Coinbase will list the Peanut the Squirrel (PNUT) meme coin on the Solana network, with trading set to begin on January 14. However, this will be subject to liquidity conditions.
This marks a major development for the Solana meme coin, which reached over $2 billion in market cap back in November before losing over 50% in recent liquidations.
PNUT Jumps Nearly 10% After Coinbase Listing
Coinbase added Peanut the Squirrel (PNUT) to its listing plans on December 11. After a month, the meme coin will finally begin trading on the US exchange this week.
The listing news came as a notable boost for the meme coin. PNUT has significantly struggled to maintain any support level throughout the past month. In November, the token was among the top five meme coins in the market.
Since then, PNUT has lost more than 50% of its value, and its current market cap stands just above $500,000.
“Coinbase will add support for Peanut the Squirrel (PNUT) on the Solana network (SPL token). Trading will begin on or after 9AM PT on 14 January, 2025 if liquidity conditions are met. 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,” Coinbase announced.
Today’s listing announcement saw PNUT jump 10% in an hour, but the meme coin is still down by 13% on the day. The token’s daily trading volume also surged over 90%, according to CoinMarketCap data.
The Coinbase listing came relatively late, as other major exchanges like Binance, Bybit, and Bitget listed the meme coin very early. PNUT was also recently listed by web3 payments infrastructure provider Transak.
The meme coin was created and launched via Pump.fun in November 2024. It was themed after the popular social media pet ‘Peanut the Squirrel,’ which belonged to NY resident Mark Longo.
However, Peanut was seized and euthanized by state environmental regulators. This led to a social media outcry, and anonymous developers launched the PNUT meme coin.
Although the community quickly got behind the token, Longo soon filed a lawsuit against Binance. Longo accused Binance of using his image (IP) without permission to endorse the meme coin.
Regardless of these challenges, PNUT has seen significant speculative interest throughout the months.
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