Coinbase plans to list the PNUT meme coin on the Solana network, and trading is scheduled to begin on January 14. However, this is subject to liquidity conditions.
This represents a major development for the Solana meme coin. This coin exceeded a market capitalization of $2 billion in November, but has recently declined by more than 50% due to liquidation.
PNUT surges 10% after Coinbase listing plan announcement
Coinbase added Peanut the Squirrel (PNUT) to its listing plan on December 11. A month later, this meme coin is set to start trading on the US exchange this week.
The listing news has given a notable boost to the meme coin. PNUT had struggled to maintain any support levels over the past month. In November, this token was one of the top 5 meme coins in the market.
Since then, PNUT has lost more than 50% of its value. Its current market capitalization is just over $500,000.
"Coinbase will support Peanut the Squirrel (PNUT), an SPL token on the Solana network. Trading will commence after 9:00 AM PT on January 14, 2025, subject to liquidity conditions being met. Once sufficient supply of this asset is secured, trading of the PNUT-USD trading pair will be gradually enabled. Support for PNUT may be limited in certain supported jurisdictions." - Coinbase announcement.
Today's listing announcement saw PNUT surge 10% within an hour, but it still ended the day down 13%. According to CoinMarketCap data, the token's daily trading volume also spiked by over 90%.
The Coinbase listing came relatively late. Other major exchanges like Binance, Bybit, and BitGet had listed meme coins much earlier. PNUT has also recently been listed by Transak, a Web3 payments infrastructure provider.
This meme coin was created in November 2024 through Pump Fun, themed around the popular SNS pet 'Peanut the Squirrel' of New York resident Mark Longo.
However, Peanut was seized and euthanized by state environmental authorities, sparking outrage on social media, and anonymous developers launched the PNUT meme coin.
While the community quickly rallied behind the token, Longo soon filed a lawsuit against Binance, accusing the exchange of using his image (IP) to promote the meme coin without permission.
Despite these challenges, PNUT has received considerable speculative interest over the past few months.
