Peanut Coin (PNUT), a meme coin built on the Solana blockchain, has shown a remarkable 12% increase in value, reaching $0.70 in just one day. This surge was largely driven by substantial whale activity.
Factors Behind the Price Surge
The coin initially captured attention during the recent U.S. presidential elections, quickly achieving a $1 billion market capitalization. Since then, the price has stabilized and is now on the rise after bouncing back from a crucial support level.
Who's Behind the Whale Activity?
Recent data from the blockchain analysis site Spot on Chain revealed significant accumulation of PNUT tokens by a whale wallet identified as “FFDAa.” This wallet moved 10 million PNUT tokens, valued at approximately $6.1 million, from Binance, marking its first recorded acquisition of the cryptocurrency.
Optimistic Outlook
The price has rebounded from $0.50, showing strong potential for recovery. Whale activity has significantly impacted token accumulation, indicating confidence in the asset. Demand in the derivatives market has also surged, with open positions increasing by 35%.
As trader interest remains robust, PNUT is well-positioned to reach its previous all-time high of $2.3 by 2025, especially with the ongoing interest in meme coins.
