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Elon Musk’s Tweet Sparks PNUT Speculation Amid Divergent On-Chain Signals
Elon Musk’s Tweet Sparks PNUT Speculation Amid Divergent On-Chain Signals
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BTCCSquare news:
Elon Musk's cryptic July 8 tweet about "Peanut" triggered frenzied speculation in PNUT markets, with the meme coin rallying 12% to $0.2398 within hours. Yet blockchain analytics reveal sophisticated traders capitalized on the HYPE cycle while retail investors chased momentum.
Exchange netflows turned positive hours before Musk's post, with $1.54 million PNUT deposited—a classic preparatory MOVE by informed participants. The subsequent $920,000 outflow coincided precisely with the local top, demonstrating textbook distribution patterns. Funding rates' convergence toward zero after weeks of negativity confirms this was a liquidity event rather than organic demand.
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