Peanut the Squirrel (PNUT) Token Lists on Coinbase, Will This Impact Its Price?

Coinbase, a leading cryptocurrency exchange, has announced the listing of Peanut the Squirrel (PNUT) token on the Solana network. This listing will allow users to trade PNUT against the U.S. dollar, starting today in phases.

The specific trading pair, PNUT-USD, will launch in stages once there is enough supply of the token, an X post by Coinbase Assets reveals. This phased approach is designed to maintain stability and liquidity for traders throughout the trading session.

Moreover, Coinbase emphasizes that PNUT can only be transferred on the Solana network. Utilizing other networks may result in permanent loss of funds. The official Solana contract address for PNUT is the address starting with “2qEHjDLDL….56P1tpump.”

While Coinbase will make PNUT trading available in multiple regions, some jurisdictions may have trading restrictions. The exchange will provide further updates on availability and trading phases.

Coinbase listing is often a bullish event for a token, as it typically provides greater exposure to a larger audience of retail and institutional investors.

For instance, BONK, a popular Solana meme coin, surged 627% a month after its Coinbase listing in December 2023. However, it is important to note that price movements ultimately depend on various factors, including trading volume, market sentiment, and adoption rates.

On December 11, PNUT rose by 20% as Coinbase announced its listing plans, together with Gigachad (GIGA) and Turbo (TURBO) meme coins on its spot exchange. The meme token price surged to $1.35 before stabilizing at around $1.25.

That same week, GIGA reached a new all-time high, climbing 60% since its Coinbase listing. TURBO also saw a gain of over 60%, hitting a new all-time high valuation of $922 million. With PNUT trading starting today, a price increase could be on the horizon