Elon Musk-Endorsed Peanut The Squirrel Surges 270% To $1.5 Billion Valuation: 'Only More Wild Moves Ahead,' Says Millionaire Trader

Peanut The Squirrel PNUT/USD has surged in both price and valuation, rewarding traders with substantial profits as it continues to attract attention.

What Happened: Analytics platform Lookonchain noted on Wednesday that one trader, who sold 19.4 million PNUT tokens for just 4.08 Solana SOL/USD (worth $697) at a $669 loss, missed a dramatic price increase.

PNUT surged after the sale, meaning the trader’s sold tokens would now be worth $17.5 million. Lookonchain highlighted the trader's likely regret at the missed windfall.

Meanwhile, another whale pocketed an unrealized $16.8 million from PNUT and FRED trades in one week. This trader initially invested 11,582 SOL ($2.14 million) into 17.35 million PNUT tokens, netting an unrealized gain of $14.18 million, and added 3,550 SOL ($657,000) to buy 68.97 million FRED tokens, for an unrealized $2.65 million profit.

Also Read: Peanut The Squirrel’s Coin PNUT Catapults 343% Higher To $420 Million Valuation: ‘The Squirrel Who Saved The Election,’ Quips Venture Capitalist

Why It Matters: Elon Musk's early November nod to PNUT, suggesting it "could become more powerful than anyone could imagine," further fueled excitement. PNUT has now outpaced other meme coins like Dogwifhat WIF/USD, Bonk BONK and Floki FLOKI/USD in 24-hour trading volume.

"If you strike me down, I will become more powerful than you could possibly imagine" Obi PNut Kenobi pic.twitter.com/dD2Xo0fSkr

— Elon Musk (@elonmusk) November 2, 2024

Entrepreneur and Bitcoin investor Lark Davis pointed out that PNUT's valuation soared to $1.4 billion in less than two weeks, marking one of the fastest meme coin ascents.

Crypto trader Unipcs, known as the “BONK Guy”, observed PNUT's market cap jumping from $430 million to $1.8 billion in just hours, driven by Musk's influence. He likened this surge to Musk's prior impact on Dogecoin DOGE/USD and Shiba Inu SHIB/USD, whose market caps peaked at $90 billion and $43.5 billion, respectively.

This rise, he suggested, might signal a broader return of liquidity to meme coins, predicting "only more wild moves ahead."

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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