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PNUT Soars 13% as Whale Accumulates 1% of Total Supply
12/30/2024 20:12
PNUT surges 13% after a whale accumulates 1% of the supply, but the token is still 42% down over the past month.
Key Notes
- PNUT surged 13% after a whale withdrew 10 million tokens worth $6.1 million from Binance.
- The whale’s withdrawal, averaging $1.642 per token, made them the sixth-largest holder of PNUT.
- Despite a 1,200% rise in three months, PNUT faces a 42% monthly decline and market volatility.
Peanut the Squirrel PNUT $0.70 24h volatility: 13.0% Market cap: $695.66 M Vol. 24h: $610.98 M surged 13% after the crypto whale recently withdrew 10 million PNUT tokens from Binance, valued at $6.1 million. The tokens, representing 1% of the total supply, were sent to a private wallet labeled “76yGJ”. The whale now becomes the sixth-largest holder of the coin. According to blockchain data from Lookonchain, the withdrawal price averaged $1.642 per token.
This isn’t the first time a large-scale withdrawal has rattled the PNUT market. Earlier in December, another whale pulled out 8.41 million tokens, worth $10.68 million at the time. These whales’ activities stirred concerns about the token’s stability and market sentiment, leaving investors questioning the coin’s near-term future.
Another whale traded the PNUT tokens for 60.03 million MIRA tokens at $0.031 per unit, investing $1.87 million. However, the value of the MIRA holdings soon dropped to $1.2 million, translating to a $600,000 loss for the trader. The market’s volatility in the aftermath has left many on edge.
PNUT Soars 13% Post-Accumulation but Declines 42% Monthly
As of now, PNUT is trading at $0.7052, marking a $13.25% gain in the last 24 hours. The token’s market cap stands at $705 million, with a 24-hour trading volume of $421 million, marking a sharp 210% spike. Short-term indicators show minor losses, with a 0.07% dip in the last hour. Over 30 days, the token plummeted by 42%, reflecting broader bearish trends.
Photo: CoinMarketCap
Despite the downturn trajectory on the monthly frame, PNUT has seen incredible highs, skyrocketing by 1,200% in the past three months. Earlier this year, PNUT soared over 1,000%, but maintaining momentum has proven challenging, especially for meme coins with little underlying utility.
PNUT’s short-term surges come as the altcoin market faces headwinds. Bitcoin’s dominance has surged past 58%, leaving speculative coins like PNUT stumbling. The long-term signs point to a rocky path ahead, with some analysts suggesting the hype may be running out of steam.
From Meme Coin to Heartbreak
PNUT started as a meme coin, riding the wave of Peanut, a social media-famous squirrel with over 500,000 Instagram followers. Mark Longo, Peanut’s owner, captured the world’s attention with viral videos before tragedy struck with Peanut’s euthanization. The event sparked outrage and inspired a series of Peanut-themed tokens, including PNUT.
Mark Longo, dubbed “the squirrel dad” filed a cease-and-desist letter against Binance, accusing the platform of misusing his pet’s image. The fallout triggered a 10% drop in PNUT’s value within 24 hours, with its price declining from $1.15 to $1.03.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
