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Peanut the Squirrel (PNUT), a meme coin based on Solana 
$166, has seen a price increase of 12% to $0.70 within the last 24 hours, fueled by whale accumulations. The coin has demonstrated a strong recovery from the $0.50 level and is now targeting a price of $1.
PNUT Price Surge and Whale Accumulation
PNUT gained significant attention during the recent U.S. presidential elections, reaching a market cap of $1 billion shortly after its launch. However, since then, its price has remained stable, with a recovery following a drop that tested the critical support at $0.50.
The blockchain analysis platform Spot on Chain detected significant accumulation activity in PNUT tokens. A whale wallet named “FFDAa” executed a transfer of 10 million PNUT tokens (valued at $6.1 million, approximately 1% of total supply) from Binance.
This transaction marks the whale’s first recorded accumulation of PNUT tokens. After the withdrawal, nearly all tokens were transferred to another wallet named “76yGJ,” which then became the sixth largest non-CEX holder of PNUT.
Future Prospects for Solana Meme Coin
With the current recovery, PNUT is testing an exit from a downward trend line. This could pave the way for the price to rise to $1 and potentially reach its all-time high of $2.3.
Additionally, demand for this Solana-based meme coin in the derivatives market is strong. According to Coinglass data, open positions for PNUT surged by 35% to $223 million, indicating robust demand among futures traders, with liquidation amounts reaching $4 million in the last 24 hours.
Solana meme coins have made a significant impact in 2024. Recently, Fartcoin, another Solana-based meme token, showed a notable rise, bolstering the overall meme coin sector. As 2025 approaches, many believe the meme coin sector will continue performing well, with traders now also focusing on meme coins in the Base network.
The price movements of PNUT provide vital indicators for those closely monitoring dynamics in the meme coin market.
