A trader has made a significant profit by trading memecoin PNUT. The trader bought 2.46 million PNUT tokens for around $17 and sold 2.23 million of them for 1162 SOL (worth about $196,000), with 226,000 PNUT still held. The total profit exceeded 12,000 times the initial investment. Another trader bought 19.4 million $PNUT for $8 and sold them for $4.09 (worth about $711), resulting in a loss of $681.
The memecoin’s current performance has seen a 35% dip in the past 24 hours. The sudden popularity of PNUT can be attributed to the case of a pet squirrel named Peanut, which was seized and euthanized by New York officials. This case sparked outrage, political debate, and criticism from tech billionaire and Donald Trump supporter, Elon Musk.
Some crypto analysts predict that the hype around PNUT will subside once the US elections results are out and the controversy surrounding Peanut subsides.
