Peanut the Squirrel (PNUT), a meme coin built on the Solana blockchain, has officially been listed for trading on Coinbase as of January 14, 2025. This addition has sparked interest in the token, with its value surging over 10% following the announcement. However, while the price has experienced a notable rebound, PNUT remains significantly below its all-time high of $2.47 reached in November 2024.
Coinbase Listing Boosts PNUT Price
The listing news led to a sharp increase in PNUT’s price, rising from $0.48 to $0.59 shortly after the announcement. The token saw a 1.98% increase in market cap, alongside a substantial 107% growth in trading volume, which reached $431.71 million. Despite this uptick, PNUT remains approximately 79% below its previous high, reflecting the volatility and challenges faced by meme coins in the broader market.
Coinbase confirmed that trading for the PNUT-USD pair will begin once sufficient liquidity is established. Transfers of PNUT tokens are already possible on Coinbase and Coinbase Exchange, though regional restrictions may apply in line with compliance policies.
The Legal and Social Media Backstory
PNUT emerged from a highly publicized social media-driven movement following the tragic seizure and euthanization of Peanut, a pet squirrel, by New York state regulators. The event sparked outrage, leading to the creation of the meme coin as a symbol of resistance, which quickly gained traction among the community.
However, PNUT’s journey has not been without legal hurdles. The owner of Peanut, Mark Longo, has filed a lawsuit against Binance for allegedly using his intellectual property to promote the coin without permission. This legal issue adds a layer of uncertainty to PNUT’s future in the crypto market.
What’s Next for PNUT?
With the increased visibility from Coinbase’s listing and strong whale activity, analysts are eyeing potential price rallies, with some predicting a possible breakout to $1. However, the ongoing legal challenges and broader market conditions will likely contribute to continued volatility in the coming weeks.
As PNUT tests a breakout from its downward trendline, the community remains hopeful, though the market’s speculative nature means that further fluctuations in value are likely as it navigates these challenges. The future of PNUT will depend not only on legal outcomes but also on the broader crypto market’s sentiment and demand for meme coins.
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