Solana-based meme coin Peanut the Squirrel (PNUT) increased its price by 12% to $0.70 in the last 24 hours, supported by whale accumulations. PNUT is focusing on the $1 target, showing a strong recovery from the $0.50 level.
PNUT Price Increase and Whale Accumulation
Peanut The Squirrel (PNUT) attracted a lot of attention during the US presidential election last month, reaching a market cap of $1 billion within days of launch. However, PNUT price has since trended sideways and recovered after falling to retest the critical $0.50 support.
Blockchain analysis platform Spot on Chain has detected significant accumulation activity in PNUT tokens. Whale wallet “FFDAa” made a transfer from Binance representing 10 million PNUT tokens (worth $6.1 million, approximately 1% of the total supply).
This transaction marks the whale’s first recorded accumulation of PNUT tokens. After the withdrawal, almost all tokens were transferred to another wallet named “76yGJ”. With this transfer, wallet “76yGJ” became the sixth largest decentralized exchange (non-CEX) holder of PNUT.
The Future of Solana Meme Coin
With the current recovery, PNUT meme coin is again heading for a breakout test from the downtrend line. This would open the door for a rise in the PNUT price towards $1 and further to the all-time high of $2.3.
Additionally, demand for Solana-based meme coin is strong in the derivatives market. According to Coinglass data, open interest for PNUT increased by 35% to $223 million, creating strong demand among futures traders. 24-hour liquidations reached 4 million dollars.
Solana meme coins made a big impact in 2024. Recently, Solana-based Fartcoin surged significantly, supporting the overall meme coin industry. As we move into 2025, investors believe that the performance of the meme coin sector will continue, and traders are now also focusing on meme coins on the Base network.
PNUT price movements provide important indicators for investors who closely follow the dynamics in the meme coin market.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
