PNUT Surges 13% After Whale Withdraws 10 Million Tokens from Binance
Peanut the Squirrel (#PNUT) surged 13% after a crypto whale withdrew 10 million PNUT tokens from Binance, valued at $6.1 million. The tokens, representing 1% of the total supply, were transferred to a private wallet labeled “76yGJ,” making the whale the sixth-largest holder. Blockchain data from Lookonchain indicates the withdrawal price averaged $1.642 per token.
This is not the first significant withdrawal affecting the PNUT market. Earlier in December, another whale withdrew 8.41 million tokens worth $10.68 million. Such activities have raised concerns regarding the token’s stability and market sentiment, prompting investor apprehension about its near-term future.
Additionally, a separate whale traded PNUT tokens for 60.03 million MIRA tokens at $0.031 each, investing $1.87 million. However, the value of MIRA holdings subsequently fell to $1.2 million, resulting in a $600,000 loss for the trader. Market volatility has left many investors unsettled.
PNUT Soars 13% Post-Accumulation but Declines 42% Monthly
Currently, PNUT trades at $0.7052, reflecting a 13.25% gain in the last 24 hours. The token's market cap is $705 million, with a 24-hour trading volume of $421 million, indicating a 210% increase. Short-term indicators show minor losses, with a 0.07% dip in the last hour. Over the past 30 days, the token decreased by 42%, mirroring broader bearish trends.
Photo: CoinMarketCap
Despite this monthly downturn, PNUT experienced remarkable highs, increasing by 1,200% over the past three months. Earlier this year, it rose over 1,000%, though sustaining momentum has been challenging for meme coins with limited utility.
PNUT's recent surges occur amid difficulties in the altcoin market. Bitcoin's dominance has surpassed 58%, impacting speculative coins like PNUT adversely. Analysts suggest long-term prospects may be uncertain, indicating potential waning hype.
From Meme Coin to Heartbreak
PNUT originated as a meme coin, inspired by Peanut, a squirrel known on social media with over 500,000 Instagram followers. Mark Longo, Peanut’s owner, gained attention through viral videos until Peanut's euthanization sparked outrage and led to the creation of Peanut-themed tokens, including PNUT.
Mark Longo, referred to as “the squirrel dad,” filed a cease-and-desist letter against Binance, alleging misuse of his pet’s image. This incident caused a 10% drop in PNUT's value within 24 hours, decreasing its price from $1.15 to $1.03.