- Coinbase lists PNUT, a Solana-based token, with trading starting in phases based on liquidity conditions.
- Users must transfer PNUT exclusively on Solana; other networks may cause permanent fund loss.
- PNUT’s price rose 20% after Coinbase’s listing announcement, peaking at $1.35 before stabilizing at $1.25.
Coinbase has announced the listing of Peanut the Squirrel (PNUT), a meme token built on the Solana network. Trading for the PNUT-USD pair is scheduled to begin today, depending on liquidity conditions. This development marks a significant step for PNUT and has sparked widespread interest in its potential price movement.
Phased Launch to Ensure Market Stability
Moreover, the PNUT trading pair will launch in phases, with trading starting once there is sufficient supply. According to Coinbase Assets, this phased approach aims to provide stability and liquidity for traders. It also ensures a controlled environment for the token’s introduction to a broader audience.
Additionally, Coinbase has issued a specific advisory for users regarding PNUT transfers. Users are instructed to only transfer PNUT on the Solana network. Using other networks may result in the permanent loss of funds. The official Solana contract address for PNUT has been provided for accuracy, starting with “2qEHjDLDL…56P1tpump.”
Regional Availability and Restrictions
Intriguingly, PNUT trading will be accessible in several regions, though restrictions may apply in some jurisdictions. Coinbase plans to provide further updates on availability and the trading phases.
Consequently, this cautious rollout reflects Coinbase’s efforts to maintain a secure and smooth trading experience for its users.
Potential Impact on PNUT’s Price
Furthermore, Coinbase listings often act as catalysts for token price increases due to exposure to retail and institutional investors. Previous examples, such as BONK, a Solana-based meme coin, highlight this trend. BONK experienced a 627% surge in value within a month of its Coinbase listing in December 2023.
Also, PNUT has already shown signs of increased interest. On December 11, its price rose 20% following the listing announcement. The token reached $1.35 before stabilizing around $1.25. During the same announcement week, other tokens like Gigachad (GIGA) and Turbo (TURBO) also recorded significant gains after their Coinbase listings.
Therefore, with trading starting today, PNUT could see similar price movements. Factors such as market sentiment, adoption rates, and trading volume will influence its trajectory.
