How does on-chain data affect PNUT/USDT trading?

On-chain data provides insights into PNUT’s supply distribution, transaction volume, active addresses, and whale activity. If large holders (whales) accumulate PNUT, it could indicate bullish sentiment, while heavy selling may signal a potential price drop. Other key metrics, such as network growth and staking participation, can influence market movements. Traders can use blockchain explorers and market analytics tools alongside PNUT USDT to analyze on-chain trends.