Key Points
- A crypto trader made $56 million on PNUT amidst the coin’s rising popularity.
- PNUT’s price rally was triggered mostly by Musk’s support and Binance listing.
A crypto trader made impressive gains on PNUT, amidst the rising popularity of the memecoin.
On-chain data revealed by Lookonchain shows the trader’s transactions and how he ended up making over $56.6 million from the famous memecoin.
Largest PNUT Holder, Over $56 Million in Gains
Lookonchain analyzed the trader’s recent transaction history before and after PNUT which led to gaining impressive amounts of money.
Trading GOAT
On-chain data shows that the trader started trading memecoins on October 16, and the first coin he bought heavily was GOAT.
His performance with this memecoin was not too notable because he often sold at low prices. However, he still holds 2.92 million GOAT worth almost $2.8 million, making a profit of over $574,600.
Trading FLAVIA
The trader also bought FLAVIA at a high price out of FOMO, making a common mistake. He reportedly invested $1.86 million, but only got back $303,000, losing $1.55 million.
Trading PNUT
On November 2, when Elon Musk tweeted about Peanut the Squirrel, the price of PNUT skyrocketed, and the trader decided to buy the memecoin as well.
He only invited $15,500 in PNUT, and sold it quickly, making a small profit of around $1,500.
After doing more research on PNUT, from November 3 to November 10, the trader invested around $2.8 million to accumulate a large amount of the memecoin.
He didn’t start selling some profits until Binance announced the listing of PNUT on November 11. On-chain data shows that he currently holds 26.72 million PNUT worth over $56 million, which makes the trader the largest individual holder of PNUT.
Buying FRED
In the past few days, the trader spent $671,000 to buy FRED having an unrealized profit of $1.24 million.
Overall the individual traded 39 tokens and only 9 of them were profitable, having a win rate of 23%.
He learned important lessons from his losing trades, and he made his significant profits only from PNUT and FRED, a memecoin on Tron.
PNUT has seen an impressive price performance, mostly supported by Musk’s tweets about Peanut the Squirrel and Binance’s recent listing of the memecoin.
At the moment of writing this article, PNUT is trading at $1.81, up by almost 40% in the past 24 hours. The coin has a market cap of almost $1.8 billion.
