Crypto Trader Makes Over $10 Million Profit With New Memecoin in a Few Days

Memecoins have been booming this year, especially those that are based on the Solana blockchain.

This past week one of the most trendnig topics in social media platform such as YouTube and TikTok was the sasd story of Peanut the Squirel. The story follows the owner of a viral squirell that gained global attention, who had his pet taken away from him and euthanised.

The squirell’s tragic end shocked social media and someone apparently took advantage of the hype and created a cryptocurrency with the same name.

The altcoin qucikly gained traction after it was added on the Solana-based decentralized exchange Raydium. One week later, the asset’s price shot through the roof after an incredible 350% surge in less than a day.

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This uptick can be attributed to Binance, the world’s largest cryptocurrency exchange, which announced that it will add the new memecoin to its trading platform. After the announcement, PNUT’s trading volume surged by more than 2,000% and the market cap reached $425 million.

Notably, the altcoins top holder, wallet address 4C3Nx…S3FeU, has been steadily building up their position, investing a total of $2.194 million while holding strong through the few price dips without any selling.

Following Binance’s listing announcement, this holder now sees an unrealized gain of $10.53 million.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.