PNUT whale activity intensifies ahead of key exchange listings

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As a seasoned researcher with over two decades of experience in the cryptocurrency market, I have witnessed numerous trends and fluctuations that have shaped this dynamic industry. The recent surge in Peanut the Squirrel (PNUT) has caught my attention, and after conducting a thorough analysis, I believe there are several key factors driving its price rally.

Firstly, whale activity seems to be playing a significant role in PNUT’s growth. Large-scale investors withdrawing substantial amounts of tokens from exchanges like Binance and moving them to decentralized wallets often signals confidence in the asset’s future potential. This trend has been observed repeatedly with PNUT, suggesting that whales might be positioning themselves for a bullish run.

Secondly, speculation about possible listings on major exchanges such as Coinbase and Robinhood could be fueling investor interest in the meme coin. As history has shown us, listings on premier platforms often lead to increased exposure and price rallies for altcoins. Given that PNUT has already been listed on Blockchain.com and Zebpay, it is plausible that investors are anticipating a similar move by Coinbase and Robinhood.

Lastly, the increased demand from futures traders and the overall bullish sentiment within the community further bolster the argument for PNUT’s price surge. It is essential to keep an eye on such trends, as they often provide valuable insights into the market’s direction.

In a nutshell, it seems that Peanut the Squirrel is on the brink of a strong reversal, much like our furry friend leaping from tree to tree in search of his next acorn. However, I must add a word of caution: the crypto market can be unpredictable, and even the most promising trends may not always pan out as expected. As they say, only time will tell if PNUT’s rally is just a squirrel scampering up the tree or an acorn-hoarding squirrel preparing for a long winter hibernation.

Joke: You know what they say about Peanut the Squirrel? It’s not just about nuts, it’s about gains!

It’s possible that speculation over potential stock listings on two significant markets could have rekindled the attention of big investors (whales), leading to the current surge in PNUT’s price.

Over the last 24 hours, Peanut the Squirrel (PNUT) experienced a significant surge of 15.4%. At the moment, it’s being traded for approximately $0.7102 per unit, which has boosted its market capitalization to more than $710 million. Moreover, the daily trading volume of this meme coin increased by an impressive 190%, reaching roughly $596 million as we speak.

Despite a 1.8% decline in the overall meme coin sector worth $107.3 billion and a 3.1% fall in the global cryptocurrency market valued at $3.41 trillion, PNUT managed to stage a rally.

Why did PNUT surge?

The meme coin rallied as whales took up interest in it.

On December 30th, as reported by Spot On Chain’s post, a significant investor (referred to as a ‘whale’) removed around 10 million PNUT tokens, valued at roughly $6.1 million, from Binance exchange. The majority of these tokens were sent to a wallet identified as “76yGJ,” making this wallet one of the six largest holders of PNUT tokens. Importantly, the tokens taken out represent 1% of the entire circulating supply of PNUT tokens.

3 days ago, crypto.news announced that a different investor had moved 15,140 SOL towards significant investments in PNUT and two other well-known meme coins. This action resembles a pattern from December 12th, when another investor transferred 8.41 million PNUT tokens, worth approximately $10.68 million at that time, from Binance to a newly created wallet after withdrawal.

Building up whale holdings is generally considered a positive indicator for an asset’s value rise, as many individual investors tend to mimic these investment strategies, expecting a rising trend in the asset and hoping to profit from the predicted price increase swiftly.

The PNUT rally occurred simultaneously with an increase in demand from future contract traders. As per CoinGlass’s data, the open interest in their futures market rose by approximately 35% compared to the preceding day, reaching over $222.92 million at the time of writing.

It seems that the main factor fueling the rise in the Squirrel-themed token’s price may be anticipation among investors about a potential listing on major American exchanges, such as Coinbase and Robinhood.

As an analyst, I’ve noted that Coinbase has announced the inclusion of a new asset on their listing roadmap, which occurred on December 11th. At this time, they have not disclosed a specific date for when the token will become available for trading.

Additionally, financial analysts are also considering the possibility that Robinhood may add the meme coin to its platform. This is because it has already managed to secure listings on major international exchanges like Binance, OKX, Bybit, and more.

More recently, PNUT was listed on Blockchain.com and the Indian crypto exchange Zebpay.

Meme coins frequently surge significantly when they get listed on significant exchanges like Coinbase, as this brings increased visibility and attention. According to crypto.news, following the news of potential listing, PNUT saw a rally of over 20%.

The general feeling towards the meme coin is predominantly optimistic, as indicated by 78% of 73,600 votes expecting more increases, based on statistics from CoinMarketCap. Simultaneously, data from CoinCarp shows that the number of PNUT holders increased by 10% in December, which has led to enhanced liquidity and a more robust community following.

$pnut double bottom pattern is in

Attempting a strong reversal

— Dami-Defi (@DamiDefi) December 30, 2024

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2024-12-30 16:58