A new memecoin based on the Solana blockchain, Peanut the Squirrel (PNUT), has skyrocketed in value after being added to the listing roadmap of top US crypto exchange Coinbase. With the announcement of PNUT’s addition to the roadmap, the memecoin saw a remarkable 31% increase in value on Wednesday, currently trading at $1.34 with a market cap of $1.3 billion, making it the 111th largest cryptocurrency project.
Coinbase utilizes the listing roadmap as a means of transparency and to prevent insider trading on assets before they are officially listed. By placing PNUT on the roadmap, Coinbase has indicated that the asset is likely to be available for trading on the platform in the near future.
PNUT joins a growing list of memecoins that Coinbase has recently added to its trading platform, including Gigachad (GIGA), Turbo (TURBO), MOG Coin (MOG), and Moo Deng (MOODENG). These memecoins have garnered significant attention and trading activity, with PNUT experiencing a surge of over 320% after being listed on the world’s largest exchange, Binance, last month.
The inspiration behind PNUT comes from a squirrel named Peanut, who captured the hearts of a New York family through their TikTok videos and Instagram posts. Unfortunately, New York wildlife officials seized Peanut due to state laws prohibiting the keeping of squirrels as pets. Tragically, Peanut was euthanized on October 30th, sparking a viral incident that further fueled the popularity of the memecoin.
As the crypto market continues to evolve and embrace new trends, memecoins like PNUT are gaining traction among traders and investors. With the backing of major exchanges like Coinbase and Binance, these memecoins are poised for further growth and adoption in the digital asset space.
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(Image Source: Shutterstock/Jorm S)