as it surpassed a market capitalization of $2 billion in November only to later experience a decline exceeding 50% due to recent sell-offs.
PNUT Jumps Nearly 10% After Coinbase Listing
On December 11th, Coinbase announced that it intends to list Peanut the Squirrel (PNUT) in its upcoming plans. This week, after a month-long wait, the meme coin will officially start trading on U.S. exchanges.
The recent headlines about the coin’s listing provided a much-needed lift for the meme token, which had been struggling to hold any meaningful support over the last month. Notably, the token ranked within the top 5 meme coins available in the market as of November.
After that point, the value of PNUT dropped by over 50%, leaving its current market capitalization at approximately $500,000.
Coinbase plans to introduce Peanut the Squirrel (PNUT) on the Solana network starting January 14, 2025, at 9AM PT or later, depending on liquidity requirements. If these conditions are met, trading of PNUT will commence. As we build up a sufficient supply of this asset, the PNUT-USD trading pair will be rolled out in stages. Please note that support for PNUT may not be available in certain jurisdictions that Coinbase currently serves,” as announced by Coinbase.
Today’s announcement led to a 10% increase in PNUT within an hour, yet it remains 13% lower for the day overall. As per CoinMarketCap figures, the token’s daily trading volume experienced a significant boost, rising more than 90%.
Compared to other big platforms such as Binance, Bybit, and Bitget, Coinbase added the meme coin quite some time after they had already done so. However, it’s worth noting that more recently, the meme coin has also been listed by web3 payments facilitator Transak, known for providing infrastructure services.
In November of 2024, the meme coin was introduced and released through Pump.fun. This digital currency was designed around the beloved internet character, ‘Peanut the Squirrel,’ who was owned by New York resident Mark Longo.
Nevertheless, Peanut was taken into custody and put down by state environmental officials. This action sparked an uproar on social media, resulting in the creation of the PNUT meme cryptocurrency by unknown developers.
Despite swift support for the token from the community, Longo subsequently took legal action against Binance. He alleged that Binance had utilized his likeness (intellectual property) without consent, in order to promote the meme coin.
Despite facing these hurdles, there’s been a notable surge of speculative attention towards PNUT over the past few months.
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2025-01-14 00:01