Trader Makes Huge Profit on PNUT Investment: Buys for $17, Sells for 12000x Profit
In a surprising turn of events, a trader purchased approximately 2.46 million PNUT for nearly $17 (equivalent to 0.0983 SOL) just a few days ago. To their delight, they managed to gain a staggering 12000x profit within a short period of time.
Blockchain Intelligence company, Onchain Lens, reported that the trader, operating under the address 66RfVLjS, began selling PNUT on November 2nd and has already exchanged 2.23 million PNUT for 1162 SOL (approximately $196,000). Currently, they still hold 226,000 PNUT worth $18,000 and have set them to automatically sell. As of November 3rd, the total profit has exceeded 12,000 times the initial investment.
In another interesting scenario, a different trader purchased 19.4 million PNUT for only 8 SOL ($1,392), but unfortunately sold them for 4.09 SOL ($711), resulting in a loss of $681. However, the value of these 19.4 million PNUT has skyrocketed to over $1.85 million. Onchain Lens states that this trader could have become a millionaire within just two days if they had held onto their investment.
PNUT, which gained popularity after the New York authorities seized and euthanized a pet squirrel named Peanut, has become a fascinating meme coin. The incident ignited public outrage, with the owner of Peanut, Mark Longo, expressing his dismay along with a large social media following. The issue even caught the attention of tech billionaire and Donald Trump supporter, Elon Musk, who criticized the government’s unnecessary intervention, referring to it as “government overreach.” Musk highlighted the importance of leaving people and their animals alone.
Despite the initial hype around PNUT, many crypto analysts predict that once the results of the US elections are announced and the controversy surrounding the death of Peanut settles, the frenzy surrounding the coin will likely cool off. As of now, PNUT is trading at $0.05135, experiencing a dip of over 35% in the past 24 hours.