Peanut the Squirrel (PNUT), a Solana-based memecoin inspired by a social media-famous squirrel, has recently seen a remarkable 31% surge in its price, following the announcement of its listing on Coinbase. The token’s market value has climbed to $1.32 per unit, and its market capitalization has soared to $1.31 billion. This significant rise follows the trend known as the “Coinbase Effect,” where tokens listed on top exchanges often experience immediate price boosts.
PNUT’s rise to prominence is notable, especially as it joins the ranks of other memecoins like Mog Coin (MOG) and Moo Deng (MOODENG) that have recently been listed for trading on Coinbase. The surge in PNUT’s price reflects heightened interest from both retail and institutional investors, bolstered by its newfound access to a broader audience.
Coinbase Listing Triggers Market Activity
As the memecoin landscape continues to evolve, PNUT is not alone in benefiting from major exchange listings. Historical data shows that whenever a crypto project is listed on a prominent exchange like Coinbase, the token often experiences a sharp price surge. This phenomenon, coined the “Coinbase Effect,” has been observed in various tokens over the years. Recently, Thena (THE) experienced a 144.53% price rally following its Binance listing, while MOG saw a 20% increase in value after Coinbase’s listing announcement.
PNUT’s surge mirrors these patterns. Despite its 31% price jump, the token still remains far from its all-time high (ATH) of $2.44, which was reached in November 2023 following a Binance listing. Nevertheless, PNUT’s continued market activity and increased trading volume signal that the coin may have more room to grow.
Assets added to the roadmap today: Peanut the Squirrel (PNUT)https://t.co/rRB9d3hSr2
— Coinbase Assets 🛡️ (@CoinbaseAssets) December 11, 2024
Memecoin Growth and Market Sentiment
Memecoins like PNUT thrive on social media hype, but they also gain significant traction when listed on major exchanges like Coinbase. PNUT’s market cap of $1.31 billion positions it as one of the most valuable memecoins ever created on Solana’s Pump.Fun launchpad. The coin’s popularity has led to striking individual success stories, including one trader who saw a $16 investment balloon to over $3 million in just two weeks.
With the increase in institutional interest in cryptocurrencies, bolstered by the recent political shifts in the United States, the outlook for tokens like PNUT remains promising. As crypto exchanges continue to adapt, Coinbase’s selective listings may drive more significant market movements, attracting both seasoned investors and new participants.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
