As a seasoned analyst with over two decades of experience in the financial markets, I must admit that I’ve seen my fair share of market phenomena. However, the meteoric rise of Peanut the Squirrel (PNUT) has left me quite intrigued and slightly awestruck.
Title Suggestion: “Exciting Surge of Peanut (PNUT) in the Meme Coin Market: A Trader Earns an Impressive $56 Million in a Week!
One individual smart crypto trader minted massive profits as the PNUT meme coin gained massive traction during the US elections.
How Did a PNUT Trader Make $56 Million?
It’s been revealed that the person with the greatest stake in $Pnut has amassed an impressive $56 million in earnings, thanks to shrewd trading and initial investments in meme coins. According to Lookonchain data, this financial success story started on October 16, when he entered the meme coin market by purchasing Goatseus Maximum (GOAT). Despite facing disappointing returns on $GOAT, with frequent sales at low prices, he still owns 2.92 million GOAT tokens worth approximately $2.78 million, earning him a profit of around $574,600.
In my research, not every venture yielded the desired results. My impulsive investment in Flavia, fueled by fear of missing out (FOMO), resulted in a loss of $1.55 million from an initial investment of $1.86 million. This experience serves as a painful reminder of the risks and potential pitfalls in the market.
However, after that, circumstances shifted when he managed to catch up with PNUT, following Elon Musk’s tweet about the escalating PNUT price on November 2. Initially, he was hesitant, investing just $15.5K and selling promptly for a small gain of $1.5K. But then, the trader delved deeper into the $Pnut market between November 3 and 10, committing close to $2.8 million.
The crucial moment arrived on November 11, as Binance declared that PNUT would be listed, which motivated the trader to initiate selling his shares. At present, he owns 26.72 million PNUT tokens valued at approximately $56.64 million, making him the biggest individual token holder and earning a massive profit exceeding $56 million.
Although he achieved profit from some trades, it’s worth noting that out of the 39 tokens he dealt with, just nine ended up being profitable. This translates to a success rate of 23%.
Will the Price Rally Continue?
Over the past three days since Binance listed PNUT, I’ve observed a remarkable spike in its price, reaching an unprecedented peak of $2.32 today. Furthermore, the daily trading volume has skyrocketed to over $5 billion, indicating immense investor enthusiasm. This impressive rally has even propelled it onto the roster of top ten meme coins by market capitalization.
$PNUT went up 2500% in just 2.5 days Can it really reach 50 Billion Market Cap?
I share the best support levels to buy at and also where you should consider taking profits…
Please like + RT 🙏
— Sajad 💫 (@SajadFlips) November 14, 2024
As an analyst, I’m observing a 20% pullback from the peak for PNUT, with the current trading price at $1.85. Notably, renowned crypto trader Sajad predicts that this decline could extend to around $1.50 before PNUT initiates its next surge. However, it’s important to keep in mind that PNUT has a promising outlook and could potentially reach a market cap of $20 billion in the future, according to his assessment.
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2024-11-14 18:03