rewrite this title Coinbase Announce support for PNUT memecoin

Coinbase, the largest crypto exchange in the United States announced support for the popular Solana Memecoin Peanut the Squirrel (PNUT). 

Coinbase announced the development on X giving details on its listing while warning users against losing their funds from wrong operations. 

“ 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 Tweeted

Coinbase joins the list of some of the top crypto exchanges to officially back PNUT. The exchange announced that trading would begin on 15 January if liquidity conditions are met. 

The announcement signed off with a tweet revealing the contact address for Peanut the Squirrel. 

PNUT’s Rise to Stardom 

PNUT was part of the breakout stars of the Donald Trump-induced bull run in November last year. 

PNUT was inspired by a real-life incident involving a pet squirrel named Peanut, who was reportedly taken from his caretaker by New York’s Department of Environmental Conservation. 

This event garnered significant attention, with public figures like Elon Musk criticizing the authorities’ actions. The widespread social media coverage and public outcry created a fertile ground for the launch of the PNUT memecoin, which quickly developed a cult following on X. 

PNUT surged by 300% after the launch 

PNUT surged by over 300% after its launch making most people who backed the token early lots of money. PNUT, Chill Guy, and Dogecoin were some of the biggest performers of the November Bull run in the memecoin category. 

The crypto token lost some steam after its initial surge like all memecoins but Coinbase’s recent announcement could spark some resurgence. 

At the time of the report, PNUT is exchanging hands for $0.619 surging by 21.8% in the past 24 hours.