Peanut the Squirrel
Peanut the Squirrel is the inspiration behind the $PNUT memecoin. Latin Times

KEY POINTS

  • $PNUT has had a stellar performance in the past 30 days, increasing more than 170%
  • Coinbase has added the token to its Roadmap for asset listing but has yet to announce when $PNUT will go live
  • Peanut the squirrel stole the hearts of social media and triggered mass outrage after the DEC euthanized him

Peanut the Squirrel (PNUT), the Solana memecoin inspired by a squirrel that took the hearts of the internet in the lead-up to the 2024 U.S. elections, surged 19% overnight after leading cryptocurrency exchange Coinbase announced it was planning to list the meme token.

The animal-themed token has also been on a two-week increase of 12.6% and is up by over 170% in the last 30 days, as per CoinGecko data.

PNUT price early Dec 12 2024
$PNUT price early Dec. 12, 2024 CoinGecko

Coinbase Adds $PNUT to Roadmap for Asset Listing

Coinbase, which has been the go-to exchange for many crypto traders over the years, announced Wednesday that it has added PNUT to its Roadmap for asset listing, indicating that the popular memecoin has passed the exchange's listing standards.

In its new assets transparency page, Coinbase states that assets for listing are those that meet its "minimum listing standards across legal, compliance and technical security."

It is worth clarifying that assets under Coinbase's Roadmap for asset listing are not yet supported for trading. Coinbase announces official listings and the exchange reiterated that depositing of assets not yet officially listed into Coinbase accounts "may lead to permanent loss of funds."

Shortly after news of Coinbase's announcement spread across social media, PNUT's price began to climb. Many crypto users pointed out that the meme token now knows the "Coinbase effect," which is associated with the rise of tokens the exchange adds to its listing Roadmap or tokens that surged right after being listed on the exchange.

For instance, PEPE, a major memecoin, surged more than 76% after Coinbase officially listed the coin. "Wen? Now. PEPE is available for trading," Coinbase said about a week after the 2024 U.S. elections, sending the token's price up.

How Peanut Stole the Heart of America

PNUT is based on Peanut, the orphaned baby squirrel that became a social media sensation as his owner shared Peanut's story to the world.

The Department of Environmental Conservation (DEC) seized Peanut alongside Fred, a raccoon, following anonymous complaints about Mark Longo's activity of rescuing wildlife. The investigation stemmed from tips regarding alleged unsafe housing conditions within the sanctuary led by Longo.

Peanut was soon euthanized after the squirrel reportedly bit a wildlife official during a raid of Longo's home. Peanut was euthanized over suspected rabies, but tests later revealed that the squirrel didn't have rabies.

Peanut's case became a huge talking point in the days leading to the U.S. elections. Some Republicans capitalized on the masses' fury over the squirrel's euthanization, saying the outgoing government didn't want Americans to maintain pets and were focused on seizing pet squirrels instead of working on other more critical public needs such as mitigating flood impacts.

Peanut Immortalized on Solana

Despite the tragedy, the team behind the PNUT token decided to immortalize Peanut's legacy on the Solana blockchain. "He may no longer walk amongst us but he lives on forever," the project's website stated.

Even as a fairly new token, PNUT has become one of the most bankable memecoins in the market today. It is listed on multiple exchanges, including Binance, Bybit, MEXC, OKX, Gate.io, and several more.

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