A crypto whale has withdrawn 10 million PNUT tokens from Binance, equivalent to $6.1 million and accounting for 1% of the total token supply. According to Lookonchain, the tokens were transferred to a non-centralized exchange wallet labeled “76yGJ,” making the wallet the sixth-largest holder of PNUT. The withdrawal occurred at an average price of $1.641 per token.
Over the past two days, another whale reportedly sold PNUT tokens to acquire 60.03 million MIRA tokens at $0.031 each, spending $1.87 million. However, the value of the MIRA tokens has since dropped to $1.2 million, resulting in an estimated loss of $600,000 for the investor, per recent data from Coingecko’s terminal.
This move follows a similar trend from December 12, when another whale created a new wallet and withdrew 8.41 million PNUT tokens, worth $10.68 million at the time, from Binance.
A whale created a new wallet and withdrew 8.41M $PNUT($10.68M) from #Binance 2 hours ago.https://t.co/IbGMoWwAkE pic.twitter.com/22Vt0Yhpjw
— Lookonchain (@lookonchain) December 12, 2024
The timing of these withdrawals has raised concerns about market sentiment and the potential for a price drop in PNUT tokens.
PNUT in long-term decline, short-term gain
The crypto coin’s market performance has faced considerable pressure in recent days. Its market cap stands at $687 million, with a 24-hour trading volume of $303 million, an increase of 123%. Short-term indicators show a 0.09% decline in the last hour, while long-term data reveal a 44.79% drop over the past 30 days.
PNUT market performance: Source – CoinMarketCap
Despite garnering an extraordinary 1200% increase in value over the past 90 days, the token’s current price trajectory is showcasing some bearish signs in the long term.
PNUT’s origin story as a memecoin is tied to the viral fame of Peanut, the squirrel. Peanut, who gained over 500,000 Instagram followers, became an internet sensation through Mark Longo’s viral videos. The tragic euthanization of Peanut and another rescued animal, Fred, sparked public outrage, inspiring the creation of PNUT and other Peanut-themed tokens.
The token gained massive attention after Binance listed the token on November 11. The listing propelled the token to a peak market cap of $2.27 billion and an all-time high price of $1.80. The token’s popularity was further fueled by social media buzz, including mentions from Elon Musk, which helped create the wave to push its price upwards.
After experiencing a price and market cap rally, legal controversies and market corrections took a toll on PNUT, and the price uptick that saw investors make millions decelerated exponentially.
Mark Longo, popularly known as “the squirrel dad,” issued a cease-and-desist letter to Binance, alleging unauthorized use of his pet squirrel’s image to promote the crypto coin. Longo himself has faced accusations of running scams in the memecoin space, including alleged “rug pulls” in previous projects.
Longo’s story is dangerously similar to the infamous Hailey Welch, who is currently facing a heap of lawsuits for the HAWK coin incident.
After the news of Longo’s cease-and-desist letter broke, the token dropped 10.2% within 24 hours, falling from $1.17 to $1.05. As of now, PNUT is trading at $0.68, marking a 10.21% drop within a day. The token is currently changing hands almost at its lowest price point in over a month, leaving investors uncertain about its future prospects.
PNUT’s upward momentum could continue in 2025
PNUT’s struggles come amid a broader downturn in the altcoin market, which has fueled Bitcoin’s rising dominance, now exceeding 58%. While the crypto market has seen speculative surges, including PNUT’s own 1000% rally earlier this year, maintaining momentum has proven difficult for many memecoins.
That said, PNUT has managed to attract the attention of speculative traders. The token boasts over 80,000 on-chain holders and more than $12 million in locked liquidity. Its listings on major exchanges like Binance and Coinbase may keep up a steady flow of interest, though its long-term stability, just like most memecoins, remains uncertain.
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