• Coinbase supports Peanut the Squirrel (PNUT) on the Solana network.
• Trading for the PNUT-USD pair starts January 14 if liquidity conditions check.
• Transfers must be made on the Solana network to avoid fund loss.

Coinbase has announced it will list Peanut the Squirrel (PNUT), a token on the Solana network. Trading is scheduled to begin today, depending on liquidity conditions. This listing is a big step for PNUT and has sparked excitement about its potential price action.

The PNUT-USD trading pair will launch in phases, starting once there is sufficient supply, according to a post on X by Coinbase Assets. This phased approach ensures stability and liquidity for traders, according to Coinbase.

Solana Network Exclusivity for Transfers

Meanwhile, Coinbase has warned users to only transfer PNUT on the Solana network. Using other networks could lead to permanent loss of funds. The official Solana contract address for PNUT is the address starting with “2qEHjDLDL….56P1tpump.”

While PNUT trading will be available in multiple regions, some jurisdictions may face restrictions. Coinbase noted it will provide further updates regarding availability and trading phases.

Will This Impact PNUT’s Price?

The Coinbase listing often serves as a catalyst for token price increases as assets gain exposure to a larger audience of retail and institutional investors. 

For example, BONK, a popular Solana meme coin, surged 627% a month after its Coinbase listing in December 2023. Of course, price movements depend on various factors, including trading volume, market sentiment, and adoption rates.

Notably, 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.