The price of Peanut the Squirrel Coin is in overdrive following Coinbase’s listing announcement, while Giga Chad touched a new all-time high.
Giga Chad and Peanut the Squirrel Price Surge Analysis
Like Giga Chad (GIGA), Peanut the Squirrel (PNUT), a Solana-based meme coin inspired by the viral squirrel, was up 19% within an hour following news of its potential list on Coinbase. According to CoinGecko, PNUT’s price hit $1.27, and its market cap was $1.27 billion.
Its price also rose 27% within 24 hours, showing the increasing desire for meme coins, especially those with unique stories that attract the public’s attention. PNUT has gained widespread recognition for its association with the squirrel seized by New York authorities in October and subsequently euthanized over fears of rabies.
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Controversy aside, the token has continued to capitalize on the rising popularity of meme coins and the memorability of its story. Normally, the exchange is behind in listing meme coins, but it has recently opened its doors to more.
This change became more noticeable after the election win of the pro-crypto candidate Donald Trump, who intends to create a crypto-friendly US environment. According to a Coinbase spokesperson, the exchange wants to offer the products and services demanded by its customers.
The move comes as meme coins are increasingly becoming the primary focus of crypto traders. Following the announcement, Giga Chad and PNUT joined other meme coins like Mog Coin, MOG, Moo Deng, and MOODENG, which have recently been listed or are set to be listed on Coinbase.
Coinbase Effect Sends Giga Chad to All-Time High
The “Coinbase Effect” struck once again, as the latest pump of Giga Chad happened immediately after the news of its listing on Coinbase. GIGA is a meme coin inspired by the internet-famous picture of Russian bodybuilder Ernest Khalimov.
It rose 42% within 24 hours after the announcement, sending its price to a new all-time high of $0.077. GIGA is a meme coin on the Solana blockchain that has become popular as part of the larger trend of celebrity and culture-inspired assets.
Coinbase Adds Giga Chad and Other Altcoins for Listing
Following the Coinbase listing announcement, Giga Chad’s market cap of nearly $658M is now ranked as the 183rd largest cryptocurrency by market cap. Notably, Coinbase also introduced the utility token for Solana-based NFT marketplace Magic Eden, ME, and Turbo – another meme coin inspired by the features of a toad.
These listings reflect the growing demand for meme coins on top exchanges and the general diversification of assets listed on Coinbase. The rising popularity of meme coins such as GIGA shows how the cryptocurrency market is becoming more inclusive, allowing a wider variety of tokens to gain mainstream attention.
Donald Trump Holds More TROG tokens Than Ethereum
Meanwhile, President-elect Donald Trump has become a major influencer in cryptocurrency, especially with the meme coin TROG. According to current Arkham Intelligence data, Trump owns $2.2 million worth of TROG, the largest crypto holding in his portfolio.
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This is more than his ETH holding, valued at $1.9 million. Over the week, the token surged 92.31%, promoting it to a market capitalization of $4.67 million.
This surge in TROG’s value signals more interest in meme coins linked to high-profile figures. Similar to GIGA and PNUT, TROG’s rise is another example of how far meme coins are finding acceptance in the greater cryptocurrency ecosystem.
Meme Coins’ Volatility and High Returns
Meme coins such as Giga Chad (GIGA), Peanut the Squirrel (PNUT), and TROG have already shown the unpredictability of this new sub-section of the cryptocurrency market. Though some investors reaped great returns, with one turning $16 to $3 million with PNUT by holding it, these assets are often marked with rapid price changes, huge volatility, and speculative trading activities.
Despite the risks associated with meme coins, they remain popular among crypto enthusiasts who like high-risk, high-reward opportunities. Success stories from early investors and an uptick in major exchange listings further fuel the hype for such tokens.
