Crypto analysis platform Lookonchain recently shared data on a remarkable whale movement. According to the platform’s analysis, a whale who spent 9,600 SOL (approximately $1.56 million) and purchased large amounts of Pnut and FRED tokens managed to attract the attention of crypto investors. These types of investors, known especially for their high-volume transactions, are closely monitored due to their impact on the market. This move of the whale brought with it the expectation of an increase in the value of altcoin projects Pnut and FRED.
Purchase of loaded altcoins with 5,100 SOL
In this transaction, which took place about six hours ago, the whale purchased 8.99 million Pnut tokens by spending 5,100 SOL ($831,000). Considering that the price of Pnut tokens is $0.092 per piece, the whale’s purchase of this amount of altcoin Pnut is considered a great strategic move. This transaction both increases the interest in Pnut tokens and reflects the expectation of major investors that this token will gain value in the future.
Interest in the Pnut token is associated with the reliability of one of the projects in the Solana ecosystem. The fact that a large crypto whale invests in this token among investors can also create a positive perception of this token among small and medium-sized investors. As Pnut offers innovative solutions in the crypto market, it is considered to have the potential to gain increased value in the future.
Pnut attracted attention with Elon Musk
The latest developments in PNUT, which is the focus of the whale, are quite remarkable. Meme coin PNUT, inspired by “Peanut the Squirrel (Pnut),” skyrocketed to over $120 million on Sunday, just two days after its launch. The idea for the meme token created on Solana arose from a viral news story that the New York State Department of Environmental Conservation (DEC) had seized and euthanized Pnut, a pet with a large following on social media, for rabies testing .
According to Pnut’s handler, Mark Longo, New York State DEC officers took the pet from him on October 31 due to the internet’s “selfishness” and left him in shock and “disbelief.” While Pnut was killed due to health concerns for potentially transmitting rabies, outrage over the pet’s untimely death gained mainstream attention among news organizations and social media personalities, including Tesla billionaire Elon Musk. With widespread media coverage and Elon Musk’s post, the pet’s story went viral, pushing PNUT’s market cap to a new record high of $125 million before the token gave up some of its gains to trade with a market cap of $100 million at press time.
High volume buying in FRED Token
The same whale attracted attention by investing in FRED tokens as well as Pnut tokens. A total of 69.88 million FRED tokens were purchased for 4,500 SOL ($736,000). It is noteworthy that the FRED token is traded with a unit price of 0.01 dollars. This large buying movement may indicate that the FRED token will also gain value in the short term. Such moves made by large investors in the crypto market, especially for low-priced tokens, can create speculation in the market. Due to the low unit price of the FRED token, such a purchase could trigger an increase in demand that could increase the price of the token. In such a case, the FRED token is thought to have the potential to generate short-term profits.
According to Lookonchain data, this crypto whale is not only focusing on Pnut and FRED investments. He also has large assets, amounting to SOL 484,303, or approximately $78.94 million. This amount is known as the total value of Solana assets that the whale distributed in three different wallets. The presence of this high amount of SOL clearly demonstrates the whale’s trust in the Solana ecosystem. The amount of SOL the whale holds in its wallets provides sufficient liquidity to finance strategic moves in the market.
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