Memecoin PNUT (Peanut the Squirrel) has soared over 40,000% in just two days thanks to the unusual story of a squirrel named Peanut, who became a social media star. The situation was even commented on by Elon Musk, after which the token jumped nearly another 3,000%, generating incredible profits for some, but not for everyone.
What’s Happening?
PNUT is a new memecoin whose popularity skyrocketed amid the tragic story of Peanut the squirrel. The pet became a social media hero when New York authorities confiscated and euthanized her. This news caused a public outcry, and soon the memecoin found itself in the spotlight of speculators. The value of PNUT received an additional boost when Elon Musk mentioned the incident on social media, instantly increasing the token's market cap.
PNUT rose more than 5,000% on the first day alone. When experienced traders jumped in, the market reacted swiftly, and the price stabilized somewhat. By the evening of November 1, demand for PNUT surged, and the next day, the price skyrocketed an additional 30,000%.
Smart- and Not-Smart Money
The situation attracted the attention of SmartMoney investors, who actively bought and resold the asset, locking in huge profits.
- One trader who invested around $95,000 in PNUT saw their assets soar to $1.3 million just 12 hours after Musk's tweet — a more than 12-fold profit.
- Another trader, who invested 10 SOL (approximately $300) in PNUT, partially sold their tokens for 1,666 SOL, while the remaining portion was valued at 446 SOL. Their total profit exceeded a 200-fold increase from the initial investment.
- Yet another investor managed to make $1.7 million as the token's price surged in the first day. This trader entered the deal almost immediately after launch and exited at the peak.
However, not everyone was so fortunate. A trader who bought PNUT for 11 SOL (around $1,882) recorded a loss of $1,099, as they sold their tokens before the sharp rise, missing out on potential earnings of $1.6 million.
In the end, nothing new. PNUT serves as another reminder of how hype and social media interest can instantly enrich some while bankrupting others.
This information is not investment advice. Before making decisions, please conduct your own research (DYOR).
