Coinbase to list Peanut the Squirrel (PNUT) on the Solana blockchain

Coinbase has officially announced the listing of Peanut the Squirrel (PNUT), a meme coin that has gained attention following a controversial incident. The token will be available for trading on the Solana (SOL) network starting January 14, 2025, at 9:00 am PT, provided liquidity conditions are met. The trading will initially begin with the PNUT-USD trading pair in phases.

Token Transfers and Availability: Coinbase has already enabled token transfers for Peanut the Squirrel on both Coinbase and Coinbase Exchange, with availability varying based on regional trading support.

This listing follows Coinbase’s roadmap that included the token, which was first hinted at in early December. The announcement comes roughly a month after it was added to Coinbase’s listing plans.

Background of Peanut the Squirrel (PNUT): PNUT first gained popularity in November 2024 after a controversial incident involving the killing of a pet squirrel, which caused widespread outrage. The incident led to the creation of the meme coin, and the token quickly went viral, capturing attention across crypto communities, particularly on Crypto Twitter. The token reached an all-time high of $2.47 on November 14, 2024, in the wake of the incident.

Price Decline Amid Market Trends: Despite its initial surge, PNUT’s value has significantly declined due to the broader downturn in the cryptocurrency market. On January 13, 2025, PNUT fell to $0.46, reflecting a 79% drop from its all-time high. Additionally, it saw a 13% drop in the past 24 hours and a 30% decline over the past month. The overall market struggles, with Bitcoin revisiting the $90,000 level and Ethereum dipping below $3,000, have contributed to the meme coin’s recent downturn.

At the time of the Coinbase listing announcement, PNUT was trading around $0.51. The token’s future performance will likely depend on broader market conditions and whether it can regain momentum within the meme coin sector.