1 week Ago By Michael Ndu-Okeke
Peanut the Squirrel (PNUT), a memecoin that shot to fame during the United States election campaign period has grown by 13.7% following a listing by a leading crypto exchange in the industry. PNUT has surged by 13.
7% after it was listed by Coinbase, the top crypto exchange in the United States. PNUT’s listing follows a growing trend of top exchanges listing new memecoins on their platforms which has drawn applause and criticism to these exchanges. Related Stories The memecoins market cap jumped to $1.
26 billion following the listing and is currently exchanging hands for $1.25 at the time of the report. PNUT is a Solana-based memecoin and was among the biggest performers of the November bull run alongside Chill Guy and Dogecoin.
The memecoin was partly shilled by Elon Musk in a cryptic tweet where stated that America was saved by a squirrel days after Donald Trump’s victory. Coinbase’s decision to list PNUT sparked interest amongst its traders and investors. The decision continued the trend of major exchanges listing new memecoins with relatively low market capitalization.
PNUT listing pushed its price at $1.25 with transaction volumes surging to $1.5 billion during the same period according to CoinMarketCap .
PNUT is currently ranked number 9 on the list of memecoins with the largest market capitalization. The memecoin was launched in November using Solana’s Pumpfun and was immediately listed on the Binance platform a few days after launch. At the height of the surge, PNUT grew by 300% reaching an all-time high of $2.
44. Another Solana memecoin, Gigachad (GIGA), was added alongside PNUT to the Coinbase platform. However, unlike PNUT, the price of Gigachad did not surge following the listing.
The memecoin is currently exchanging hands for 0.06657 USDT. PNUT is another success story coming out from the infamous Solana memecoin generator known as Pump Fun.
Pumpfun allows anybody to create a memecoin with just a few clicks. The platform has come under the limelight for the abuse of its live stream feature which attracted all manner of illicit activities as desperate people tried promote their memecoins. The live streaming feature was suspended to mitigate the abuse of the platform as a growing percentage of the global crypto community called for its complete shutdown.
PNUT remains a reminder of how memecoins despite their high volatility and inherent risk can be good investment vehicles. PNUT and the Chill Guy minted fresh millionaires from the memecoin trading class when they surged astronomically during the November Bull run. Both Memecoins have cooled off since then.
Memecoins remains a risky asset class to invest in with double-digit drops very rampant in the sector..
