Whale Withdrawal Raises Questions
A cryptocurrency whale recently withdrew 10 million PNUT tokens worth $6.1 million from Binance, accounting for 1% of the token's total supply. The tokens were transferred to a decentralized wallet labeled “76yGJ,” making it the sixth-largest holder of PNUT. The average withdrawal price was $1.641 per token.
Simultaneously, another whale sold PNUT tokens to purchase 60.03 million MIRA tokens at $0.031 each, spending $1.87 million. However, the value of these MIRA tokens has since dropped to $1.2 million, resulting in a loss of approximately $600,000.
PNUT Declines Despite Past Success
PNUT’s market performance is under significant pressure. While its market capitalization stands at $687 million and its 24-hour trading volume increased by 123% to $303 million, the token has experienced a 44.79% decline in the past 30 days. This follows a remarkable 1,200% gain over the previous 90 days.
The origins of PNUT as a memecoin are tied to the viral fame of Peanut the squirrel, who garnered over 500,000 followers on Instagram. Following Peanut’s tragic death, the PNUT token was created as a tribute. Its listing on Binance in November led to a sharp increase in price and market capitalization, reaching a peak of $2.27 billion.
Legal Controversy and Value Decline
After its initial success, PNUT faced legal challenges and market corrections. Mark Longo, the creator of the project, accused Binance of unauthorized use of Peanut’s image to promote the token. News of his cease-and-desist letter led to a 10.2% drop in price within 24 hours.
Longo himself has faced allegations of fraud in the memecoin space, including accusations of manipulation in previous projects. These controversies have negatively impacted investor confidence.
PNUT's Future: Uncertain but Potentially Promising
Currently, PNUT is trading at $0.68, close to its lowest price in over a month. The token continues to attract speculative traders and boasts over 80,000 on-chain holders and liquidity exceeding $12 million.
Despite a broader decline in the altcoin market and Bitcoin dominance surpassing 58%, PNUT retains attention thanks to its listings on major exchanges like Binance and Coinbase. However, like most memecoins, its long-term stability remains uncertain.
Outlook for 2025
PNUT still has the potential to capture the interest of speculators and traders due to its popularity and presence on leading exchanges. The key question is whether it can regain its growth momentum or if it will continue to face bearish market conditions.
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