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Whale Grab $6M PNUT – Sign of Imminent Rally?
In a surprising turn of events, Peanut the Squirrel [PNUT] has seen its first major whale accumulation, with a massive $6 million purchase of 10 million tokens. The move is significant as it highlights renewed interest in the memecoin and may signal an imminent rally.
According to blockchain analytics firm Spot On Chain, the whale purchased the coins from Binance exchange, effectively holding 1% of PNUT’s total supply. This substantial investment could be a sign that institutional investors are taking notice of PNUT’s recent price action.
The sudden $6 million investment has already triggered a 20% pump in the past 24 hours, as the coin bounced from its short-term support level at $0.6. However, despite this uptick, key on-chain metrics were still indicating bearish signals at the time of writing.
Data suggests that demand and capital inflows have rebounded slightly, but not strong enough to confirm an extended recovery for the memecoin. As a result, the overhead resistance level at $0.8 poses a significant barrier to further gains. If momentum falters and fails to break this hurdle, it could lead to another downturn.
On the other hand, if PNUT can breach this ceiling, it may set the stage for a more substantial rally towards $1, reinforcing a bullish market structure.
It is worth noting that whale accumulation aside, market sentiment has been overwhelmingly bearish in recent weeks. The Social Volume, which tracks interest across social media platforms, has plummeted to record lows, while the Weighted Sentiment has remained negative since late November.
The lack of market enthusiasm and continued negative sentiment could delay any strong recovery prospects for PNUT. Nonetheless, with over 80,000 users still holding the memecoin, there is still potential for a surprise rally if market sentiment shifts.
For now, investors should remain cautious, taking note of these mixed signals before making any investment decisions.
Source: ambcrypto.com
