Just In: Coinbase Adds PNUT Meme Coin on Solana Network

Coinbase has officially announced the listing of Peanut the Squirrel (PNUT), a Solana-based meme coin, for trading on January 14, 2025. The news has already sparked a 10% price surge for PNUT, though the token still trades below its all-time high. Let’s delve into the technical and fundamental aspects surrounding this development.

Key Highlights
1. Coinbase Listing Details:
- PNUT-USD trading pair launches on January 14, 2025, at 9:00 AM PT.
- Token transfers for PNUT are live on Coinbase and Coinbase Exchange.
- Trading will be rolled out in phases based on liquidity conditions.

2. Immediate Market Reaction:
- PNUT’s price rose from $0.48 to $0.59, a 10% increase.
- Trading volume surged over 107%, reaching $431.71 million.
- Despite the rebound, PNUT remains 79% below its all-time high of $2.47, recorded in November 2024.

3. Historical Context and Legal Challenges:
- PNUT originated in late 2024 following the controversial euthanasia of a pet squirrel named Peanut, which galvanized community support.
- Legal disputes have since arisen, with Mark Longo, Peanut’s owner, suing Binance for alleged unauthorized intellectual property usage to promote the coin.

Technical Analysis
From a technical perspective, PNUT exhibits strong potential for further gains: PNUT’s recent price action forms a bullish engulfing pattern, signalling a potential upward trend. The Relative Strength Index (RSI) indicates that PNUT is not yet overbought, providing room for further price growth.

Immediate support lies at the one-month low axis, providing a safety net in case of a pullback. The next resistance point aligns with the 38.2% Fibonacci retracement level, which traders are eyeing for a potential breakout.

PNUT’s unique narrative and community support position it as a potential standout in the meme coin category. The Coinbase listing, coupled with strong technical indicators, creates a favorable environment for a potential rally toward $1 and beyond.

Conclusion
The listing of PNUT on Coinbase marks a pivotal moment for the Solana-based meme coin. With a bullish technical setup and growing community support, PNUT is well-positioned to capitalize on its newfound exposure. However, investors should remain cautious of potential legal and market risks. As the crypto industry evolves, PNUT’s journey underscores the power of community-driven innovation and the unpredictable nature of meme coins.

Stay tuned for more updates as PNUT’s story unfolds in the coming weeks.