Speculation about a possible listing on two major exchanges may have reignited whale interest and fueled PNUT’s recent rally.
Peanut the Squirrel (PNUT) rose 15.4% in the last 24 hours to trade at $0.7102, increasing its market cap to over $710 million. The meme coin’s daily trading volume also increased by 190% and stood at over $596 million at press time.
PNUT’s rally came despite a 1.8% decline in the broader $107.3 billion meme coin market and a 3.1% decline in the global crypto market as of press time 3.41 trillion US dollars.
Why is PNUT rising?
The meme coin rallied as whales showed interest in it.
According to a Dec. 30 post from on-chain tracker Spot On Chain, a whale withdrew 10 million PNUT tokens worth about $6.1 million from crypto exchange Binance. Almost all tokens have been transferred to a decentralized wallet called “76yGJ,” making it the sixth largest PNUT holder. Notably, the withdrawn tokens represent 1% of the total supply of PNUT tokens in circulation.
Just three days earlier, crypto.news reported that another whale had transferred 15,140 SOL to invest heavily in PNUT and two other popular meme coins. The move reflects a trend from Dec. 12, when another whale withdrew 8.41 million PNUT tokens, then worth $10.68 million, from Binance after creating a new wallet.
The accumulation of whales is typically viewed as a bullish signal for the price of an asset, as retail traders often follow these investment patterns and anticipate an uptrend in the asset while also aiming to make quick profits from the potential price increase.
PNUT’s rally also took place amid a…
