The world of memecoins witnessed a new sensation as a trader spent nearly $17 (about 0.0983 SOL) to buy approximately 2.46 million PNUT four days ago, only to gain a 12000x profit few days later.
Blockchain Intelligence, Onchain Lens wrote on X, “the trader, (under the address 66RfVLjS) started selling PNUT on 2 November and has sold 2.23 Million PNUT in exchange for 1162 SOL (about $196,000), still holding 226,000 PNUT (worth $18,000), and set to automatically sell.” As of November 3, the total profit had exceeded 12,000 times.
Courtesy: Onchain Lens X Account
Another trader had bought 19.4M $PNUT for only 8 $SOL ($1,392) and sold them for 4.09 $SOL ($711), taking a loss of $681. Yesterday, these 19.4M $PNUT were worth over $1.85M. As Onchain Lens rightly put it, “This trader could have been a millionaire in just 2 days.”
As for PNUT’s current performance, the memecoin is trading at $0.05135, and has seen over 35% of a dip in the past 24 hours.
PNUT became a sensation after New York officials seized and euthanized a pet squirrel named Peanut, sparking outrage from his owner, Mark Longo and a large social media following. The news soon escalated and became a political issue. Tech billionaire and Donald Trump supporter, Elon Musk criticized the unnecessary intervention by the government officials “Government overreach kidnapped an orphan squirrel and executed him,” Musk posted, as he further added that the government should leave people and their animals alone.
Many crypto analysts also predict that the frenzy around the coin will cool off as soon as the US elections results come out and the whole controversy around the death of Peanut settles in.