Key Takeaway:
- Man becomes a millionaire in 3 days after investing $16 in a meme coin.
- PNUT, the meme coin has surged over 3000% since he invested in it.
The crypto market is one of the most volatile places in the world. During the last week, an incident took place in the crypto market. A lucky trader decided to unload his stash and put an investment of $16.20 on a Solana meme coin called PNUT. After letting it sit for 10 days, the trader made a profit of $3 million. Such a thing is extremely rare in the market, but as the “meme supercycle” is currently in session, we may witness more such cases in the coming months.
PNUT Coin Sudden Surge
The PNUT is a meme coin that is operating on the Solana network. It is based on a charming squirrel that has been trending on social media recently. However, the reason behind the sudden surge is not this. It is the unexpected tragedy that befell the squirrel. It was thought of as having rabies, a contagious disease, and was put down by the authorities immediately. This unexpected death and the aftermath were behind the coin’s sudden spike in the market.
The internet outrage following this incident was huge, especially as Elon Musk was also one of the people who tweeted about its untimely demise. Following this incident, many coins came forward that were based on the late squirrel. The PNUT is one such coin. With the slogan “JustuiceForpeanut”, the coin created a huge surge in the market. The coin was also listed on Binance following this. This was like adding fuel to the fire. The coin surged even higher with its lifetime growth exceeding over 3000% in just a matter of days.
The 3 Million Dollar Story
In the crypto world making a profit of 3 million dollars is rare, but not unheard of. In fact, there was a similar incident last month and the coin involved in it was also a meme coin, Moo Deng. But what makes this story rare is the fact that the trader in our case has only invested $16 into the coin. To know more about it, let’s look into the story in detail.
It’s every investor’s dream to make a big profit with a small investment. One such case came to light the previous day. A lucky trader invested just $16.20 in a Solana meme coin 2 weeks ago. After letting it sit in his wallet for almost 10 and watching the coin soar in the market, the trader slowly started gaining profits in the following 3 days. When he sold off his entire collection of PNUT, he pocketed over $3 million.
It was on the 31st of October that the Solana wallet starting with “6r3W” bought the PNUT coins worth $16. The buy took place while the token was still on the launchpad “Pump.fun”. This is a platform that enables anybody to create a token easily with minimum cost. At the time of the purchase, PNUT had a market capitalization of about $10,000. Now after 2 weeks, the market capitalization of the coins stands tall at $2 billion.
The Peanut Outbreak & Gradual Unloading
Before the death of PNUT, it has already amassed a subscriber count of over 500,000 followers on Instagram. As people started making noise following the squirrel’s death, Elon Musk also joined the flurry of tweets. Around this time, the PNUT hit a market cap of $120 million, which climbed even further to $180 million following Trump’s victory. Even at this stage, the trader didn’t decide to sell his tokens.
The next day, the coin climbed even further to attain a market cap of $530 million following the Binance listing. This is the time when the trader started to unload his crypto. He spent almost 6 hours and made about 48 transactions, which gained him/her a profit of $95,000, but they weren’t done.
As the news about Peanut not having rabies circulated, it resulted in a further outbreak on social media. This causes the meme coin to pump inside the market by another 390% to attain a market cap of $2.2 billion. It was during this time that the trader unloaded all his stash of the coin. Over 16 hours, the trader dollar cost avenged out of their PNUT position.
The final result was the lucky guy/gal made a profit of $3 million from just $16. The wallet showed that they frequently gambled on low-market tokens on Pump.fun. Even though they made considerable profits, this is the first time they achieved the million mark. Their wallet activity in the last few days has shown them throwing a few dollars worth of SOL at any and every meme coin on the Pump.fun.
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