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Whale Grab $6M PNUT – Sign of Imminent Rally?
In a shocking turn of events, a whale has invested $6 million into Peanut the Squirrel (PNUT), sparking speculation about an impending price surge. The massive purchase of 10 million tokens saw the memecoin bounce from its short-term support level and pump by a staggering 20% in the span of 24 hours.
According to blockchain analytics firm Spot On Chain, this is the first major whale accumulation seen in PNUT’s history. With the whale now holding an impressive 1% of the token’s total supply, many are wondering if this sudden influx of capital could be a sign that a recovery is on the horizon for the beleaguered memecoin.
Despite this optimism, key on-chain metrics indicate that bearish signals still persist in the market. Despite renewed whale interest, it appears that the tide has not yet turned decisively in PNUT’s favor.
The article highlights the mixed signals emanating from the cryptocurrency’s technical indicators. While both the CMF and RSI have soared, they remain below their key averages, suggesting that demand and capital inflows are still insufficient to validate a prolonged recovery for the memecoin.
Furthermore, it is worth noting that other key metrics also paint a more bearish picture. The Social Volume tracking PNUT’s interest across social media platforms has plummeted to record lows, while the Weighted Sentiment has remained in the red since late November.
This sudden drop in market sentiment and social media interest could potentially delay any recovery prospects for PNUT, at least in the short term.
In conclusion, although this whale accumulation is undeniably significant, it may not necessarily be a sign of an imminent rally. While the cryptocurrency’s price has responded positively to the influx of capital, further analysis suggests that the market remains wary of PNUT, with many indicators still pointing towards bearish signals.
Source: ambcrypto.com
