Investor Purchases PNUT, a Peanut-Inspired Cryptocurrency, for $17 and Realizes a Profit of 12,000 Times

There has been a recent buzz in the realm of memecoins as a cunning investor bought approximately 2.46 million PNUT with a mere $17 (~0.0983 SOL) only a few days back, experiencing a windfall with a profit that escalated to 12000 times the initial amount.

An update shared by Blockchain Intelligence group, Onchain Lens, on X depicted, “Investor labelled as 66RfVLjS commenced offloading PNUT from November 2nd, having traded 2.23 million PNUT for 1162 SOL (equating to around $196,000), while retaining 226,000 PNUT with a market value of $18,000, with an auto-sell setup in place.” By November 3rd, the gains had soared beyond a 12,000-fold increase.

Conversely, a different investor acquired 19.4M $PNUT for a sum of 8 $SOL (valued at $1,392) and later divested them for 4.09 $SOL ($711), incurring a loss of $681. A day prior, the monetary worth of these 19.4M $PNUT had escalated to more than $1.85M. Onchain Lens observed, “In merely 48 hours, this trader had the potential to become a millionaire.”

At present, the PNUT memecoin is valued at $0.05135, reflecting a decrease greater than 35% within the last day.

PNUT garnered immense attention post the confiscation and subsequent euthanasia of a pet squirrel, Peanut, by New York authorities, drawing ire from its caretaker Mark Longo and a wide online community. As the incident gained traction, it sparked a political debate. Influential tech entrepreneur and Donald Trump endorser, Elon Musk, decried this as an illustration of excessive governmental interference, tweeting, “Government overreach kidnapped an orphan squirrel and executed him,” further suggesting governments should desist from meddling with individuals and their pets.

Several cryptocurrency market observers are postulating that the PNUT craze will likely dissipate following the release of the US election results and as the uproar surrounding Peanut’s demise dies down.

Also Read: GOAT Token Surges as Whale Reaps $3.2M Profit