Thomas Daniels
Peanut the Squirrel (PNUT), a meme coin that became well-known in late 2024, will soon be supported by Coinbase, one of the biggest cryptocurrency exchanges. Subject to enough liquidity, the exchange confirmed that PNUT trading on the Solana (SOL) network will start on January 14, 2025, at 9:00 AM PT.
In its statement, Coinbase explained, “Once sufficient supply of this asset is established, trading on our PNUT-USD trading pair will launch in phases. Support for PNUT may be restricted in some supported jurisdictions.” PNUT token transfers are now possible on Coinbase and Coinbase Exchange, albeit there can be regional limitations.
The Contentious Past of PNUT’s Ascent
Following a widely shared incident involving the contentious death of a pet squirrel in November 2024, PNUT initially rose to notoriety. Widespread social media outrage over the incident fueled the development of the meme coin, which soon captured the attention of the cryptocurrency world. On November 14, 2024, PNUT hit a record high of $2.47 as a result of the spike in online interest.
Market Volatility Has a Serious Effect on PNUT
Despite its early success, PNUT has had difficulties recently due to the volatility of the cryptocurrency market as a whole. By January 13, 2025, the token had fallen to $0.46, a 79% decrease from its peak valuation. A market-wide sell-off followed this steep decline, with Ethereum dropping below $3,000 and Bitcoin retreating near the $90,000 mark.
Although PNUT has dropped 13% in the last day and 30% in the last month, it has somewhat rebounded to trade around $0.51 since Coinbase’s announcement.
The Listing Strategy of Coinbase
Coinbase indicated its increasing attention on meme currencies and developing tokens in December 2024 by adding PNUT to its listing plan, which was only a month later. This action might aid PNUT in regaining its momentum, particularly as retail traders continue to be drawn to the meme coin phenomenon.
As trading is about to begin, PNUT’s performance on Coinbase will be widely monitored as a sign of its resilience in a cutthroat and frequently unstable market.
