Peanut the Squirrel (PNUT), a meme coin built on the Solana blockchain, has experienced a notable 12% rise in value, reaching $0.70 over the past day, driven largely by significant whale activity. After rebounding from a low of $0.50, PNUT is now setting its sights on a potential $1 target.

What Contributed to the Price Surge?

The coin initially captured attention during the recent U.S. presidential elections, achieving a market capitalization of $1 billion shortly after its launch. Since that point, the price has stabilized and is now on the rise after rebounding from a crucial support level.

Who is Behind the Whale Accumulation?

Recent data from the blockchain analysis site Spot on Chain revealed a significant accumulation of PNUT tokens by a whale wallet identified as “FFDAa.” This wallet moved 10 million PNUT tokens, valued at around $6.1 million, from Binance, marking its first recorded acquisition of the cryptocurrency.

Key insights from PNUT’s recent performance include:

• The price has rebounded from $0.50, showing strong recovery potential.
• Whale activity has significantly impacted token accumulation, indicating confidence in the asset.
• The demand in the derivatives market has surged, with open positions increasing by 35%.

As PNUT strives to break free from its downward trend, the outlook appears optimistic. The strong demand among traders suggests that the coin may reach its previous all-time high of $2.3 as interest in meme coins remains robust heading into 2025.