Solana-Based Meme Coin PNUT Surges 35% Following Coinbase Listing Announcement
By Kelvin Munene Murithi | 1 hour ago
Key Highlights
- PNUT, a Solana-based meme coin, hit $1.35 after Coinbase announced its listing, driving its market cap to $1.34 billion with a $1.5 billion trading volume.
- The coin overtook competitors like POPCAT and MOG COIN, becoming Coinbase’s 12th listed meme token.
- Analysts predict PNUT could rise to $5, with futures open interest climbing 40.48% to $328.05 million.
PNUT Rallies on Coinbase Listing News
The Solana-based meme token Peanut the Squirrel (PNUT) saw a significant price increase following Coinbase’s announcement to include it in its listing roadmap. PNUT’s value rose 35% in just 24 hours, reaching $1.35. The token’s market cap climbed to $1.34 billion, supported by a trading volume of $1.5 billion, as reported by CoinMarketCap.
PNUT originally gained popularity after a viral incident involving a squirrel mascot named Peanut, which sparked attention across crypto social media. This event helped the token build a strong community, particularly on crypto Twitter. PNUT now joins Coinbase’s growing list of meme tokens, which reflects the exchange’s increasing focus on this trending market segment.
Outpacing Competitors
With its addition to Coinbase, PNUT surpassed other well-known meme coins, including POPCAT and MOG COIN, in market capitalization. Coinbase’s strategic inclusion of meme tokens continues to shape market movements, with PNUT becoming the 12th meme coin listed on the platform.
Previously, Binance listed PNUT, triggering a similar price spike. Other recent Coinbase additions, such as MOG COIN and Moo Deng (MOODENG), demonstrate the platform’s efforts to cater to the expanding interest in meme tokens.
Bullish Projections for PNUT
Market analysts are optimistic about PNUT’s future. Predictions suggest the token could climb as high as $5, representing a 463% increase, driven by its growing visibility on major exchanges like Coinbase and Binance.
Additionally, PNUT’s futures open interest surged 40.48%, reaching $328.05 million. This uptick highlights increased trader confidence and heightened speculation about the token’s potential growth.
Meme Coin Momentum Continues
Coinbase has also recently announced support for other tokens, including Magic Eden’s ME token, Turbo (TURBO), and Gigachad (GIGA). TURBO, developed using AI, and GIGA, a Solana-based SPL token, have both seen increased attention following their listing announcements. Trading for these tokens is set to commence on December 11, contingent on liquidity conditions.
These developments underscore the growing adoption of meme coins by major exchanges like Coinbase and Binance, signaling their ongoing appeal to a broader crypto audience.
