Coinbase Triggers Rallies After Announcing Listing of Solana-Based Memecoin Peanut the Squirrel (PNUT)

A Solana (SOL)-based memecoin is surging after gaining support from top US crypto exchange Coinbase.

In a post on the social media platform X, Coinbase announces the addition of Peanut the Squirrel (PNUT) to its platform for spot trading.

Amid the news, Peanut the Squirrel is up 26.9% on the day. PNUT is trading for $0.62 at time of writing, and with a market cap of $627.9 million, the memecoin is the 165th largest crypto project.

Coinbase signaled last month that a PNUT listing would occur at some point after adding the digital asset to its listing roadmap.

Coinbase uses the listing roadmap for transparency and to prevent insider trading on coins prior to them being listed. Being placed on the listing roadmap means the firm has determined the asset will likely be available for trading in the future.

PNUT is just one of a batch of other memecoins Coinbase has rolled out support for in recent months. Others include Gigachad (GIGA), a crypto asset inspired by the photo shoot of Russian bodybuilder Ernest Khalimov, and Turbo (TURBO), a GPT-4 inspired memecoin.

PNUT is inspired by a squirrel rescued by a New York family. The squirrel became popular on the family’s TikTok videos and Instagram, but New York wildlife officials seized the animal based on state laws that prohibit keeping squirrels as pets. The squirrel was euthanized on October 30th, which became a viral incident.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

Featured Image: Shutterstock/XIS10CIAL