PNUT Memecoin Soars 13,000x: Trader Turns $450k to $8M

Since the launch of the Solana (SOL)-based Peanut the Squirrel (PNUT), the memecoin has rallied more than 13,000x in less than two months. The mid-cap memecoin, with a fully diluted valuation of about $1.38 billion and a daily average traded volume of about $1.94 billion, gained mainstream adoption following the recent listing on the Binance cryptocurrency exchange.

Furthermore, the PNUT token has attracted more than 72k on-chain holders due to the deep liquidity of more than $20 million on different Solana-based DEXes led by Raydium, and Jupiter.

Lucky PNUT Trader Exits Via Binance

According to on-chain data analysis by Lookonchain, a lucky memecoin trader spent 2,717 SOL units, worth about $450k on November 5, 2024, to purchase 6.16 million $PNUT. Following the meme coin’s listing on Binance in mid-November, the underlying value surged over 17x in the subsequent weeks to trade about $1.36 on Friday, December 6, during the mid-London session.

As a result, the lucky trader took a profit of nearly $8 million on the Binance exchange earlier today. Currently, the lucky trader largely holds 7.8 million Zerebro (ZEREBRO) AI memecoins, worth about $2.9 million.

The Squirrel Controversy

The rise of PNUT memecoin in the recent past has been met with significant resistance from the original owner of the squirrel allegedly killed by the US government. Already, the Squirrel Dad has backed a Solana memecoin dubbed JFP, Justice for Peanut, which has registered palpable gains in the past 24 hours.

According to on-chain data from Dexscreener, JFP price has rallied more than 10x in the last 24 hours to trade at about $0.0124 at the time of this writing. The small-cap memecoin, with a fully diluted valuation of about $12 million,  had a locked liquidity of about $479k and a daily average traded volume of over $10 million.