TL:DR;
- The popular meme token has resumed its bull rally after it was abruptly halted at the end of last year, skyrocketing by double digits on a daily scale.
- The latest price move came after support from the largest US-based crypto exchange.
PNUT saw the light of day a couple of months ago after a pet squirrel named Peanut was euthanized in New York state. Based on the Solana blockchain, the token quickly gathered attention, and its price skyrocketed by triple and even quadruple digits at one point.
The culmination came in mid-November after it was listed on Binance when it soared to an all-time high of $2.44. Since then, though, the asset has lost its momentum and tumbled to $0.47 yesterday, thus losing nearly 80% of its value since that peak.
However, the past 24 hours have been particularly positive for the asset as it bounced off that low by double digits and surpassed $0.6 for the first time in a few weeks.
This came after a favorable interaction with the largest US crypto exchange – Coinbase. The team announced adding support for the meme token on the Solana network and trading started less than an hour ago (9 AM PT).
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
The team also warned users to be wary when transferring funds, as Coinbase will initially support PNUT only on Solana.
Read the full article here