Peanut (PNUT) Meme Coin Surges 15.4% Amid Intensified Whale Activity, Market Cap Tops $710M

Whale activity surrounding Peanut the Squirrel (PNUT) has intensified, driving the meme coin's recent price surge.

The price of Peanut (PNUT), a meme coin, has surged recently amid intense whale activity. Over the past 24 hours, PNUT witnessed a 15.4% increase, reaching a price of $0.7102 and boosting its market capitalization to over $710 million. Moreover, trading volume spiked by 190%, indicating strong interest despite a broader downturn in crypto markets.

This uptick is largely attributed to substantial whale transactions, which are typically seen as a bullish indicator among traders and investors. In one recent transaction, a whale withdrew 10 million PNUT tokens, valued at approximately $6.1 million, from Binance and transferred them to a decentralized wallet, making this wallet the sixth-largest holder of PNUT.

On December 30, an on-chain analysis highlighted that whale accumulation signals potential bullish movements, often prompting retail traders to follow suit. In this case, anticipation surrounding possible listings on major U.S. exchanges like Coinbase and Robinhood appears to have further fueled the excitement. Coinbase did add PNUT to its listing roadmap earlier in December, but a specific trading date has not yet been announced.

Data from the futures market also indicated increased demand, as open interest in PNUT futures rose by 35% to over $222.92 million. Community sentiment mirrored this trend, with the majority of traders anticipating further gains, which is corroborated by a 10% increase in the total number of PNUT holders in December.

Past patterns suggest that meme coins often rally dramatically following listings on major exchanges, as it exposes the coin to a much wider audience and makes it more accessible for trading. This recent activity surrounding PNUT is an expected response to such market dynamics.