- 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.
