Remember when Coinbase listings used to send tokens to the moon? Those days might be over.

Peanut the Squirrel (PNUT) just landed on crypto's biggest retail exchange, and something weird happened: absolutely nothing.

Here's the story of crypto's most confusing listing in recent memory. 

From Viral Pet to Solana Sensation

First, let's rewind a bit.

PNUT isn't your average meme coin. Born from a viral story about someone's pet squirrel who met its untimely demise at the hands of New York authorities (yes, really), it launched on Pump.fun last November. 

When Binance picked it up, the token exploded 300%.

Classic crypto, right? Things can get nuts fast.

The Coinbase Plot Twist

Then, on January 13, 2025, Coinbase dropped the news on X. 

PNUT's getting listed. Trading starts the next day.

Everyone was supposed to lose their minds, and PNUT was supposed to moon.

Typically, this is when traders start counting their gains before they happen.

But PNUT had other plans.

The Numbers Nobody Expected

The current price of PNUT at the time of writing? $0.5769 

PNUTs all-time high on November 14, 2024? $2.50 

For those bad at math, that’s a distance from ATH of 75%. 

Not exactly the "Coinbase effect" traders were betting on.

The Volume Paradox

But here's where it gets interesting:

While the price is sleeping, the volume is screaming. PNUT just flipped Shiba Inu, becoming the third-biggest meme coin by volume. Only PEPE and DOGE are moving more money.

We're talking $572.8 million in 24-hour volume, crushing SHIB's $371.9 million.

High volume, no price movement. Make it make sense.

What The Charts Are Saying

The bulls haven't given up. Some, like Crypto Bull, are still calling for $1 post-listing. Others see PNUT bottoming out, ready for a massive breakout.

But the market has other ideas.

This isn't just about one squirrel-themed token anymore.

It's about what happens when the old crypto playbook stops working. When a major exchange listing – historically a guaranteed pump – barely moves the needle.

We’re in uncharted territory here, folks. 

Looking Ahead

Will PNUT bounce back? Maybe. 

Is the Coinbase effect dead? Too early to tell.

What’s abundantly clear is that the meme coin game is changing. 

High volume doesn't automatically mean price appreciation, and the blessing of Coinbase doesn’t guarantee a pump. 

The next few weeks will be crucial for PNUT and what it tells us about the evolving dynamics of meme coin markets.

Because right now, this squirrel's got everyone scratching their heads.