Peanut the Squirrel (PNUT), a meme coin based on the viral squirrel mascot, has gained significant attention after Coinbase announced it would add the token to its listing roadmap. Following this announcement, PNUT’s price surged by 20%, pushing its market cap to $1.34 billion. Within 24 hours, its trading volume reached $1.5 billion, and the price rose to $1.35. This surge was particularly notable because the coin had been struggling to maintain momentum since its peak in November 2023, when it hit an all-time high of $2.44.
PNUT’s rise is partly attributed to its viral mascot, which gained widespread recognition after being involved in a rabies scare in New York in October 2023. Following this incident, the squirrel became a meme sensation. Despite its growth, PNUT remains 45% below its all-time high and is now ranked as the ninth-largest meme coin by market cap, overtaking other popular meme coins such as POPCAT and MOG Coin.
The announcement of PNUT’s addition to Coinbase came alongside news of other meme coin listings, including Gigachad (GIGA) and Turbo (TURBO), which also saw price increases of 37% and 15%, respectively. This wave of new meme coin listings reflects Coinbase’s increased openness to listing tokens that are not just from established projects but also from meme-based communities. Historically, Coinbase has been more selective about adding meme coins, but recent trends show a shift in this approach.
PNUT’s journey began in early November 2023 when it was launched on Pump.fun, a Solana-based meme coin platform. The token quickly gained attention and was listed on Binance, which triggered a 300% price increase. This listing on major exchanges helped solidify PNUT’s place in the meme coin market. Some analysts have forecasted that the coin could reach as high as $5, driven by continued interest from traders and the viral nature of its mascot.
The growth of Solana-based meme coins, like PNUT, has mirrored the broader trend of meme coin popularity, particularly on major platforms like Binance and Coinbase. These platforms have become hotspots for traders looking to capitalize on the volatility and potential for high returns associated with meme tokens. The rise of meme coins, including PNUT, GIGA and TURBO, highlights a shifting focus in the cryptocurrency market.
PNUT’s success illustrates the impact of viral culture and social media in the cryptocurrency world. The Coinbase listing is a significant milestone for the token, signaling that meme coins are increasingly being recognized as legitimate assets on major trading platforms. This trend is expected to continue as more meme coins attract attention and follow the path of tokens like Dogecoin and Shiba Inu.