Peanut the Squirrel (PNUT) has seen a significant surge in its price recently, with a 15.4% increase over the past 24 hours. This has brought its value to $0.7102 and its market cap to over $710 million. The daily trading volume for PNUT has also experienced a substantial uptick, rising by 190% to over $596 million. This rally comes at a time when the broader meme coin market has seen a 1.8% drop, with a total value of $107.3 billion, and the global crypto market experiencing a 3.1% decrease, with a total value of $3.41 trillion.
The surge in PNUT’s price can be attributed to increased interest from whales, as highlighted by on-chain tracker Spot On Chain. A whale recently withdrew 10 million PNUT tokens, worth approximately $6.1 million, from the exchange Binance. This transaction accounted for 1% of the total supply of PNUT tokens in circulation and was transferred to a decentralized wallet labeled “76yGJ,” making it the sixth-largest PNUT holder. This move follows similar actions by other whales who have shown interest in PNUT, further signaling a bullish trend for the asset.
Additionally, there has been a surge in demand from futures traders for PNUT, with open interest in its futures market increasing by 35% to over $222.92 million. The anticipation of PNUT being listed on two major U.S. exchanges, Coinbase and Robinhood, has also contributed to the coin’s price surge. While Coinbase has included PNUT in its listing roadmap, an exact trading date has yet to be announced. Market speculation suggests that Robinhood may also list the meme coin, given its presence on other top-tier exchanges such as Binance, OKX, and Bybit.
Recent listings on Blockchain.com and the Indian crypto exchange Zebpay have further bolstered PNUT’s market presence. Meme coins typically experience strong rallies following listings on major centralized exchanges due to increased exposure. Community sentiment surrounding PNUT remains largely bullish, with a majority of voters anticipating further gains. The total number of PNUT holders has also increased by 10% in December, indicating growing liquidity and a stronger community base.
In conclusion, PNUT’s recent rally can be attributed to increased whale interest, surging demand from futures traders, and speculation surrounding potential listings on major exchanges. The coin’s strong community support and recent listings have further boosted its market presence, setting the stage for potential future gains.