Meme coin hunter nets $1.7 million in two days 
Cryptocurrency Nov 3, 2024 Share
A meme cryptocurrency hunter has finally landed a windfall after placing a bet on various tokens that earned them millionaire status in two days.
In this case, the investor, who has tried his luck with several tokens, saw his investment in Peanut the Squirrel (PNUT) yield a profit of $1.77 million, according to data from Lookonchain on November 3.
Details of the trade indicate that the investor, who targets high-risk, high-reward tokens, secured significant profits trading the PNUT/SOL pair on Raydium, an automated market maker (AMM).
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PNUT/SOL trading pair on Raydium. Source: Dex Screener
The trader’s journey into meme coins started only 15 days ago. During that time, he traded 62 different tokens, achieving a win rate of 43.55%. Indeed, this rate is impressive, considering the inherent high volatility of meme coins.
Other coins that contributed to his success include HIMA, ProjectSid, and RIPETH. In just 15 days, his total realized profits reached $955,000.
Cryptocurrency trading activity of an unidentified meme coin hunter. Source: Lookonchain
Overall, the trader has made eight buys and 21 sells of PNUT, initially investing $10,400 and selling it for a staggering $681,600.
Intrigues behind PNUT’s popularity
The investor’s success with PNUT follows the recent surge in the meme coin’s popularity on social media, backed by support from key figures like Tesla (NASDAQ: TSLA) CEO Elon Musk.
Launched on the Solana (SOL) blockchain, PNUT is part of a broader trend of meme coins that leverage internet culture and humor to attract investors.
In this case, the coin’s rally is attributed to a viral event involving the controversial death of Peanut the Squirrel, which sparked widespread discussions and interest online.
The incident led to peanut-themed meme coins, including PNUT, capitalizing on the heightened attention. Interest in the coin grew further after Musk condemned the euthanization of Peanut the Squirrel by New York authorities.
By press time, PNUT was trading at $0.076, gaining over 90% in the past 24 hours and having a market capitalization of $76.2 million.
As reported by Finbold, other traders have also seen notable returns on their investments in PNUT. Another unidentified investor earned $1.4 million from an initial investment of $44,800.
Meme coins boom
Returns in meme coins like PNUT align with recent trends, where traders who skillfully timed their trades have seen significant profits. However, the inherent volatility of meme coins has also led to notable losses for some investors.
Meanwhile, amid the meme coin boom, there are concerns about possible insider trading activity, with certain investors ‘ trading patterns and returns sparking suspicion.