- Whale has gone long on PNUT with a $6M purchase (10M tokens).
- Key on-chain metrics were still negative at press time.
According to blockchain analytics firm Spot On Chain, Peanut the Squirrel [PNUT] has seen its first major whale accumulation.
The firm noted that a whale had scooped 10 million PNUT from Binance exchange, worth over $6M. Now, the whale holds 1% of the memecoin’s total supply.
Source: SpotOnChain
PNUT: Is a recovery likely?
Following the whale’s move, PNUT bounced from the $0.6 short-term support and pumped 20% in the past 24 hours. After the hype during the U.S. elections in November, PNUT peaked at $2.5 and dumped over 75%.
Although it has held the $0.6 support since mid-December, whether the level will act as a springboard for stronger recovery remains to be seen.
Source: PNUT/USDT, Tradingview
Key technical indicators, CMF and RSI, soared but remained below key averages. This meant demand and capital inflows rebounded but were still not strong enough to confirm an extended recovery for the memecoin.
So, the overhead roadblock at $0.8 could derail the recent rebound again if the momentum faded away.
On the contrary, a decisive move above $0.8 could make $1 within reach and reinforce a bullish market structure.
But key on-chain metrics were also bearish as of this writing. For example, the Social Volume, which tracks the memecoins’ interest across social media platforms, has dropped to record lows.
Similarly, the Weighted Sentiment has been negative since late November.
Source: Santiment
In short, there has been low market interest and bearish sentiment on the memecoin in the past few weeks. If the negative readings continue, this could delay strong recovery prospects.
That said, over 80K users were still holding the memecoin. However, there was more sell volume than buy volume at the time of writing, suggesting that short-term bearish sentiment was still prevalent.
Source: Coinglass
Taken together, most signals were still bearish for PNUT at press time. Although the whale accumulation triggered a price pump, a potential broader market recovery in early 2025 could aid a strong move for the memecoin.
