Coinbase to Support Trading for Peanut the Squirrel Meme Coin

Popular cryptocurrency exchange Coinbase has announced plans to support trading of Peanut the Squirrel (PNUT), a meme coin that has recently garnered attention. Trading on the Solana network is set to begin on January 14, 2025, pending favorable liquidity conditions.

Launch Details and Trading Conditions

Coinbase stated that once there is a sufficient supply of PNUT, it will introduce trading in phases, starting with the PNUT-USD trading pair. However, availability may vary as support for PNUT could be restricted in certain jurisdictions according to regional regulations. Token transfers are already enabled on both Coinbase and Coinbase Exchange, with trading access dependent on local support.

Background and Market Impact

Peanut the Squirrel gained public and media attention following a controversial incident involving the harm of a pet squirrel in November 2024. The event led to the creation of the meme coin which saw its value rocket to an all-time high of $2.47. Nonetheless, like many in the crypto sphere, PNUT has not been immune to market fluctuations, witnessing a significant downturn in recent weeks. Just before the Coinbase listing announcement, PNUT’s value had dipped by 79% from its peak, trading around $0.51.