Meme Cryptocurrency Hunter Bags $1.77 Million Windfall From Peanut the Squirrel (PNUT) Bet

A meme cryptocurrency hunter has finally landed a windfall after placing a bet on various tokens that earned them millionaire status in two days.

An investor who placed a bet on various meme cryptocurrency tokens has managed to earn millions of dollars in just two weeks.

According to data from Lookonchain on November 3, the investor made a profit of $1.77 million from his investment in Peanut the Squirrel (PNUT).

The investor, who targets high-risk, high-reward tokens, made the bulk of his profits by trading the PNUT/SOL pair on Raydium, an automated market maker (AMM).

The investor's journey into meme coins began only 15 days ago, during which time he traded a total of 62 different tokens, with a win rate of 43.55%. Considering the high volatility of meme coins, this win rate is particularly impressive.

Other coins that contributed to the investor's success include HIMA, ProjectSid, and RIPETH. In total, his realized profits over the 15-day period amounted to $955,000.

Overall, the investor made eight buys and 21 sells of PNUT, initially investing $10,400 in the token and selling it for a total of $681,600.

The investor's success with PNUT comes amid a broader surge in the meme coin's popularity on social media, which was boosted by support from key figures such as Tesla (NASDAQ: TSLA) CEO Elon Musk.

Launched on the Solana (SOL) blockchain, PNUT is part of a trend of meme coins that leverage internet culture and humor to attract investors.

In this case, the coin's rally was sparked by a viral event—the death of Peanut the Squirrel, which generated widespread discussions and interest online.

The incident led to peanut-themed meme coins, including PNUT, capitalizing on the heightened attention. Interest in the coin grew further after Musk criticized the euthanization of Peanut the Squirrel by New York authorities.

At press time, PNUT was trading at $0.076, having gained over 90% in the past 24 hours and boasting a market capitalization of $76.2 million.

As reported by Finbold, other traders have also seen substantial returns on their investments in PNUT. For instance, another unidentified investor reportedly earned $1.4 million from an initial investment of $44,800 in the meme coin.

While meme coins can offer traders the potential for high returns, they also come with inherent risks. The volatility of these tokens can lead to both substantial gains and significant losses, making it crucial for investors to exercise caution and conduct thorough research before allocating any funds.

Moreover, there have been concerns about possible insider trading activity among certain investors, based on their trading patterns and returns.

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