Peanut the Squirrel (PNUT) emerged as a memecoin based on the happenings during the U.S. election period. It quickly captured the attention of traders, especially those fond of memecoins.
From inception, PNUT gained quick traction as it was linked to unique real-world-event where a pet, “Peanut the Squirrel” belonging to, Trump’s supporter was killed by Kamala’s supporters eliciting reactions across the US and Binance listing made it only become more parabolic.
Binance listing further propelled PNUT by more than 1300%, highlighting the impact of major exchange listings on crypto assets, particularly memecoins.
A trader spent $721K to purchase 1.92 Million PNUT at $0.38 immediately after Binance announced the listing. The traders who was still holding the coins had an unrealized profit that exceeded $2.2 Million.
PNUT saw massive uptick in trading volume coinciding with the price surge, noting post-listing buying frenzy. The high volume of transactions and the steep price increase suggested strong buyer interest and speculative trading.
The recent sharp rise might attract more traders, potentially driving the price up further if the momentum sustains.
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Peanut the Squirrel (PNUT) Flips Top-Capped Memecoins
Following the listing, PNUT achieved a remarkable market cap of $1.737 Billion within 24 hours of its Binance listing, surpassing established Solana-based memecoins such as POPCAT, which held a market cap of $1.663 Billion.
This highlighted PNUT’s immediate market impact, drawing comparisons to other leading memecoins. The comparison showed that if POPCAT were to have the same market cap as PNUT, its price would be $1.89, indicating a 1.04x increase from its current price level.
This demonstrated the potential upward mobility for other memecoins when aligned with PNUT’s market cap meaning it’s continuing to flip them more.
Other competitors like GOAT and MOODENG registered market caps of $863 Million and $349 Million, respectively.
The rapid ascension in market value for PNUT reflects intense investor interest and market dynamics that favor new, promising tokens immediately following their listing on major exchanges.
Following PNUT’s promising entrance and substantial market cap achievement, there’s speculative potential for it to reach a $10 Billion market cap.
The current momentum could push PNUT towards this target. Monitoring PNUT closely for signs of continued market enthusiasm or potential sell-offs, which could influence its trajectory towards the $10 Billion.
Trader Misses on $17M Profits by Selling at a Loss
Despite most PNUT holders seeing profits as price surged one trader’s experience serves as a stark lesson in the crypto market’s unpredictability.
This trader initially bought 19.4 Million PNUT for 8 SOL, worth $1,366, but later sold them for only 4.08 SOL, totaling $697. This resulted in a loss of $669.
At the time of sale, the trader might have been influenced by fear leading an early sell. However, PNUT’s value later skyrocketed, and the same amount of PNUT became worth over $17.5 Million. This emphasized the importance of patience and strategic thinking in crypto trading.
Selling too soon, driven by fear or short-term market movements, can lead to missing out on significant potential profits.
The Smart Trader is a cautionary tale for traders to carefully weigh their decisions and not let temporary setbacks dictate their actions in volatile markets.
