Solana meme coin Peanut the Squirrel (PNUT) is seeing huge whale accumulation thereby pushing the PNUT price up by 12% in the last 24 hours all the way to $0.70. PNUT meme coin has staged a strong recovery from the support of $0.50 and is eyeing a quick rally to $1 moving ahead, with a 35% surge in open interest.
PNUT Price Rally After Strong Whale Accumulation
Peanut The Squirrel (PNUT), a Solana-based meme coin, gained much traction during the US presidential elections last month hitting a $1 billion market cap within days of launch. However, the PNUT price has been moving sideways since then and recently dropped to retest the crucial support of $0.50, before bouncing back.
On the other hand, the blockchain analytics platform Spot on Chain has identified significant accumulation activity in PNUT tokens. Whale wallet “FFDAa” recently withdrew 10 million PNUT tokens, valued at $6.1 million and representing approximately 1% of the total supply, from Binance.
This transaction marks the whale’s first recorded acquisition of PNUT tokens. Following the withdrawal, nearly the entire amount was transferred to another wallet, “76yGJ.” With this transfer, wallet “76yGJ” is now ranked as the sixth-largest non-centralized exchange (non-CEX) holder of PNUT.
This shows that interest in Peanut The Squirrel continues to persist among long-term players who are looking to buy the dips.
Where Is the Solana Meme Coin Heading Next?
With the current bounce, the PNUT meme coin is once again testing a breakout from the downward trendline which will open the gates to the subsequent PNUT price rally to $1 and further to an all-time high of $2.3.
Earlier this month, crypto exchange Coinbase announced the listing of PNUT meme coin. However, it has yet to go live for trading on the platform. The listing announcement from the leading crypto exchanges triggered massive liquidity for the Solana meme coin leading to further gains in the PNUT price.
Also, there’s strong demand for the Solana meme coin in the derivatives market. As per the Coinglass data, the open interest for PNUT has shot up by 35% to $223 million showing strong demand for futures traders. Also, the 24-hour liquidations have shot up to $4 million.
Solana meme coins have created a massive uproar this year in 2024. Recently, Solana-based Fartcoin has been staging a massive rally thereby pulling up the overall meme coin sector. Moving into 2025, investors are confident that the meme coin sector’s outperformance will continue. As a result, traders are now shifting their focus towards Base meme coins.
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