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Cryptocurrencies display notable selling pressure after the failed Santa Claus rally.
The crypto market cap plunged 1.45% in the past day to $3.24 trillion as Bitcoin hovers at $92.7K.
While altcoins appear to suffer the most, some investors have capitalized on the discounted values to dip-buy.
On-chain data highlights significant accumulations behind Peanut the Squirrel, a Solana-based meme token.
PNUT whale activity and price performance
According to Spot on Chain, a large-scale crypto investor spent around $6.1 million to acquire 10 million PNUT tokens from Binance on December 30.
The transaction attracted attention as it came amidst PNUT’s plummeting price.
Furthermore, this is the first time the whale accumulated the meme token, raising speculations about Peanut the Squirrel’s future potential.
Meanwhile, the investor sent all the purchased PNUT to another wallet, making it the 6th largest no-CEX PNUT holding address.
Whale activity remains crucial in predicting market directions. Large-scale investors often purchase tokens with near-term rallying potential.
Moreover, the latest PNUT accumulation occurred as prices traversed weekly lows. That highlights strategic moves to capitalize on reduced costs.
The altcoin soared following the accumulation, jumping from $0.58 to $0.72 within hours.
PNUT trades at $0.63 after sliding from its daily peaks.
Chart by CoinmarketcapThe altcoin demonstrates significant selling momentum, reflecting potential downward continuations before stable revivals.
Meanwhile, trends such as whale accumulation suggest potential market shifts in bullish favor.
Holding the vital support barrier at $0.50 will likely catalyze significant recoveries.
With its prevailing performance, PNUT’s price teases an exodus from a descending trend line.
That could open the path toward the psychological mark at $1.
Increased buyer activity at this level would drive the meme token to its ATH of $2.3.
However, broad market trends would be crucial in driving PNUT’s performance ahead.
Experts predict bullish resumptions in Q1 2025, citing developments like the United States’ incoming pro-crypto leadership.
Donald Trump promised a friendly environment for US crypto investors during his campaigns.
The asset class struggled under Gary Gensler as the SEC chair amid unclear regulations.
However, the Trump administration has promised to end such trends by appointing pro-crypto individuals to monitor the sector.
For instance, the president-elect picked Paul Atkins after Gensler’s resignation.
Furthermore, analysts expect a rebound after the recent dip.
Michael van de Poppe forecasts imminent uptrends for cryptocurrencies as the correction phase ends.
Digital assets remain poised for remarkable recoveries in the coming weeks and months, provided Bitcoin holds above $90K.
Enhanced broad market sentiments amid whale interest will likely propel PNUT above $1 billion market capitalization in the next sessions.
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