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Peanut the Squirrel (PNUT), a meme-based token, has made waves in the Cryptocurrency market following a 20% price increase after being listed on Coinbase. This milestone brought its market capitalization to reach $1.34 billion, solidifying it as one of the major players in the meme-based coin category.
Evolution of the PNUT memecoin in the last 24 hours. Source: CoinMarketCap
The viral origin of PNUT
What makes PNUT unique is its mascot, a squirrel that went viral on social media after a curious episode of rabies alarm in New York in October 2024. This incident transformed the squirrel into a cultural icon, allowing it to win a torrent of popularity and kick off the project behind the coin.
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Despite this recent success, PNUT is still 45% below its all-time high of $2.47 reached in November 2024.
Coinbase and the push for memecoins
Coinbase’s announcement to list PNUT was a key catalyst for its sudden price rise. Alongside PNUT, Coinbase also listed other meme-based tokens such as Gigachad (GIGA) and Turbo (TURBO), which also saw significant increases of 37% and 15%, respectively. This move represents a change in Coinbase’s strategy, which has historically been more selective when listing these types of coins.
With leading platforms like Binance and Coinbase increasingly willing to support community tokens, the memecoin space is attracting more attention. PNUT is already listed as the eighth largest meme coin by market cap, competing with well-known names like Dogecoin and Shiba Inu.
From Solana to the main exchanges
PNUT was originally launched in November 2024 on Pump.fun, a Solana-based platform focused on meme coins. Shortly after, its listing on Binance triggered a massive over 300% increase in its price. Analysts’ expectations are that this token could reach values as high as $5 in the near future, thanks to the continued interest it has sparked among traders.
The impact of viral culture
PNUT’s meteoric rise underscores the growing influence of viral culture and social media in the world of cryptocurrencies. These factors have allowed projects with simple – but highly attractive – concepts to gain traction in the market.
The listing of PNUT on Coinbase not only legitimizes this coin, but also highlights a broader shift in how meme-focused cryptocurrencies are perceived. This phenomenon appears to be just the beginning, as more meme-based coins look to harness the power of online communities and viral marketing to gain a spot on top-tier exchanges.
Conclusion
The success of Peanut the Squirrel makes it clear that cryptocurrencies are no longer just financial tools, but also entities that can capitalize on cultural trends. As meme markets continue to expand, tokens like PNUT could lead the way in how innovation and community combine to create value and attract global investors.
The question now is not whether memecoins will continue to grow, but what will be the next project driven by a viral culture that replicates the success of PNUT.
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