The post $8M Profit from PNUT Memecoin: Here’s How the Crypto Trader Did It! appeared first on Coinpedia Fintech News
Since its launch, the Solana-based Peanut the Squirrel (PNUT) memecoin has taken the crypto world by storm, skyrocketing more than 13,000x in under two months. With a fully diluted market cap of around $1.38 billion and a daily trading volume of about $1.94 billion, the mid-cap memecoin gained mainstream attention after being listed on the Binance exchange.
PNUT has attracted over 72,000 on-chain holders, boosted by strong liquidity of more than $20 million on various Solana-based decentralized exchanges (DEXes), including Raydium and Jupiter.
Keep reading to find out how a lucky trader turned a small investment into millions.
On November 5, 2024, a lucky memecoin trader spent 2,717 SOL (worth about $450,000) to buy 6.16 million $PNUT. After the coin was listed on Binance in mid-November, its value surged more than 17x, reaching $1.36 by Friday, December 6, during the mid-London session.
As a result, the trader made a profit of nearly $8 million on Binance earlier today. Currently, the trader holds 7.8 million Zerebro (ZEREBRO) AI memecoins, valued at about $2.9 million.
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The rise of PNUT has faced resistance from the original owner of the squirrel, who was allegedly killed by the US government. In response, the owner has backed a new Solana memecoin called Justice for Peanut (JFP), which has seen strong gains in the past 24 hours.
According to on-chain data from Dexscreener, JFP’s price has jumped more than 10x in the last 24 hours, trading at around $0.0124 at the time of writing. The small-cap memecoin, with a fully diluted market cap of around $12 million, has locked liquidity of about $479,000 and a daily trading volume exceeding $10 million.
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