Whale activity surrounding Peanut the Squirrel (PNUT) has intensified, driving the meme coin’s recent price surge. In the past 24 hours, PNUT increased by 15.4%, reaching a price of $0.7102 and elevating its market capitalization to over $710 million. Trading volume spiked by 190%, indicating heightened interest despite a downward trend in broader crypto markets.
This uptick is attributed to significant whale transactions, marking a move seen as a bullish indicator among traders and investors. A recent transaction involved a whale withdrawing 10 million PNUT tokens, roughly valued at $6.1 million, from Binance and transferring them to a decentralized wallet, making this wallet the sixth-largest holder of PNUT.
On December 30, an on-chain analysis reported that whale accumulation signals potential bullish movements, often leading retail traders to follow suit. In this case, it appears that anticipation surrounding possible listings on major U.S. exchanges like Coinbase and Robinhood has further fueled the excitement. Coinbase added PNUT to its listing roadmap earlier in December though a specific trading date has not yet been announced.
Futures market data revealed increased demand, as open interest in PNUT futures rose by 35% to over $222.92 million. Community sentiment mirrored this trend with the majority anticipating further gains, corroborated by a rise in the total number of PNUT holders by 10% in December.
Listings on platforms such as Blockchain.com and the Indian exchange Zebpay have also contributed to the coin’s visibility. Past patterns suggest meme coins often rally dramatically following listings on major exchanges due to heightened exposure and accessibility, making PNUT’s recent activity an expected response to such market dynamics.
