Peanut the Squirrel (PNUT) Climbs 20% Following Coinbase Listing Announcement
As the cryptocurrency market stabilizes, Peanut the Squirrel (#PNUT) has experienced a 20% increase on Wednesday and is currently up 16.70% within the last 24 hours, according to CoinMarketCap. This significant rise occurs amidst ongoing volatility in the crypto space, capturing attention particularly within the meme coin sector.
Source: CoinMarketCap
PNUT gained early traction due to substantial profits for initial investors; one case saw an investor earning $1.77 million within two days, cementing its reputation as a high-reward asset.
The recent surge is attributed to Coinbase's announcement on December 11, 2024, indicating plans to include PNUT on its roadmap for potential listing. While already available on exchanges like Binance and Kucoin, Coinbase's involvement could enhance credibility and accessibility for both seasoned and new investors.
Assets added to the roadmap today: Peanut the Squirrel (PNUT)https://t.co/rRB9d3hSr2
— Coinbase Assets 🛡️ (@CoinbaseAssets) December 11, 2024
PNUT’s Wild Ride: Viral to Vital
PNUT's ascent is significantly influenced by its viral mascot, which gained notoriety during a 2023 rabies scare in New York, enhancing its status in the meme coin arena. The token is now the ninth-largest by market cap, surpassing competitors like POPCAT (#POPCAT) and MOG Coin (#MOG).
Despite its growth, PNUT's price remains 48.64% below its all-time high after recovering from a recent low of $0.96. Analysts note a 70% increase in its 24-hour trading volume to $1.47 billion, indicating strong market interest, though it still has a way to go to regain peak levels.
Bitcoin's resurgence to $100,000 has positively impacted market dynamics, contributing to a general recovery that benefits Solana-based tokens like PNUT, whose bullish trends align with major cryptocurrencies.
Coinbase Embraces Meme Coins Trend
Coinbase's decision to add PNUT to its roadmap reflects a growing trend of integrating meme coins into major trading platforms, which previously overlooked them. Other tokens like Gigachad (GIGA) and Turbo (#TURBO) have also seen positive price movements following similar listing announcements.
Launched in November 2023 on Pump.fun, a Solana-centric meme coin platform, PNUT's price surged 300% after being listed on Binance, marking it as a notable player. Analysts predict that sustained investor interest and viral momentum could propel PNUT to $5, a significant increase from its current valuation.
The rising popularity of Solana-based meme coins illustrates a shift in the cryptocurrency landscape where humor and culture increasingly intersect with finance. PNUT's trajectory demonstrates how viral trends and social media engagement can lead to real-world outcomes, highlighting the seriousness of memes in the crypto realm.