Peanut the Squirrel (PNUT) has been making waves in the cryptocurrency market, surging by 15.4% over the past 24 hours to reach $0.7102. The meme coin’s market cap now exceeds $710 million, accompanied by a 190% spike in daily trading volume, crossing $596 million. This surge occurred despite a broader dip in the meme coin market and a 3.1% drop in the global crypto market, highlighting the unique factors fueling PNUT's rise.
One of the main drivers behind this rally is the increasing activity from whales—large investors who can significantly impact a coin's price. A notable event occurred on December 30, when a whale withdrew 10 million PNUT tokens, worth around $6.1 million, from Binance, transferring them to a decentralized wallet. This transfer marked 1% of the total circulating supply of PNUT, adding to the already growing accumulation of the coin by whales. Similar whale movements, such as the transfer of 8.41 million PNUT tokens on December 12, have sparked speculation that these large investors anticipate an uptrend in the coin’s value.
In addition to whale interest, there has been a noticeable uptick in demand from futures traders, with the open interest in PNUT futures rising 35% in just one day, reaching $222.92 million. This suggests that market participants are increasingly betting on PNUT's continued success.
However, the most significant catalyst appears to be speculation surrounding potential listings on major U.S. exchanges like Coinbase and Robinhood. Such listings would bring PNUT to a broader audience, potentially boosting its price even further as retail traders follow the lead of larger investors. As whale activity intensifies and market anticipation builds, all eyes are on whether these listings will come to fruition, making PNUT one to watch in the coming weeks.
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