Coinbase will add the Solana-based meme coin PNUT for trade On January 14, 2025. The price of PNUT rises by more than 10% but stays below its peak.
Peanut the Squirrel (PNUT), a meme coin that runs on the Solana network, will be supported by Coinbase, one of the leading cryptocurrency exchange platforms. Coinbase cautions users that they risk losing their money if they are not careful and only trade on the Solana network.
Coinbase Confirms PNUT Trading Launch On The Platform
Following a post on X, formerly Twitter, trading for the PNUT-USD pair is scheduled to start on January 14, 2025, at 9:00 AM PT, subject to liquidity constraints. The announcement comes after a roadmap update that was made in December.
The Solana network-based meme coin’s trading pair, PNUT-USD, will be made available in phases depending on liquidity conditions.
The exchange pointed out that Coinbase and Coinbase Exchange already allow token transfers for PNUT. However, trading access for PNUT may be blocked in specific locations, aligning with Coinbase’s regional compliance regulations.
PNUT Price Impact Following Listing Announcement
Following the traumatic killing of a pet squirrel in November 2024, the Peanut the Squirrel viral currency gained widespread attention. Outrage over the incident led to the creation of the meme coin, which quickly took cryptocurrency Twitter by storm. On November 14, PNUT hit a record high of $2.47.
However, amid the collapse of the larger cryptocurrency market, the token has experienced a sharp drop. As Bitcoin returned to the $90,000 mark and Ethereum dropped below $3,000 due to heightened sell-off pressure, PNUT dropped to lows of $0.46 on January 13, 2025.
PNUT is down 13% on the last day and 30% in the previous month, losing 79% of its market value since its peak. After Coinbase’s announcement, the meme coin traded at about $0.51.
