Peanut the Squirrel (PNUT), a Solana-based meme coin, saw its value jump by 20% after Coinbase announced plans to include the token in its listing roadmap. 

PNUT’s market cap surged to $1.34 billion, surpassing other popular meme coins like POPCAT and MOG COIN.

Coinbase’s decision to list PNUT reignited interest among cryptocurrency traders, driving the token’s price to $1.35—a 30% spike within 24 hours. According to CoinMarketCap, trading activity for PNUT surged, with volumes reaching $1.5 billion during the same period.

Coibase has also added Gigachad (GIGA), another Solana meme coin, to its listing roadmap. However, GIGA’s price didn’t experience the same rally as PNUT. 

PNUT meme coin gained prominence following a viral social media controversy involving a squirrel mascot named Peanut, which attracted significant attention on crypto Twitter. The token previously reached a market cap of $2.4 billion during its peak. 

With Coinbase now adding PNUT to its expanding roster of meme coins, the trend of listing such tokens on major exchanges continues to gain momentum.

PNUT is currently the 9th largest meme coin, with a market of over $1.2 billion. The meme coin was launched in early November using the popular launchpad Pump.fun. Binance listed the token quickly after its launch, which saw its value surge by 300%, reaching an all-time high of $2.44.

However, Binance has since received severe criticism for listing meme coins with a low market cap. Some users have also accused the exchange of facilitating pump-and-dump. Binance is also facing separate allegations of unlawful employee termination and bribery.

Meanwhile, Pump.fun has also been under fire after introducing a live-stream feature on the platform. Several users have misused this feature to promote harmful activities and financial scams.

Most recently, Pump.fun blocked access to UK users after the FCA’s warning over unauthorized financial services. Despite controversies, the platform thrives financially, generating $215 million and deploying over 3.8 million meme coins.

Overall, Solana meme coins gained significant popularity this year. According to CoinGecko data, the overall market cap of these tokens currently stand at $20.5 billion. 

The post PNUT Meme Coin Surges Over 20% Following Coinbase Listing Plans appeared first on BeInCrypto.

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