Hello everyone, I am Penny.
This morning's news reported that a whale withdrew 10 million PNUT tokens from Binance, worth $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, spending $1.87 million. However, according to the latest data from the terminal, the value of MIRA tokens has now dropped to $1.20 million, resulting in a loss of about $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, worth $10.68 million at the time.
The timing of these withdrawals has raised retail investors' concerns about market sentiment and the potential decline in the price of PNUT tokens.
The origin story of PNUT is closely related to the fame of a squirrel named Peanut.
According to reports, Peanut has over 500,000 followers on Instagram and became an internet celebrity 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 Binance listed PNUT, it attracted widespread attention. Just a few days after the listing, it propelled the market cap of PNUT to $2.27 billion, including subsequent discussions by Musk on social media that further boosted PNUT's visibility, with the price reaching a historic high of $2.50.
However, after experiencing a price and market cap increase, market adjustments have impacted PNUT, leading to a sharp decline in its upward momentum from 2.5 down to 1.7, coupled with subsequent legal disputes that caused PNUT to continue to fall.
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 is also facing allegations of fraud in the memecoin space, including accusations of 'pulling in' others in previous projects.
Longo's story is extremely similar to the notorious Hailey Welch, who is currently facing numerous lawsuits due to the HAWK token incident. After Longo issued a cease and desist message, the price dropped from $1.17 to $1.05, hitting a weekend low of $0.58.
As of now, the trading price of PNUT is $0.71, which has rebounded nearly 15% from the weekend low of $0.58.
Long-term bullish on PNUT in 2025.
The predicament of PNUT occurs against the backdrop of a generally sluggish altcoin market, especially in the meme sector. Nevertheless, PNUT has a large audience with over 80,000 on-chain holders and over $12 million in locked liquidity, including its listings on major exchanges like Binance and Coinbase, which helps 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 surge as before.
I am Penny, a long-term coin holder enthusiast. I don't touch contracts, don't leverage, and don't engage in arbitrage.
Make money in a bear market and earn U in a bull market. If you're one of those people, then welcome to follow Penny! Let's navigate through the bull and bear markets together, huddle for warmth, and strive to be a bit of a chive.
