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.
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.
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.
- Read Next:
Elon Musk Says The ‘Prophecy Has Been Fulfilled’ — Peanut The Squirrel-Themed Meme Coin Spikes 11%
Image: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.