A cryptocurrency giant withdrew 10 million PNUT tokens from Binance, valued at $6.1 million, accounting for 1% of the total token supply. According to Lookonchain, these tokens were transferred to a decentralized exchange wallet labeled '76yGJ', which has become the sixth-largest holder of PNUT. The average withdrawal price was $1.641 per token.
Reportedly, in the past two days, another whale sold PNUT tokens at $0.031 each and purchased 60.03 million MIRA tokens for $1.87 million. However, according to the latest data from Coingecko terminals, the value of MIRA tokens has now fallen to $1.2 million, resulting in a loss of approximately $600,000 for investors.
This move is reminiscent of the trend on December 12, when another whale created a new wallet and withdrew 8.41 million PNUT tokens, worth $10.68 million at the time.
The timing of these withdrawals has raised concerns about market sentiment and the potential for a decline in the price of PNUT tokens.
PNUT is in long-term decline, with a short-term increase.
The cryptocurrency market has faced considerable pressure in recent days. Its market capitalization is $687 million, with a 24-hour trading volume of $303 million, up 123%. Short-term indicators show a decline of 0.09% in the past hour, while long-term data indicates a drop of 44.79% over the past 30 days.
Despite an astonishing 1200% growth in value over the past 90 days, its current price trend shows some bearish signs in the long term.
The origin story of PNUT as a memecoin is closely related to the viral fame of the squirrel Peanut. Peanut has over 500,000 followers on Instagram and became an internet sensation through Mark Longo's viral videos. The tragic euthanasia of Peanut and another rescued animal, Fred, sparked public outrage and inspired the creation of PNUT and other Peanut-themed tokens.
On November 11, after the token was listed on Binance, it drew widespread attention. The listing propelled the token's market cap to $2.27 billion, with a price reaching an all-time high of $1.80. Social media buzz further fueled the token's popularity, including mentions by Elon Musk, which helped drive its price up.
After experiencing a surge in price and market cap, legal disputes and market corrections have impacted PNUT, causing the momentum that had earned investors millions to sharply decline.
Mark Longo, known by the nickname 'Squirrel Dad', sent a cease-and-desist letter to Binance, accusing them of using his pet squirrel's image without authorization to promote cryptocurrency. Longo himself faces allegations of fraud in the memecoin space, including being accused of 'pump and dump' schemes in previous projects.
Longo's story is strikingly similar to that of the notorious Hailey Welch, who currently faces numerous lawsuits related to the HAWK coin incident.
Following Longo's cease-and-desist message, the token dropped 10.2% within 24 hours, falling from $1.17 to $1.05. As of now, PNUT's trading price is $0.68, down 10.21% in a day. The token is currently at nearly its lowest price in over a month, leaving investors uncertain about its future prospects.
PNUT's upward momentum may continue into 2025.
The plight of PNUT occurs against the backdrop of a generally sluggish altcoin market, which has propelled Bitcoin's dominance to over 58%. Although there has been a speculative surge in the cryptocurrency market, including PNUT itself rising 1000% earlier this year, maintaining momentum has proven difficult for many memecoins.
Nevertheless, PNUT has successfully attracted the attention of speculators. The token has over 80,000 on-chain holders and more than $12 million in locked liquidity. Its listing on major exchanges like Binance and Coinbase may maintain steady interest, although its long-term stability remains uncertain as with most memecoins.