It’s every cryptocurrency enthusiast’s dream.
A lucky trader threw only $16.20 at a Solana meme coin two weeks ago, allowing it to sit in their wallet for ten days while the token’s value skyrocketed. The trader then began to gradually withdraw profits over the next three days. When all was said and done, they took home a whopping $3 million.
On October 31, a Solana wallet beginning with “6r3W” purchased $16 worth of the Peanut the Squirrel (PNUT) meme coin while it was still available on token launchpad Pump.fun—a platform that allows anyone to create a token cheaply and easily, and has been responsible for the launch of over 3 million new coins since the beginning of the year. At the time of purchase, PNUT had a market capitalization of just under $10,000.
Now, two weeks later, the meme coin’s market capitalization has surpassed $2 billion.
Peanut the Squirrel (PNUT) is a meme coin inspired by the pet squirrel that became a social media sensation. Peanut had more than 500,000 Instagram followers before it made international headlines. The squirrel was then seized by New York state authorities, along with a raccoon named Fred, and euthanized due to fears that it had rabies. The story really took off after that.
As word spread about the pet’s death, Elon Musk responded with a flurry of tweets. It even became a political issue in the run-up to the US presidential election, with Vice President-elect JD Vance claiming that Donald Trump was “fired up” about the story.
Around this time, the PNUT meme coin had a market capitalization of $120 million, which rose even higher to $180 million after Trump won the election. Still, our lucky trader did not sell—nuts of steel.
This proved to be a wise decision. Early this week, PNUT became the first Pump. Fun token, along with ACT, will be listed for spot trading on Binance, the world’s largest cryptocurrency exchange by trading volume. The price of PNUT rose 247% in a matter of hours, reaching a market capitalization of $530 million the next day.
This is when the lucky trader decided to begin unloading their stash. Wallet “6r3W” sold more than $95,000 worth of PNUT in 48 transactions over six hours, which was already a good profit, but they weren’t done.
On Thursday, New York officials revealed that neither Peanut nor Fred had rabies. Outrage spread on social media, and the PNUT meme coin increased by 390%, rising from $462 million to more than $2.2 billion. During this run, our fortunate trader emptied their bag.
The trader dollar cost averaged out of their PNUT position over 16 hours, reducing the impact of poor timing in a volatile market.
As a result, the meme coin degen turned $16 into $3 million in less than two weeks.
Every day, the wallet processes thousands of transactions, the majority of which involve gambling on low-market-cap tokens on Pump.fun. Some of those gambles yielded decent profits, but never millions.
So, now that this trader has made millions, is it time to thank their lucky stars and call it quits? Wallet activity over the last day indicates that they are still throwing a few dollars worth of SOL at any and all meme coins on Pump.They are looking for something enjoyable.
