Coinbase Adds PNUT Meme Coin On Solana Network, What’s Next?

Peanut the Squirrel (PNUT), a Solana-based meme coin that emerged in 2024, will join Coinbase platform. Pending liquidity requirements, trading for the PNUT-USD pair is set to commence on January 14, 2025, at 9:00 AM PT. The announcement follows a previous roadmap update in December.

Coinbase Confirms Solana-Based PNUT Meme Coin Trading to Begin This Week

According to a post on X, formerly Twitter, Coinbase confirmed that Peanut the Squirrel (PNUT) trading will launch on January 14, 2025. The meme coin, built on the Solana network, will have its trading pair PNUT-USD available in phases, depending on liquidity conditions.

The exchange noted that token transfers for PNUT are already accessible on Coinbase and Coinbase Exchange. However, trading support for PNUT may be restricted in certain regions, aligning with Coinbase’s regional compliance policies.

More so, the top crypto exchange post on X added,

“Once sufficient supply of this asset is established trading on our PNUT-USD trading pair will launch in phases.”

PNUT Price Gains Momentum but Remains Below Previous Highs

PNUT rose by more than 10% in value shortly after the top crypto exchange announcement. Peanut the Squirrel (PNUT) price rallied from $0.48 to $0.59 after it was revealed that it would be listed at Coinbase.

This represents a significant rebound after earlier declines, with a 1.98% daily increase in market cap and over 107% growth in trading volume to $431.71M. Despite the uptick, the token remains 79% below its all-time high of $2.47 reached in November 2024.

The meme coin surged in popularity following a social media-driven movement, but recent months have seen its value decline amid a broader market downturn.

However, the heavy Solana meme coin accumulation has pushed the PNUT price up with analysts eyeing a rally to $1. Notably, PNUT is testing a breakout from its downward trendline, supported by strong whale activity and the Coinbase listing.

Legal and Market Challenges Surround PNUT Meme Coin

The origin of PNUT is linked to a social media outcry in late 2024. The token was created after New York state regulators seized and euthanized a pet squirrel named Peanut. This event led to the token’s launch and widespread adoption by a community of supporters.

PNUT has also faced legal challenges. Mark Longo, the pet squirrel’s owner, filed a lawsuit against Binance. Mark Longo accused the platform of unauthorized usage of his intellectual property to promote the meme coin. The legal proceedings have added a layer of uncertainty to PNUT journey in the crypto market.

Notably, the listing enhances PNUT meme coin visibility on one of the largest crypto exchanges. With its recent addition to Coinbase and the ongoing interest from its community, PNUT may experience further volatility in the coming weeks.