Solana-based memecoin Peanut the Squirrel (PNUT) experienced a sharp 35% price increase after Coinbase announced plans to include it in its listing roadmap. PNUT’s market cap reached $1.34 billion, surpassing other prominent memecoins such as POPCAT and MOG COIN.
Huge Increase in PNUT Price
Coinbase’s announcement that it may list PNUT has generated renewed interest among crypto investors. This news increased the price of PNUT to $1.35, causing a 35% increase in 24 hours.
According to CoinMarketCap data, PNUT’s trading volume increased to $1.5 billion during this period. PNUT attracted attention after a viral incident on social media about a squirrel mascot named Peanut, and thanks to the strong following it gained, its market value previously rose to $2.4 billion.
PNUT’s potential to be listed on the Coinbase exchange has put it ahead of other popular memecoins such as POPCAT and MOG COIN. Coinbase’s listing roadmap frequently leads to price increases for newly listed tokens, significantly influencing market trends.
Coinbase Listings
Open interest in PNUT futures increased by 40.48% to $328.05 million. This increase reflects speculation and trader confidence in the token’s potential for further growth.
Coinbase also announced that Magic Eden will also support other memecoins such as the ME token, Turbo (TURBO) and Gigachad (GIGA). It was announced that transactions for TURBO and GIGA will begin today. At the time of writing, the GIGA parity was about to become active.
The listing of PNUT by Coinbase enabled it to gain an important place among memecoins and affected the market dynamics. The fact that other memecoins have lagged behind in the short term demonstrates the impact of Coinbase’s strategic listing decisions on the market. For investors, these developments offer valuable information about the future performance of memecoins.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
