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Whale Grab $6M PNUT – Sign of Imminent Rally?
In a surprise turn of events, Whale has gone long on Peanut the Squirrel [PNUT] with a massive $6 million purchase (10 million tokens). This sudden accumulation has raised questions about whether this whale activity could be a sign of an impending rally in the memecoin.
According to blockchain analytics firm Spot On Chain, a whale had scooped up 10 million PNUT from Binance exchange, worth over $6 million. As a result, the whale now holds 1% of the memecoin’s total supply.
The whale’s move has caused a significant price pump in PNUT, with the asset bouncing from its short-term support at $0.6 and pumping 20% in just 24 hours. This sudden surge in price is an encouraging sign for investors who were previously skeptical about the memecoin’s potential for recovery.
However, despite this positive development, key on-chain metrics are still bearish as of the writing of this article. The Social Volume, which tracks interest across social media platforms, has dropped to record lows. Furthermore, the Weighted Sentiment has been negative since late November, suggesting that market sentiment remains decidedly pessimistic.
While the whale’s accumulation may have triggered a short-term price pump, the lack of buying interest and bearish sentiment in the market could delay any strong recovery prospects. Nevertheless, it is essential to note that over 80,000 users are still holding PNUT, indicating that there is still significant demand for the asset.
The charts also present some mixed signals, with CMF and RSI indicators soaring but remaining below key averages. This suggests that while there may be increased demand and capital inflows into PNUT, it is not yet strong enough to confirm an extended recovery.
In conclusion, despite the whale’s massive purchase, the broader market trends do not currently suggest a rally is imminent. However, it is essential to keep an eye on the developments in this space, as any potential shift in sentiment could quickly change the trajectory of PNUT’s price action.
Disclaimer: The content provided by AMBCrypto.com is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.
Source: ambcrypto.com
