Coinbase to Add PNUT Meme Coin to Its Listing

Coinbase has added Peanut the Squirrel (PNUT), the viral meme coin, to its asset roadmap, indicating that the token may soon be listed on the platform, pending further evaluation and approval. This inclusion has generated significant attention in the cryptocurrency space, as it suggests a potential future listing on one of the largest cryptocurrency exchanges.

Currently, PNUT has a circulating supply of 100 million tokens and a market capitalization of approximately $1.32 billion, according to data from pinetbox. The announcement of its inclusion on Coinbase’s asset roadmap has caused notable volatility in its price, with the token trading at $1.34 at the time of writing. The inclusion of smaller tokens on Coinbase’s roadmap often leads to increased visibility and market adoption, though it is important to note that a listing is not guaranteed. In order to be listed, assets must meet Coinbase’s specific compliance and technical standards.

The Viral Backstory of PNUT

Launched in November, PNUT is a Solana-based meme coin inspired by Peanut the Squirrel, a viral internet sensation. The story behind Peanut began when Mark Longo rescued the squirrel from a car accident and shared his experiences on an Instagram account dedicated to Peanut and another animal named Fred. However, the New York City Department of Environmental Conservation later seized the animals from Longo’s home following anonymous complaints, adding a twist to the narrative.

The PNUT token was created to honor Peanut’s memory. Initially, it served as a way for animal lovers to contribute to animal rescue initiatives. However, it quickly gained traction as a meme coin, benefiting from the growing trend of meme-based cryptocurrencies. Built on the Solana blockchain, PNUT has attracted attention not just for its heartwarming backstory, but also for its growing popularity among meme coin enthusiasts.

Coinbase’s involvement in the meme coin space has been evident with its recent listings of various meme coins, such as MOODENG and MOG, signaling the exchange’s increasing interest in supporting these types of tokens. The potential listing of PNUT on Coinbase could further solidify the growing trend of meme coins in the cryptocurrency market.