Coinspeaker PNUT Soars 13% as Whale Accumulates 1% of Total Supply

Peanut the Squirrel PNUT $0.70 24h volatility: 13.7% Market cap: $700.15 M Vol. 24h: $608.57 M surged 13% after the crypto whale recently withdrew 10 million PNUT tokens from Binance, valued at $6.1 million. The tokens, representing 1% of the total supply, were sent to a private wallet labeled “76yGJ”. The whale now becomes the sixth-largest holder of the coin. According to blockchain data from Lookonchain, the withdrawal price averaged $1.642 per token. 

This isn’t the first time a large-scale withdrawal has rattled the PNUT market. Earlier in December, another whale pulled out 8.41 million tokens, worth $10.68 million at the time. These whales’ activities stirred concerns about the token’s stability and market sentiment, leaving investors questioning the coin’s near-term future.  

Another whale traded the PNUT tokens for 60.03 million MIRA tokens at $0.031 per unit, investing $1.87 million. However, the value of the MIRA holdings soon dropped to $1.2 million, translating to a $600,000 loss for the trader. The market’s volatility in the aftermath has left many on edge.  

PNUT Soars 13% Post-Accumulation but Declines 42% Monthly

As of now, PNUT is trading at $0.7052, marking a $13.25% gain in the last 24 hours. The token’s market cap stands at $705 million, with a 24-hour trading volume of $421 million, marking a sharp 210% spike. Short-term indicators show minor losses, with a 0.07% dip in the last hour. Over 30 days, the token plummeted by 42%, reflecting broader bearish trends.  

Photo: CoinMarketCap

Despite the downturn trajectory on the monthly frame, PNUT has seen incredible highs, skyrocketing by 1,200% in the past three months. Earlier this year, PNUT soared over 1,000%, but maintaining momentum has proven challenging, especially for meme coins with little underlying utility.  

PNUT’s short-term surges come as the altcoin market faces headwinds. Bitcoin’s dominance has surged past 58%, leaving speculative coins like PNUT stumbling. The long-term signs point to a rocky path ahead, with some analysts suggesting the hype may be running out of steam.

From Meme Coin to Heartbreak

PNUT started as a meme coin, riding the wave of Peanut, a social media-famous squirrel with over 500,000 Instagram followers. Mark Longo, Peanut’s owner, captured the world’s attention with viral videos before tragedy struck with Peanut’s euthanization. The event sparked outrage and inspired a series of Peanut-themed tokens, including PNUT.  

Mark Longo, dubbed “the squirrel dad” filed a cease-and-desist letter against Binance, accusing the platform of misusing his pet’s image. The fallout triggered a 10% drop in PNUT’s value within 24 hours, with its price declining from $1.15 to $1.03.  

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PNUT Soars 13% as Whale Accumulates 1% of Total Supply