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A savvy trader made $56 million in profit from the recent 1,500% surge in Peanut the Squirrel (PNUT), hitting a fresh all-time high to $2.3 earlier today.
Key Notes
Starting with cautious investments, the trader ramped up PNUT purchases after Elon Musk’s tweet on November 2.The trader took major positions and minted substantial profits when Binance announced PNUT's listing on November 11.Following its all-time high, PNUT has seen a 20% pullback from all-time high.Peanut the Squirrel PNUT $1.91 24h volatility: 25.5% Market cap: $1.94 B Vol. 24h: $5.12 B has created a massive uproar in the crypto meme coin space, with a trader minting a staggering $56 million in a week. The 1500% PNUT price rally over the past week has caught everyone’s attention with its market soaring to $2.3 billion in no time.
One individual smart crypto trader minted massive profits as the PNUT meme coin gained massive traction during the US elections.
How Did a PNUT Trader Make $56 Million?
The largest individual holder of $Pnut has made a remarkable $56 million in profits, thanks to strategic trading and early investments in meme coins. As per the Lookonchain data, his journey began on October 16, as he dabbled into meme coins for the first time by investing in Goatseus Maximum (GOAT). Despite struggling with poor performance on $GOAT — often selling at lows — he still holds 2.92 million $GOAT tokens valued at $2.78 million, with a profit of $574.6K.
However, not all bets were successful. The trader’s FOMO-driven investment in $Flavia, where he lost $1.55 million after investing $1.86 million, is a costly lesson.
But later, things changed as he caught up to PNUT following Elon Musk‘s tweet about the soaring PNUT price on November 2. Though initially cautious, investing only $15.5K and selling quickly for a modest $1.5K profit. But later, the trader took a deeper dive into $Pnut between November 3 and 10, investing nearly $2.8 million.
The key turning point came on November 11 when Binance announced PNUT’s listing, prompting the trader to start selling his holdings. He currently holds 26.72 million PNUT tokens worth $56.64 million, making him the largest individual holder of the token and netting a staggering profit of over $56 million.
Despite this success, the trader’s overall track record shows that of the 39 tokens he traded, only 9 were profitable, giving him a win rate of 23%.
Will the Price Rally Continue?
Over the last three days following the Binance listing, the PNUT price has seen a significant surge hitting a fresh all-time high of $2.32 earlier today. Also, the daily trading volume has soared to over $5 billion suggesting massive investor interest. With its massive rally, it has also entered the list of top ten meme coins by market cap.
$PNUT went up 2500% in just 2.5 days
Can it really reach 50 Billion Market Cap?
I share the best support levels to buy at and also where you should consider taking profits…
Please like + RT 🙏 pic.twitter.com/oE9HFvgs52
— Sajad 💫 (@SajadFlips) November 14, 2024
However, at press time, PNUt is seeing some retracement of 20% from its peak and currently trading at $1.85. Popular crypto trader Sajad stated that PNUT can retrace further to take support at $1.50 before starting its next leg of the rally. However, it holds the potential to rally to a market cap of $20 billion in the future, he said.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
