Surprisingly, the largest $PNUT holder made 56 million. As widely shared in an in-depth analysis provided by the on-chain analysis blog Lookonchain, this trader’s experience highlights the importance of market timing, research, and swift response in the volatile world of cryptocurrency.
The Rise of a $PNUT Millionaire
According to Lookonchain’s data, this trader is currently the biggest single holder of $PNUT, with 26.72 million tokens worth around 56.6 million. The account, known as “Peanut the Squirrel,” also holds significant balances in other tokens and SOL, further positioning them as an important actor on the Solana blockchain. Here’s a breakdown of how this trader achieved such impressive gains.
Starting with Mixed Results
This journey wasn’t straightforward. The investor first undertook some exploratory investments in meme coins, starting off with a $GOAT investment on 16th October, but he often sold at a loss. Still, this $PNUT whale has 2.92M GOAT with a profit of 574.6K USD. Many nascent trades became profitable or unprofitable, as the holder sold uncovered holdings at times of minimum price while exposing the sensitive and random nature of the crypto market.
Then, this trader moved to $Flavia and invested $1.86M for the only reason of fear of missing out. This trade gave him a loss of $1.55M, and he was able to make only $303K from this investment.
Focusing on $PNUT: A Game-Changer
Like most people, this trader works only out of the fear of missing out, and this time, he invested in $PNUT only because Elon Musk tweeted about this coin on November 2nd. Due to a tweet from Elon, the coin’s price greatly increased. However, due to the fear of losing money like in $Flavia, this investor only invested $15.5K in $PNUT and sold it hurriedly to gain a profit of only $1.5K.
But from Nov 3 to Nov 10, the scene changed. After doing all the research, the trader invested $2.8M in $PNUT. On November 11th, Binance announced the listing of $PNUT, and the price went over the roof.
Profits Soar as $PNUT Gains Traction
As a result of the subsequent Binance listing, the value of the trader’s holdings in $PNUT went up. While many other investors would have immediately liquidated to get the gains, this trader only sold some of his holdings, keeping a large position. He left most of his holdings in place, allowing him to pocket $56 million in profits. This also makes him the largest holder of 4PNUT right now with 26.72 $PNUT in place.
Further Investments and Lessons Learned
The trader acquired another token ($FRED) for around $871,000. At least, according to the latest updates, this investment has already brought in an unrealized profit of $1.24M. According to the data from Lookonchain, some interesting facts are exposed about the trader: among 39 trades, only nine were profitable, with a win rate of only 23%.
This $PNUT success story shows the high-reward/high-risk world of cryptocurrency trading. Showing a keen eye for investing, this trader has garnered the attention of the community after generating $56 million in profit and is motivating others to seize the opportunity through well-researched speculation within volatile markets.
