Solana meme coin PNUT jumps 30% as Coinbase trading begins

Key Takeaways

PNUT token went up 30% after its first trading session on Coinbase.
The index remains 74% below its November 2024 peak despite recent gains.

Solana-based meme token Peanut the Squirrel (PNUT) jumped 30% after its first trading session on Coinbase, with the price rising from $0.46 to $0.6, CoinGecko data presentations.

Coinbase will support Peanut the Squirrel (PNUT) on the Solana network (SPL token). Do not transfer these funds to other networks or your funds may be lost. Transfers for this fund can be found on @Coinbase & @CoinbaseExch in the aid-to-trade sectors.

— Coinbase Assets 🛡️ (@CoinbaseAssets) January 13, 2025

PNUT trading volumes exceeded $761 million in the first 24 hours after Coinbase began offering the token on January 14th. 20% price increase. at the time.

Tokens listed on crypto exchanges like Coinbase, Binance, or Upbit often see price increases due to increased visibility and investor interest. PNUT previously saw a A 280% increase. within 24 hours of the Binance announcement.

However, the meme coin is currently trading 74% below its peak in November, when the market capitalization exceeded $2 billion. The asset has since fallen out of the top 100 crypto assets by market value.

PNUT appeared on the memecoin platform pump.fun after a viral broadcast of a pet squirrel named Peanut, which prompted euthanasia by officials of the New York City Department of Environmental Conservation, received widespread attention on social media, including comments from Elon Musk and Donald Trump.

The price move came amid a broader crypto market recovery after a Monday report from the Washington Post said President-elect Donald Trump Trump will prioritize the crypto industry on the first day of his presidency through executive orders.

Bitcoin recovered $97,000 shortly after the report and is currently trading around $96,700, a 5% gain in the last 24 hours, for CoinGecko.

Ethereum saw an increase of 7% over the same period, while Ripple and Dogecoin increased by 9% and 11%, respectively. Many Solana-based meme coins and AI agent tokens also posted double-digit gains.

The crypto markets, however, did not seem to be greatly affected by the US Producer Price Index (PPI) data released this morning. December's monthly PPI came in at 0.2%, below the 0.3% estimate, and the annual rate reached 3.3%, below the 3.4% forecast.