Recent market activities reveal that large cryptocurrency holders, known as whales, are significantly boosting the value of newly listed tokens, specifically Peanut the Squirrel (PNUT) and Goatseus Maximus (GOAT) on Binance. Over the past week, PNUT’s value soared by an astonishing 2000%, while GOAT also enjoyed a solid increase of 60%.
What Did the Whale Transactions Reveal?
Data from Solscan shows a notable transaction where a whale transferred nearly 3.85 million PNUT tokens from Binance to a private wallet, valued at around $7.12 million. This large transaction pattern highlights the influence that such holders can exert on market trends.
Are Solana-Based Meme Coins Gaining Popularity?
Yes, the surge in interest for tokens like PNUT and GOAT is part of a broader rise in meme coins linked to the Solana blockchain. This sector has gained traction during the current bullish market, with several tokens reaching new all-time highs.
Key points from the market activity include:
– PNUT currently trades at $1.85, with an impressive weekly gain of 2000% and a monthly increase of 3000%.
– GOAT is priced at $1.155, with expectations to hit $5, reflecting a weekly rise of 52%.
– The trading volume for PNUT reached $2.88 billion, while GOAT saw about $593.36 million in daily trading volume.
The ongoing interest in meme coins, driven by lower fees and faster transactions on the Solana network, suggests that traders are increasingly turning to these tokens as viable alternatives to Ethereum-based coins.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
