PNUT Meme Coin Surges After Coinbase Listing News
PNUT meme coin surged over 20% after Coinbase announced plans to list it, fueling interest in Solana-based tokens and meme coin trends.
PNUT, a meme coin based on Solana, surged over 20% in value after Coinbase announced plans to list it. This announcement sparked significant interest among crypto traders, pushing PNUT’s market cap to over $1 billion and making it one of the most talked-about tokens in recent days.
The token’s trading activity skyrocketed, with daily volumes exceeding $1 billion. This growth places PNUT alongside other popular meme coins on Coinbase’s expanding list of listings, further cementing its status in the crypto market. PNUT's popularity originally stemmed from a viral incident involving a squirrel mascot named Peanut, which went viral on crypto Twitter and brought widespread attention to the token.
Coinbase’s decision to list PNUT follows similar moves by Binance and Bitget. Binance added the coin shortly after its launch, resulting in a massive initial rally that saw its value triple. Despite the excitement, Binance faced backlash for listing low-market-cap meme coins, with critics accusing the exchange of promoting risky investments and facilitating pump-and-dump schemes.
PNUT, launched in November on the Pump.fun platform, has seen a steady rise in adoption. However, Pump.fun has faced criticism for enabling scams through its live-streaming feature, which some users exploited to promote fraudulent activities. In response to regulatory concerns, the platform recently restricted access for UK users after warnings from the Financial Conduct Authority (FCA). Despite these issues, Pump.fun remains financially strong, generating over $200 million in revenue and hosting millions of meme coin projects.
The trend of meme coins gaining traction on major exchanges continues, with Solana-based tokens like PNUT leading the charge. The overall market cap of Solana meme coins has reached $20 billion this year, reflecting their growing influence in the cryptocurrency space.
As meme coins like PNUT gain visibility through high-profile listings, questions about their long-term stability and market impact persist. Yet, for now, the hype surrounding them shows no signs of slowing down. With Coinbase adding PNUT, it joins the ranks of popular tokens, signaling continued interest in meme coins among crypto traders. Whether this momentum is sustainable remains to be seen, but for now, PNUT is in the spotlight.
