The Solana-based meme coin $PNUT experienced a significant 20% surge in price after Coinbase announced plans to include the token on its listing roadmap. The news has propelled $PNUT into the spotlight, with 24-hour trading volumes exceeding $1.5 billion, according to CoinGecko data.
Coinbase Listing Sparks Market Activity
Coinbase’s decision to add $PNUT is part of its broader strategy to embrace the rising popularity of meme coins. The platform has recently listed other meme tokens like MOG COIN, MOO DENG, and PEPE, reflecting growing institutional interest in this market segment.
Currently trading at $1.34, $PNUT has achieved a market cap of $1.34 billion, overtaking other meme coins such as POPCAT and MOG COIN. This development positions $PNUT as a major player in the meme coin category, especially with its listings on both Binance and Coinbase solidifying its presence in the market.
The Viral Origins of $PNUT
$PNUT initially gained traction after a controversial incident involving a squirrel mascot named Peanut, which was euthanized by the New York Department of Conservation. The event went viral on social media, sparking the creation of the meme coin and a dedicated following on crypto Twitter.
At its peak, $PNUT reached a market cap of $2.4 billion, demonstrating the power of meme culture in driving digital asset growth. The coin’s popularity highlights the potential of meme tokens to capture investor attention and sustain high trading volumes.
Future Outlook
With its integration into major platforms like Binance and Coinbase, $PNUT is poised to potentially extend its rally into 2025. Analysts suggest that its strong market performance and growing community support could contribute to further price gains, although the volatility associated with meme coins remains a key consideration.
As Coinbase continues to expand its offerings in the meme coin space, $PNUT’s trajectory will serve as a critical indicator of broader market sentiment toward this emerging asset class.