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Whale Grab $6M PNUT – Sign of Imminent Rally?
December 31, 2024 – In a surprising turn of events, Peanut the Squirrel (PNUT) has seen its first major whale accumulation. According to Spot On Chain, a blockchain analytics firm, a whale has purchased 10 million PNUT tokens worth over $6 million from Binance exchange. This significant move has sparked excitement among PNUT investors, leading many to wonder if this development could be the catalyst for an imminent rally.
In recent days, PNUT’s price had been trading in a tight range between $0.6 and $0.8, with no clear indication of a reversal. However, yesterday’s whale activity has breathed new life into the memecoin. The asset bounced from its short-term support at $0.6 and pumped 20% in the past 24 hours.
While this news may be seen as a sign of an imminent rally by some PNUT enthusiasts, other on-chain metrics paint a less optimistic picture. According to Santiment’s data, social volume tracking PNUT’s interest across various social media platforms has hit record lows. Meanwhile, weighted sentiment has remained negative since late November. This could potentially delay any strong recovery prospects.
It is worth noting that the asset still maintains significant user interest, with over 80,000 users holding PNUT tokens. However, at the time of writing, there was more sell volume than buy volume, indicating a prevailing short-term bearish sentiment.
In conclusion, while this whale accumulation may be a positive sign for PNUT investors in the long run, it is essential to consider the broader market context and other on-chain metrics before making any investment decisions.
Source: ambcrypto.com
