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Coinbase’s listing of PNUT sent shockwaves through the crypto market, driving the Solana-based token up 35% to $1.35. With $1.5 billion in trading volume, PNUT now leads the meme coin pack, eclipsing competitors like POPCAT and MOG COIN.
Coinbase Listing Sparks PNUT Price Surge
PNUT, a meme coin built on the Solana blockchain, has recently been listed on Coinbase, which has reignited the curiosity of crypto traders. The price of PNUT jumped 35% in just one day as a result of the revelation, reaching $1.35.
According to CoinMarketCap, the trading volume of PNUT reached $1.5 billion during that time.
The euthanasia of Peanut, PNUT's squirrel mascot, went viral on social media, which is where the organization initially garnered prominence. The token's market cap peaked at $2.4 billion, but it gained a lot of followers on crypto Twitter thanks to the debate.
PNUT Outpaces MOG COIN and POPCAT in Market Cap
The list of meme coins on Coinbase has been expanding rapidly in recent months, and PNUT is the latest addition.
Now that it's listed on Coinbase, PNUT has a larger market cap than MOG COIN and POPCAT, two other popular meme coins.
Newly listed tokens frequently experience price increases because of Coinbase's listing roadmap, which has become a major market trend mover. The exchange now supports twelve meme coins, the latest being PNUT.
Analysts Predict Massive Gains for PNUT
Price rises for PNUT may be in store for the near future, according to analysts. Because of its rising profile on prominent platforms like Binance and Coinbase, one crypto researcher predicted that PNUT's price may hit $5, a 463% jump.
Furthermore, open interest in PNUT futures has increased to $328.05 million, a 40.48% surge, Coingape shares. The rising open interest in the coin is a sign that traders and speculators are becoming more confident in its future growth potential.
Meme Coin Listings Expand Across Major Platforms
Coinbase and PNUT have both lately announced support for several cryptocurrencies, including Gigachad (GIGA), Turbo (TURBO), and Magic Eden's ME coin.
The listing announcements of TURBO, an ERC-20 token created only with AI, and GIGA, an SPL token from Solana, have both contributed to the growing prominence of these tokens.
On December 11, if liquidity requirements are satisfied, trading for TURBO and GIGA is expected to commence. Coinbase and Binance are both diversifying their offerings to appeal to a wider range of customers, and these listings are part of a bigger trend toward the adoption of meme coins.
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