$8M Profit from PNUT Memecoin: Here’s How the Crypto Trader Did It!

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.

A Lucky Trader Makes a Huge Profit

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.

A smart trader deposited all 6.16M $PNUT($8.44M) to #Binance 40 minutes ago.

The trader spent 2,717 $SOL($450K) to buy 6.16M $PNUT on Nov 5, with a profit of $7.99M(+1772%).https://t.co/iXPUUHBhZM pic.twitter.com/vPnfxJdGdj

— Lookonchain (@lookonchain) December 6, 2024

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.

Why Isn’t the Owner Happy?

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.

Okay ticker $JFP at 100m, pnuts face at 1 B, and the date we beat NY at 10b https://t.co/SNIPEqTAx4

— Squirrel_Dad (@Squirrel_Dad12) December 6, 2024

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.

The memecoin market never sleeps, and with tokens like PNUT and JFP, it’s clear that this craze is far from over.