Key Takeaways

• PNUT token surged 30% following its trading debut on Coinbase.
• The token remains 74% below its 2024 November peak despite recent gains.

Solana-based meme token Peanut the Squirrel (PNUT) jumped 30% following its trading debut on Coinbase, with the price rising from $0.46 to $0.6, CoinGecko data shows.

Coinbase will add support for Peanut the Squirrel (PNUT) on the Solana network (SPL token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.

— Coinbase Assets 🛡️ (@CoinbaseAssets) January 13, 2025

Trading volumes for PNUT exceeded $761 million in the first 24 hours after Coinbase began offering the token on January 14. The listing announcement follows Coinbase’s addition of PNUT to its roadmap last month, which triggered a 20% price increase at the time.

Tokens listed on crypto exchanges like Coinbase, Binance, or Upbit often see price surges due to increased visibility and investor interest. PNUT previously saw a 280% surge within 24 hours of its Binance listing announcement.

However, the meme coin currently trades 74% below its November peak, when its market capitalization surpassed $2 billion. The asset has since dropped out of the top 100 crypto assets by market value.

PNUT emerged on the pump.fun memecoin platform following viral coverage of a pet squirrel named Peanut, whose euthanasia by New York City’s Department of Environmental Conservation officials generated widespread social media attention, including reactions from Elon Musk and Donald Trump.

The price movement came amid a broader crypto market recovery after a Monday report from Washington Post said President-elect Donald Trump will prioritize the crypto industry on his first day of presidency through executive orders.

Bitcoin briefly reclaimed $97,000 following the report and is currently trading around $96,700, a 5% gain in the last 24 hours, per CoinGecko.

Ethereum saw a 7% surge over the same period, while Ripple and Dogecoin soared 9% and 11%, respectively. Many Solana-based meme coins and AI agent tokens also posted double-digit gains.

The crypto markets, however, appeared largely unaffected by the lower-than-anticipated US Producer Price Index (PPI) data published this morning. December’s monthly PPI came in at 0.2%, below the estimated 0.3%, while the annual rate reached 3.3%, below the projected 3.4%.