From $16 to $3 Million: The Incredible Success Story of the Memecoin Peanut The Squirrel (PNUT) Trader.
Image created with Artificial Intelligence and edited by the authorHow Was It Done?
When this trader made their initial investment from their wallet named “6r3w,” the memecoin Peanut The Squirrel (PNUT) was still available on the launchpad Pump.fun — a platform designed to allow anyone to create a token quickly and affordably, (fun fact: since the start of this year, this platform has been responsible for the launch of over 3 million new tokens, making it a popular tool among cryptocurrency enthusiasts and developers).
At the time of the trader’s purchase, PNUT had a market capitalization of just $10,000. The purchase occurred on October 31, 2024, when the trader invested $16, paying approximately $0.0000045 per token.
|| Total Investment: $16 | Price per Token: $0.0000045 ||
With this $16 investment, the trader would have acquired approximately 3,555,556 PNUT tokens.
Current Price of PNUT
This is the token’s price as of the publication of this article
Information sourced from CoinGecko.comThe Story That Inspired This Token
The story of Peanut began when Mark Longo rescued and cared for her, sharing her life on social media where the squirrel amassed over 600,000 followers, people adored it!
Peanut became the face of a nonprofit organization called “Peanut’s Freedom Farm,” which provides a safe home for over 300 animals. However, things took a sad turn when the New York Department of Environmental Conservation decided to confiscate Peanut, citing health concerns, Peanut was subsequently euthanized due to potential rabies risks.
The news of Peanut’s confiscation and euthanasia sparked a wave of public outrage and support on social media, figures like Elon Musk and Donald Trump criticized the actions of the Department of Environmental Conservation, calling the case an example of government overreach.
Connection to the PNUT Token
In response to the public outcry, the meme cryptocurrency PNUT was launched on the Solana blockchain as a tribute to Peanut.
The token quickly gained popularity, especially after Elon Musk tweeted about Peanut, within just 24 hours, PNUT’s market capitalization surged from approximately $3 million to $140 million.
The story reached new heights when Binance announced that PNUT would be listed on its platform, further driving demand for the token.
Market Conditions
As mentioned earlier, this token was inspired by a story that garnered significant attention on social media likely driving its growth and popularity, as analyzed in other articles, the influence of social media on a cryptocurrency’s success can be a critical ingredient for its rise.
Memecoins: How Humor and Community Shape Crypto Success
It could be said that market conditions played in favor of this investor, as there was already significant hype around what this coin represented even before it became a trend — it already had over 500,000 followers on Instagram (incredible!), this opportunity did not go unnoticed by this investor, who seems to have skillfully capitalized on the market circumstances.
When PNUT’s price surged by 247%, and the coin’s market cap reached $530 million, the investor behind the wallet named “6r3w” sold over $95,000 worth of PNUT — not bad, but this was only the beginning.
On the news that Peanut did not in fact have rabies (as was alleged), public outrage soared and the meme coin skyrocketed another 390%, from $462 million to $2.2 billion.
It was at this point that the trader decided to sell the remainder of their coins, resulting in a profit of $3 million from an initial $16 investment in just two weeks.
Wallet History
An analysis of the transaction history of the wallet identified as “6r3w” reveals a consistent pattern of investments in tokens created through the Pump.fun platform.
This investor has made multiple purchases of tokens at low prices followed by sales at higher prices, securing profits on several occasions.
However, none of these prior transactions reached the scale of the profit obtained with the PNUT token, where an initial $16 investment was transformed into approximately $3 million over a two-week period.
Luck or strategy? What do you think?
Trader Turned $16 into $3 Million in Two Weeks: Here’s How was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.