Solana-Based Memecoin $PNUT Surges 30% on Coinbase Listing News

On Wednesday, Coinbase announced the listing of Peanut the Squirrel (PNUT), a Solana-based memecoin, on its exchange. The news triggered a 30% price surge, generating excitement across global markets.

Assets added to the roadmap today: Peanut the Squirrel (PNUT)https://t.co/rRB9d3hSr2

— Coinbase Assets 🛡️ (@CoinbaseAssets) December 11, 2024

PNUT initially gained traction after a controversial social media event involving the euthanasia of a squirrel mascot named Peanut. The incident helped the token amass a dedicated following in the crypto community, pushing its market cap to a peak of $2.4 billion at one point. By joining Coinbase’s growing roster of memecoins, PNUT continues to ride the wave of increased interest in this token category.

As reported by CoinMarketCap, PNUT is trading at $1.35, with a trading volume reaching $1.5 billion. During the same period, PNUT’s performance outpaced that of other meme coins like POPCAT and Mog Coin (MOG).

Coinbase’s Strategic Focus on Memecoins

Coinbase’s approach to listing memecoins has been a notable driver of market activity, often leading to significant price increases for new additions. In recent months, the exchange has listed other memecoins, including MOG and Moo Deng (MOODENG), showcasing its strategic effort to cater to the rising popularity of these tokens.

PNUT’s addition marks the 12th memecoin listed on Coinbase, reflecting the exchange’s increasing focus on this token category. The listing has also spotlighted notable trading activities surrounding the token.

For example, blockchain analytics revealed that a trader invested $17 (approximately 0.0983 SOL) last month to acquire 2.46 million PNUT tokens. This investment yielded profits exceeding 12,000 times the initial amount, highlighting the speculative nature of meme coins and their potential for dramatic market movements.

On-chain data shows the trader began selling on November 2, liquidating 2.23 million tokens for approximately $196,000 (1,162 SOL). They retained 226,000 PNUT tokens, valued at $18,000, which are set for automated sale. As of November 3, the trader’s total profits had surpassed 12,000x the original amount invested.

Coinbase Adds Support to Tokens

In addition to listing PNUT, Coinbase announced support for Magic Eden’s (ME) token, Turbo (TURBO), and Gigachad (GIGA). The exchange cautioned users against transferring these tokens via unsupported networks, as this could result in a loss of funds. Transfers are enabled only in regions where trading for these assets is supported.

Following the announcement, TURBO, an AI-designed ERC-20 token, and GIGA, a Solana-based token, have gained increased attention. Trading for both tokens is expected to begin on December 11, pending liquidity conditions.