- PNUT surged 19% to $1.27 after Coinbase announced its listing, boosting its market cap to $1.27 billion.
- Binance listing previously drove a 320% rise in PNUT, solidifying its top spot on Solana’s Pump.fun platform.
- Analysts predict a 463% price increase for PNUT, despite recent dips linked to broader market trends.
The cryptocurrency market is witnessing notable shifts as Peanut the Squirrel ($PNUT), a Solana-based meme coin, continues to attract investor interest. Following Coinbase’s announcement to list the coin for trading, PNUT experienced a rapid surge of 19%, reaching $1.27. This marked a significant milestone for the token, which now boasts a market cap of $1.27 billion.
The Coinbase Effect Sparks a Rally
Notably, Coinbase’s focus on meme coins like PNUT aligns with the exchange’s recent strategy to capitalize on high-interest tokens. Similar moves have bolstered other meme coins, including Mog Coin (MOG) and Turbo (TURBO).
Historically, announcements of new listings on prominent exchanges often drive market momentum, and PNUT is no exception. The phenomenon, widely referred to as the “Coinbase Effect,” has played a pivotal role in the recent rise of PNUT, setting it apart as a leader in the meme coin sector.
Furthermore, Elon Musk’s mention of PNUT on X further accelerated its growth, catapulting the coin’s market cap from $3 million to $140 million in just 24 hours. Despite a subsequent 9.7% price dip to $1.11, analysts attribute this to broader market trends rather than any coin-specific issue. The dip mirrors movements across the cryptocurrency market, underscoring PNUT’s resilience.
PNUT Outshines Competitors in a Growing Market
Besides, while Bitcoin has reclaimed the $100,000 level, investors are increasingly diversifying portfolios with low-cap assets. Meme coins like PNUT are capitalizing on this trend, often offering high returns despite their volatility.
In November, PNUT reached a peak of $2.44 following its Binance listing, which drove a 320% surge in its value. This listing solidified its position as a standout token on Solana’s Pump.fun platform, home to over four million meme tokens.
Other meme coins, including GIGA and TURBO, have also seen gains, with GIGA recently hitting an all-time high. However, PNUT’s consistent performance and ability to weather market fluctuations highlight its potential as a key player in the meme coin landscape.
Analysts Forecast Strong Potential for PNUT
Moreover, crypto analysts have expressed optimism about PNUT’s future. Some predict a potential price increase of 463%, reinforcing the coin’s appeal among speculative investors.
Hence, while its volatility remains a factor, PNUT has demonstrated its capacity to deliver substantial returns in a relatively short period. As the cryptocurrency market continues to evolve, meme coins like PNUT could play a significant role in shaping the next phase of investment trends.
