Coinbase’s December 11, 2024 announcement adding PNUT to its roadmap for potential listing has sparked renewed investor enthusiasm.
As the cryptocurrency market rebounds from its recent turmoil, Peanut the Squirrel PNUT $0.12 24h volatility: 10.7% Market cap: $123.81 M Vol. 24h: $48.63 M has defied the odds, climbing 20% on Wednesday. The token is still 16.70% up in the 24-hour time frame, according to CoinMarketCap. While volatility dominates the crypto space, PNUT’s meteoric rise has turned heads, especially among those keeping an eye on the meme coin market.
Source: CoinMarketCap
The token’s fame isn’t newfound. PNUT drew attention almost immediately after its launch, largely due to the staggering profits it delivered to early investors. In one remarkable instance, an investor bagged a jaw-dropping $1.77 million in just two days, solidifying the coin’s reputation as a high-reward gamble.
But what’s fueling this latest surge? Much of the enthusiasm stems from Coinbase’s December 11, 2024 announcement adding PNUT to its roadmap for potential listing. While PNUT is already available on popular exchanges like Binance and Kucoin, Coinbase’s backing could offer a boost in credibility and accessibility, a development that has excited both seasoned and new investors.
Assets added to the roadmap today: Peanut the Squirrel (PNUT)https://t.co/rRB9d3hSr2
— Coinbase Assets 🛡️ (@CoinbaseAssets) December 11, 2024
PNUT’s Wild Ride: Viral to Vital
PNUT’s growth is not just about numbers; its viral mascot plays a crucial role. The squirrel achieved global fame following a 2023 rabies scare in New York, transforming it into an internet sensation. This mix of humor and controversy has helped PNUT carve a niche in the meme coin world. It now ranks as the ninth-largest by market cap, surpassing well-known rivals like POPCAT POPCAT $0.14 24h volatility: 12.5% Market cap: $135.61 M Vol. 24h: $34.55 M and MOG Coin MOG $0.000000 24h volatility: 15.1% Market cap: $150.78 M Vol. 24h: $14.74 M .
However, the token’s price journey has been anything but smooth. Currently, it sits 48.64% below its all-time high, now successfully recovered from a recent dip to $0.96. Analysts note that while its 24-hour trading volume skyrocketed by 70% to $1.47 billion, signaling robust market interest, PNUT still has significant ground to cover before reclaiming its peak.
Bitcoin’s return to the $100,000 mark has also shifted market dynamics, bringing the crypto heatmap back into the green zone. This broader recovery has benefited Solana-based tokens like PNUT, whose bullish trends mirror those of major cryptocurrencies.
Coinbase Embraces Meme Coins Trend
Coinbase’s move to add PNUT to its roadmap highlights a broader trend of embracing meme coins, which were historically overlooked by major trading platforms. Alongside PNUT, tokens like Gigachad (GIGA) and Turbo TURBO $0.00220 24h volatility: 8.6% Market cap: $151.72 M Vol. 24h: $25.93 M also saw listing announcements, with their prices rising 6% and 5%, respectively, in the last 24 hours.
PNUT’s journey began in November 2023 on Pump.fun, a Solana-focused meme coin platform. Within weeks, its Binance listing triggered a 300% price surge, establishing the token as a serious contender. Analysts suggest that with sustained investor interest and viral momentum, PNUT could reach $5, a significant leap from its current price.
The growing popularity of Solana-based meme coins underscores a broader shift in the crypto market, where humor and culture increasingly intersect with finance. PNUT’s rise showcases how viral trends and social media buzz can drive tangible results, proving that even in the volatile world of cryptocurrency, memes are serious business.
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