- About 24 hours After the listing, PNUT surged by as much as 13% and reached $1.574
- At the time of writing, the PNUT trading price had declined by 11.1% to $1.20, and the 24-hour trading volume had crashed by 40% to $673.63 million
- PNUT reached an all-time high of $2.5 and had a trading volume of $5.8 billion on November 14
About 48 hours after the crypto exchange Coinbase listed the now-popular meme coin, PNUT, the coin's price crashed by 11.1%, and the trade volume decreased by 40%.
The coin surged just after the listing but could not sustain the momentum. About 24 hours After the listing, PNUT surged by as much as 13% and reached $1.574. On the same day, December 12, the coin’s trading volume reached a staggering $1 billion, a considerable sum for a new meme coin.
However, at the time of writing, the PNUT trading price had declined by 11.1% to $1.20, and the 24-hour trading volume had crashed by 40% to $673.63 million. The market capitalisation had remained somewhat stable at $1.19 billion, declining by 6.66%.
However, according to Coinmarketcap, PNUT market capitalisation has seen a steady decline since it peaked at $2.29 on November 14, racing down to $1.3 billion on November 24, $1.1 billion on December 1, and $1.19 billion at the time of writing on December 13.
Recall that PNUT reached an all-time high of $2.5 and had a trading volume of $5.8 billion on November 14.
The listing of PNUT is part of an increasing trend wherein leading exchanges list new meme coins on their platforms, which has garnered praise and criticism for these exchanges.
Recall that Changpeng "CZ" Zhao, the founder of Binance, recently expressed his worries about the memecoin ecosystem, calling it "weird" and advising the blockchain community to concentrate on creating practical applications instead.
CZ's comments, which were posted on the social media site X, highlighted the necessity for the community to emphasise creating applications that provide real advantages rather than engaging in token speculation. Many people in the cryptocurrency community responded favourably to this call to action, which increased selling pressure on well-known meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Bonk (BONK).
PNUT was launched on the Solana blockchain. Its fortune skyrocketed after Elon Musk tweeted that a squirrel had saved America days after Donald Trump's victory.
Former executive sues Binance over alleged bribery and unfair dismissal
Meanwhile, TheRadar earlier reported that Amrita Srivastava, a former executive of the world's largest crypto exchange, Binance, has sued the crypto firm in the United Kingdom for bribery and unfair dismissal. Her suit is against Binance Europe Ltd.
According to Bloomberg, Srivastava claimed that a colleague asked for a bribe from a customer in order to give them preferential treatment. She told an employment tribunal in the UK that she was dismissed unfairly after she raised concerns about the alleged bribery.
