Here is Why $Pnut Goes Nut with 320% Increase in 24Hour

Solana-based memecoin $PNUT experienced a remarkable 4x pump following the announcement of its spot listing on Binance, an increase of over 320% in 24 hours.

As of the time of writing, the memecoin market price is currently at $0.4447 with a circulating supply of 1 Billion PNUT and a market cap value of over $124 million.

$Pnut Surge Catalysts

An anonymous investor identified as 4C3Nx…S3FeU, the top holder of $PNUT tokens, meticulously built a substantial position in the token over a week, starting on November 3rd.

Notably, the investor continued to accumulate $PNUT tokens even as the price declined, demonstrating a firm belief in the project’s potential. In total, this individual invested an impressive $2.194 million without selling a single token.

The announcement of Binance’s spot listing acted as a catalyst for the dramatic price increase. Following the news, the investor’s initial investment witnessed a floating profit exceeding $10.53 million.

Notably, the project’s developers have implemented innovative mechanisms, such as a self-burning mechanism and a commitment to charitable contributions, fostering a loyal and passionate user base.

The Binance listing announcement, a highly sought-after achievement in the crypto sphere, acted as a catalyst for the price explosion. This signifies the exchange’s confidence in the project and its growth potential, attracting a new wave of investors to the $PNUT ecosystem.

The listing allows for greater accessibility, increasing trading volume and liquidity, further boosting the token’s value.

Whales Investments Dictate Pnut Surge

Late in October 2024, Pnut’s story grabbed widespread media attention, pushing the $Pnut market cap to a staggering $8 million in a single day. The story’s virality and a powerful combination of social media factors fueled this accomplishment.

Tech entrepreneur and social media giant Elon Musk played a key role in the coin’s rapid ascent. He shared multiple Pnut-related posts, even pinning one to the top of his Twitter profile. These actions, combined with the Dogecoin community’s involvement, further thrust $Pnut into the public eye.

However, the $Pnut ecosystem appears healthy, with no apparent connections between most large holders, indicating a decentralized distribution.

The emergence of whales, or large investors, further strengthens the coin’s momentum. A recent whale purchase exceeded $1.56 million in SOL, encompassing both $Pnut and $FRED, another memecoin associated with Mark Longo’s rescued animals.