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Whale Grab $6M PNUT – Sign of Imminent Rally?
Recent market activity has seen a significant whale accumulation in Peanut the Squirrel (PNUT), with a massive purchase worth over $6 million. The move has sparked debate among crypto enthusiasts and analysts alike, as to whether this signals an imminent rally for the memecoin.
The whale’s substantial investment of 10 million PNUT tokens, equivalent to $6 million, is undeniably significant. This acquisition accounts for 1% of PNUT’s total supply, a move that has sent the asset soaring by 20% in just 24 hours.
While some might view this as an indication of an impending bull run, key on-chain metrics are still bearish at present. The Social Volume tracking PNUT’s interest across social media platforms has plummeted to record lows, and the Weighted Sentiment remains negative since late November. Furthermore, a significant drop in market interest and sentiment would likely undermine any potential rally.
Despite this, it is crucial to note that over 80K users are still holding PNUT, suggesting some level of support from the community. Additionally, there was more sell volume than buy volume at the time of writing, hinting at short-term bearish sentiment persisting.
Although these negative indicators may delay a strong recovery prospect for PNUT, a broader market rebound in early 2025 could potentially aid a significant move for the memecoin.
Source: ambcrypto.com
