PNUT Price Rally Leads Trader to $56 Million Profit
Peanut the Squirrel (#PNUT) has gained significant attention in the crypto meme coin market, with one trader earning $56 million in a week. The PNUT price surged by 1500%, driving its market cap to $2.3 billion.
How Did a PNUT Trader Make $56 Million?
The largest holder of $PNUT achieved $56 million in profits through strategic trading and early investments in meme coins. According to Lookonchain, the trader began on October 16 by investing in Goatseus Maximum (GOAT), holding 2.92 million tokens valued at $2.78 million, resulting in a profit of $574.6K. A subsequent investment in $Flavia led to a loss of $1.55 million after investing $1.86 million.
On November 2, following a tweet from Elon Musk about PNUT's rising price, the trader cautiously invested $15.5K, realizing a small profit. Between November 3 and 10, he invested nearly $2.8 million in $PNUT. The major turning point occurred on November 11 when Binance announced PNUT's listing, prompting the trader to sell his holdings. He currently owns 26.72 million PNUT tokens worth approximately $56.64 million.
Despite this success, the trader's overall performance shows that out of 39 tokens traded, only 9 were profitable, yielding a win rate of 23%.
Will the Price Rally Continue?
Following the Binance listing, PNUT's price reached an all-time high of $2.32, with daily trading volume exceeding $5 billion, indicating strong investor interest. It ranks among the 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
Currently, PNUT has retraced by 20% from its peak and is trading at $1.85. Crypto trader Sajad noted that PNUT could find support at $1.50 before potentially rallying towards a market cap of $20 billion.