Meme Coin Enthusiast Amasses $1.7 Million in Just 48 Hours

An enthusiast of meme cryptocurrencies recently experienced a dramatic turn of fortune by strategically wagering on a selection of tokens, escalating to millionaire rank within a mere 48 hours.

The avid token investor bore witness to an astonishing $1.77 million profit from an investment in Peanut the Squirrel (PNUT), as revealed by data hosted on Lookonchain as of November 3.

A deeper dive into the transaction history clarifies that the shrewd speculator capitalized prominently from swapping PNUT/SOL pairs via Raydium, a cutting-edge automated market maker (AMM).

Embarking on a meme coin trading spree just two weeks prior, the investor rotated through 62 distinct tokens, registering a success rate of 43.55%. This achievement is particularly notable amid the mercurial nature of meme crypto assets.

Other tokens instrumental to his portfolio growth include HIMA, ProjectSid, and RIPETH, accumulating total profits of $955,000 in the span of 15 days.

Documenting the operator’s trades, evidence shows they undertook eight acquisitions and 21 dispositions of PNUT, initially infusing $10,400 and liquidating it for an incredible $681,600.

The Fascination Around PNUT’s Ascent

The trader’s fortune with PNUT coincides with the token’s upsurge in recognition on digital platforms, driven by influential personalities, including the CEO of Tesla (NASDAQ: TSLA) Elon Musk.

Originating from the Solana (SOL) ecosystem, PNUT is amid a wave of meme coins that draw the investment community through viral culture and wit. The buzz around the coin picked up steam post a contentious incident involving the death of the eponymous Peanut the Squirrel, fuelling conversations and capturing widespread interest.

The notoriety of peanut-referencing meme coins, including PNUT, rose sharply after Musk openly criticized the New York authorities’ decision to put down Peanut the Squirrel.

At the time of reporting, PNUT had reached a trading price of $0.076, tallying a more than 90% growth over the last day, with its market cap now hitting $76.2 million.

Following the reporting by Finbold, additional speculators have similarly reaped substantial returns on PNUT, including an unidentified investor who netted $1.4 million beginning with a $44,800 investment.

Explosion of Meme Coins

Such yields observed in meme coins are reflective of the current market pulse, where investors who engage at opportune moments witness outsized profits. On the flip side, the meme coin’s erratic behavior is also responsible for some notable financial downfalls. Amid the meme coin craze, the specter of potential insider trading malfeasance looms, with particular trading patterns and fiscal outcomes inciting skepticism.