Trader Turns $16 into $3 Million with Peanut the Squirrel Meme Coin
In a story that captures the wild volatility and high-stakes nature of meme coins, an anonymous trader recently turned a mere $16 investment in a Solana-based meme coin named Peanut the Squirrel (PNUT) into a staggering $3 million. This eye-popping return—a 16,470,500% gain—was achieved within just two weeks, showcasing the extraordinary, if risky, potential of the meme coin market.
From Meme to Millions: How PNUT Skyrocketed
The PNUT coin, inspired by a social media-famous pet squirrel named Peanut, was launched on Pump.fun, a Solana token launchpad known for enabling quick and easy creation of tokens. Peanut gained internet fame before becoming a tragic figure when New York state authorities seized and euthanized the squirrel, citing rabies concerns. The incident captured the public’s imagination, fueled by tweets from Elon Musk and discussions around government overreach. This viral moment provided fertile ground for the PNUT coin to explode in value.
The trader initially bought $16 worth of PNUT tokens on October 31, when the token’s market cap was around $10,000. Over the next two weeks, PNUT’s market cap soared past $2 billion, driven by the hype surrounding the meme coin and its eventual listing on Binance. The “Binance Effect” pushed the price up by 247% in hours, creating an opportune moment for the trader to start cashing out.
Strategic Selling: The Trader’s Path to Millions
When PNUT was listed on Binance, the trader began selling off portions of their holdings through multiple transactions, dollar-cost averaging their exit to maximize profits and mitigate risks associated with price volatility. This approach allowed them to pocket millions as the coin reached new heights, hitting a peak of $2.44.
Their decision to wait for the Binance listing paid off immensely. Within 48 hours, the trader managed to convert PNUT tokens into Solana (SOL) and transferred $2.9 million worth of SOL to another wallet. Despite missing the absolute peak price, they still made an unprecedented return.
The Meme Coin Lottery
The success of PNUT highlights the speculative, and often unpredictable, nature of meme coins. Unlike traditional assets, meme coins like PNUT trade almost entirely on hype, with little intrinsic value. While PNUT’s creator made a modest profit of about $300, the trader’s strategic patience and timing allowed them to secure life-changing gains.
