As a seasoned crypto investor with over a decade of experience under my belt, I must say the recent surge in PNUT‘s price following its addition to Coinbase’s listing roadmap has caught my attention. Having witnessed the crypto market’s ups and downs, I can confidently say that meme coins have become an integral part of this ever-evolving ecosystem.
Following the announcement of Coinbase’s intentions to include Peanut the Squirrel (PNUT) on its listing schedule, there was a significant 20% jump in PNUT’s price. As a result, the market capitalization of PNUT soared to $1.34 billion, surpassing other popular meme coins like POPCAT and MOG COIN.
PNUT Price Soars 35% with Coinbase Listing Announcement
News about Coinbase adding PNUT, a meme coin born on the Solana blockchain, to their platform has rekindled excitement among cryptocurrency traders. This announcement led to a significant increase in PNUT’s value, reaching $1.35 – a jump of 35% over a 24-hour period.
Data from CoinMarketCap shows that PNUT’s trading volume soared to $1.5 billion during this period.
Initially, PNUT garnered significant interest following an influential social media incident concerning the termination of a squirrel mascot named Peanut. This controversy played a crucial role in building a dedicated community for the token on crypto Twitter, with its market value reaching a high of $2.4 billion at one point. Now, by being added to Coinbase, PNUT becomes part of their expanding collection of meme coins, a category that has gained traction lately.
Competing Meme Coins Lose Ground
Including PNUT in Coinbase’s portfolio gives it a larger market capitalization compared to well-known meme coins like POPCAT and MOG COIN.
On many occasions, Coinbase’s decision to list new tokens has greatly influenced market behaviors, frequently resulting in an increase in token prices. Now, it’s PNUT that has made its way onto the exchange as their 12th meme coin.
Over the past few months, Coinbase has expanded its offerings to include meme coins like MOG COIN and Moo Deng (MOODENG), showcasing their intent to tap into the surging interest in this token category. Binance had earlier listed PNUT, a move that led to a similar price surge.
Analyst Predicts 463% Price Jump for PNUT
Prediction indicates that the cost of PNUT might rise significantly in the upcoming months. One cryptocurrency expert even hypothesized a potential increase of 463%, which could lead to a price tag of around $5, considering the present momentum and growing presence on significant platforms such as Coinbase and Binance.
Furthermore, there’s been a 40.48% surge in engagement with PNUT futures, totalling $328.05 million. This significant uptick in involvement indicates that more traders are betting on the token’s prospects for continued expansion, suggesting increased speculation and confidence.
At the same time as PNUT, Coinbase has also started supporting Magic Eden’s ME token, Turbo (TURBO), and Gigachad (GIGA). The ERC-20 token Turbo was created entirely with AI, while GIGA is an SPL token from Solana. Both tokens have gained more attention following their listing announcements.
The commencement of trading for TURBO and GIGA has been set for December 11, subject to fulfilling the necessary liquidity requirements. These listings are part of a growing trend in meme coin adoption, as platforms like Coinbase and Binance broaden their offerings to attract more diverse user bases by expanding their portfolios.
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2024-12-11 20:08