Peanut the Squirrel (PNUT) shot up 12% after Elon Musk posted a vague tweet that sent crypto speculators into a frenzy. While the tweet didn’t mention PNUT directly, meme coin traders piled in—but on-chain data tells a different story.
Who Really Profited?
🔍 Smart Money Moved First:
- $1.54M PNUT flowed onto exchanges before the tweet (early positioning)
- $920K PNUT withdrawn after the peak (likely retail buying high)
📉 Retail Got Left Holding the Bag:
- Funding rates barely budged (still negative at -0.0074%)
- Shows weak conviction in the rally
Key Price Levels to Watch
✅ Resistance:
- $0.2386 (0.382 Fib)
- $0.245 (breakout zone)
- $0.256 (next target)
⚠️ Support:
- $0.216 (trendline & 0.786 Fib – must hold)
- Break below flips bias bearish
The Bigger Picture
Meme coins live and die by hype—but on-chain flows don’t lie. This looks like a classic case of:
- Whales front-running the pump
- Retail FOMO-ing near the top
- Smart money exiting quietly