The Solana-based meme coin, Peanut the Squirrel (PNUT), has surged by 12% in the last 24 hours, reaching a price of $0.70. This upward movement follows a period of consolidation and is largely driven by significant accumulation from large-scale investors. After bouncing back from a key support level at $0.50, PNUT is now positioned for a potential rally toward the $1 mark. Supporting this bullish outlook, open interest in PNUT futures has increased by 35%, indicating heightened trader engagement.
Strong Whale Activity Fuels PNUT Momentum
Peanut The Squirrel initially gained widespread attention during last month's U.S. presidential elections, achieving a $1 billion market capitalization shortly after its launch. Since then, the price had entered a phase of sideways movement and even dipped to retest the $0.50 support level. However, the token has demonstrated resilience with a notable rebound.
Blockchain analytics have revealed substantial accumulation by major holders. One notable whale wallet, identified as "FFDAa," withdrew 10 million PNUT tokens—worth approximately $6.1 million—from a major exchange. This amount represents about 1% of the total token supply. Shortly after, these tokens were transferred to another wallet, "76yGJ," which has now become the sixth-largest non-centralized exchange holder of PNUT.
This pattern of accumulation suggests that long-term investors are seizing the opportunity to buy during price dips, reflecting continued confidence in the asset's potential.
What’s Next for the Solana Meme Coin?
With the recent bounce, PNUT is testing a breakout from a descending trendline. A successful breach could pave the way for a climb to $1 and beyond, potentially challenging its all-time high of $2.30.
Earlier this month, a leading cryptocurrency exchange announced plans to list PNUT, although trading has not yet gone live. This development has already contributed to increased liquidity and positive price momentum for the Solana meme coin.
Derivatives market data further underscores growing interest. Open interest for PNUT has risen by 35% to $223 million, indicating strong demand from futures traders. Additionally, 24-hour liquidation volumes have reached $4 million, reflecting active market participation.
The broader Solana meme coin sector has seen considerable activity throughout 2024, with tokens like Fartcoin recording impressive rallies. As the market looks ahead to 2025, many investors anticipate continued outperformance from meme coins, with some shifting focus toward emerging ecosystems.
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Frequently Asked Questions
What is Peanut The Squirrel (PNUT)?
PNUT is a meme coin built on the Solana blockchain that gained rapid popularity during recent U.S. election events. It is known for its volatile price movements and community-driven appeal.
Why is the price of PNUT rising?
The price increase is primarily due to heavy accumulation by large investors, often referred to as "whales," alongside growing open interest in futures markets and anticipation of new exchange listings.
Can PNUT reach $1?
Based on current momentum and market structure, a move toward $1 is plausible if the token maintains its support levels and breaks out of its current trendline. However, cryptocurrency investments are inherently risky and subject to rapid changes.
What are the risks of investing in meme coins?
Meme coins are highly speculative and can experience extreme volatility. Their values are often influenced by social media trends, market sentiment, and whale activity rather than fundamental utility.
How can I stay updated on PNUT price action?
You can monitor real-time data through cryptocurrency tracking platforms and analytics services that provide updates on prices, trading volumes, and market trends.
Is now a good time to buy PNUT?
While recent whale activity and exchange announcements have generated optimism, potential investors should conduct thorough research and consider their risk tolerance before entering the market.