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Coinbase has announced the upcoming listing of the Peanut the Squirrel (PNUT) meme coin on the Solana network, igniting interest in the crypto community.
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Despite a turbulent market history, PNUT’s trading will begin on January 14, pending satisfactory liquidity conditions, providing a potential lifeline for the token.
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“We aim to support a diverse range of assets and look forward to bringing PNUT to our users,” Coinbase stated regarding the listing.
Coinbase is set to list the PNUT meme coin, renewing interest in the token as it prepares for trading on January 14, 2025, despite recent market struggles.
PNUT Jumps Nearly 10% After Coinbase Listing Announcement
The news surrounding the listing of Peanut the Squirrel (PNUT) on Coinbase, announced on December 11, represents a hopeful moment for a coin that has faced substantial market volatility. Trading is expected to officially commence on January 14, 2025, subject to liquidity conditions.
Upon the announcement, there was a notable surge in PNUT’s value, jumping nearly 10% in a short period, though it remains down for the day despite this uptick. At its peak, PNUT’s market cap soared over $2 billion in November but has since declined by more than 50%, with its current market cap resting just above $500,000.
The Coinbase listing arrival comes after several other major exchanges, including Binance and Bitget, had previously listed the coin, indicating a cautious but optimistic approach by Coinbase towards newer, high-risk assets.
“Coinbase will add support for Peanut the Squirrel (PNUT) on the Solana network (SPL token). Trading will begin on or after 9 AM PT on 14 January, 2025 if liquidity conditions are met,” the exchange disclosed.
Today’s announcement of the listing initially propelled PNUT’s visibility, leading to a remarkable increase in trading volume, surpassing 90%, according to CoinMarketCap.
A Closer Look at the Market Dynamics Surrounding PNUT
The path of PNUT serves as a case study in the volatility of the cryptocurrency market. Created in November 2024, this meme coin capitalized on a viral moment surrounding the popular social media pet, Peanut the Squirrel, which met an unfortunate fate at the hands of environmental regulators. This event galvanized community support and fueled speculative trading, with many investors drawn by the meme’s narrative.
Despite attracting a supportive community, the coin’s journey has not been smooth. Legal challenges have surfaced, notably with Mark Longo, the owner of the original Peanut, who recently filed a lawsuit against Binance for alleged unauthorized use of his intellectual property. This development raises questions about the sustainability of meme coins in a market characterized by regulatory scrutiny.
While PNUT’s price has fluctuated dramatically, it continues to garner speculative interest, highlighting investor sentiment towards meme-based cryptocurrencies. Market analysts suggest that long-term viability will depend on the ability of the PNUT community to navigate these challenges effectively.
Conclusion
As the cryptocurrency space evolves, the listing of PNUT on Coinbase represents a significant step for the token, potentially revitalizing interest after a challenging period. With the official trading set for January 14, 2025, PNUT faces both opportunity and risk as it attempts to re-establish its place among top meme coins. Investors remain watchful, and its community’s response to external pressures will be crucial for its future trajectory.
