A Solana (SOLAR)-based memecoin is surging after receiving support from top US crypto exchange Coinbase.
In a post on social media platform X, Coinbase notifies the addition of the squirrel peanut (PNUT) to its platform for spot trading.
Amid the news, Peanut the Squirrel is up 26.9% on the day. PNUT is trading at $0.62 at the time of writing, and with a market capitalization of $627.9 million, memecoin is the 165th largest crypto project.
Coin base signaled last month that a PNUT listing would occur sometime after the digital asset was added to its listing map.
Coinbase uses the listing roadmap for transparency and to prevent insider trading of coins before they are listed. Being placed on the listing roadmap means that the company has determined that the asset is likely to be available for trading in the future.
PNUT is just one of a group of other memecoins that Coinbase has launched support for in recent months. Others include Gigachad (GIG), a crypto asset inspired by the photography of Russian bodybuilder Ernest Khalimov, and Turbo (TURBO), a GPT-4 inspired memecoin.
PNUT is inspired by a squirrel rescued by a family in New York. The squirrel became popular on the family’s TikTok videos and Instagram, but wildlife officials in New York seized the animal based on state laws that prohibit keeping squirrels as pets. The squirrel was euthanized on October 30, which became a viral incident.
