This morning's news reported that a whale withdrew 10 million PNUT tokens from Binance, valued at 6.1 million USD, which accounts for 1% of the total token supply.
Allegedly, these PNUT tokens 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 USD per token.
Reports indicate that in the past two days, another whale sold PNUT at 0.031 USD per token and purchased 60.03 million MIRA tokens, spending 1.87 million USD. However, according to the latest data from the terminal, the value of MIRA tokens has now dropped to 1.2 million USD, resulting in an investor loss of approximately 600,000 USD.
This move is similar to the trend on December 12, when another whale created a new wallet and withdrew 8.41 million PNUT tokens, then valued at 10.68 million USD.
The timing of these withdrawals has raised concerns among retail investors about market sentiment and the potential for a decline in PNUT token prices.
The origin story of PNUT is closely related to the fame of a squirrel named Peanut.
It is reported 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 named 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, PNUT's market capitalization reached 2.27 billion USD, further fueled by subsequent discussions by Musk on social media, driving PNUT's interest, with a price peak reaching an all-time high of 2.50 USD.
However, after experiencing price and market cap increases, market corrections have impacted PNUT, causing its upward momentum to sharply decline from 2.5 to 1.7, compounded by subsequent legal disputes, leading to further declines in PNUT.
Mark Longo is famously known as 'Squirrel Dad,' who sent a cease-and-desist letter to Binance, accusing them of unauthorized use of his pet squirrel's image to promote cryptocurrency. Longo himself faces allegations of fraud in the memecoin space, including accusations of 'rug pulling' in previous projects.
Longo's story is strikingly similar to that of the notorious Hailey Welch, who currently faces numerous lawsuits due to the HAWK coin incident. Following Longo's cease-and-desist announcement, the price dropped from 1.17 USD to 1.05 USD, hitting a weekend low of 0.58 USD.
As of now, the trading price of PNUT is 0.71 USD, recovering nearly 15% from the weekend low of 0.58 USD.
2025 PNUT Long-term Bullish
PNUT's predicament occurs against the backdrop of a generally sluggish altcoin market, especially in the meme sector. Nevertheless, PNUT has a large audience, boasting over 80,000 on-chain holders and over 12 million USD in locked liquidity. Its listings on major exchanges like Binance and Coinbase help maintain stable investor interest, suggesting that PNUT still has a significant upside potential in the long run, although the upward trend is likely to be a gradual rise rather than the violent surges seen previously.