Hello everyone, I am Penny.
This morning's news reported that a whale withdrew 10 million PNUT tokens from Binance, valued at $6.1 million, accounting for 1% of the total token supply.
It is reported that these PNUTs were transferred to a decentralized exchange wallet labeled '76yGJ', which has become the sixth largest holder of PNUT, with an average withdrawal price of $1.641 per token.
Reportedly, in the past two days, another whale sold PNUT at a price of $0.031 per share and purchased 60.03 million MIRA tokens at a cost of $1.87 million. However, according to the latest data from the terminal, the value of MIRA tokens has now dropped to $1.2 million, resulting in a loss of approximately $600,000 for investors.
This move is similar to the trend on December 12, when another whale created a new wallet and withdrew 8.41 million PNUT tokens from Binance, worth $10.68 million at the time.
The timing of these withdrawals has raised concerns among retail investors about market sentiment and the potential decline in PNUT token prices.
The origin story of PNUT is closely related to the fame of a squirrel named Peanut.
It is understood that 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 birth of PNUT and other Peanut-themed tokens.
On November 11, after Binance listed PNUT, it attracted widespread attention. Just a few days after the listing, it pushed PNUT's market value to $2.27 billion, and subsequent discussions on social media by Musk further boosted PNUT's visibility, with prices reaching a historic high of $2.50.
However, after experiencing a rise in price and market value, the market adjustment impacted PNUT, causing its upward momentum to sharply decline from $2.5 to $1.7, and coupled with subsequent legal disputes, led to further declines in PNUT.
Mark Longo, known by the nickname 'Squirrel Daddy', sent a cease and desist letter to Binance, accusing them of unauthorized use of his pet squirrel's image to promote cryptocurrency. Longo himself also faces accusations of fraud in the memecoin space, including alleged 'pump and dump' schemes in previous projects.
Longo's story is extremely similar to that of the notorious Hailey Welch, who is currently facing numerous lawsuits due to the HAWK coin incident. After Longo issued a cease and desist notice, the price dropped from $1.17 to $1.05, hitting a low of $0.58 last weekend.
As of now, the trading price of PNUT is $0.71, rebounding nearly 15% from the weekend's low of $0.58.
PNUT is bullish in the long term for 2025.
PNUT's predicament occurred against the backdrop of a generally sluggish altcoin market, especially in the meme segment. However, PNUT still has a large audience, with over 80,000 on-chain holders and over $12 million in locked liquidity, including listings on major exchanges like Binance and Coinbase, which help maintain stable interest among investors. Therefore, in the long run, PNUT still has significant upside potential, but the upward trend is likely to be a volatile increase rather than a violent spike like before.
I am Penny, a long-term coin holder. I don’t touch contracts, don’t use leverage, and don’t engage in wash trading.
Earn coins in a bear market, earn USDT in a bull market. If you are one of those people, welcome to follow Penny! Let's navigate through the bull and bear markets together and strive to be a resilient player.
