news 
Whale Grab $6M PNUT – Sign of Imminent Rally?
In a shocking turn of events, a whale has swooped in to purchase a whopping $6 million worth of Peanut the Squirrel (PNUT) tokens. This monumental move has sparked debate among market enthusiasts and analysts alike: is this sudden influx of capital a sign that an imminent rally is on the horizon for PNUT?
The sheer scale of this whale’s investment is undeniable, with the 10 million tokens acquired from Binance exchange worth a staggering $6 million. At first glance, it would be easy to assume that such a large purchase would be enough to send PNUT soaring in value. However, digging deeper reveals a more nuanced picture.
Despite the price of PNUT bouncing from its short-term support and pumping 20% in just 24 hours, key on-chain metrics continue to paint a bearish picture. The Social Volume, which tracks interest across social media platforms, has plummeted to record lows, while the Weighted Sentiment remains resolutely negative.
Furthermore, a look at the charts reveals that technical indicators such as CMF and RSI are soaring but remain below crucial averages. This suggests that demand is rebounding, but it’s not yet strong enough to confirm an extended recovery for PNUT.
In a surprising twist, this whale accumulation has triggered a price pump, but the bearish signals persist in other areas of the market. The fact remains that most indicators are still pointing towards a lack of interest and negative sentiment on the memecoin in recent weeks.
While it’s impossible to predict with certainty whether PNUT will indeed embark on an imminent rally, one thing is clear: the whale’s move has sparked renewed interest and sent the price surging. If this momentum can be sustained, there is a chance that PNUT could make a strong push towards $1 in the near future.
However, it’s essential to note that the market remains bearish at press time, and investors should exercise caution before jumping into this particular asset.
Source: ambcrypto.com
