Solana-Based Memecoin $PNUT Flips Stablecoin $USDT in 24-Hour On-Chain Trading Volume

In a surprising turn, Solana-based memecoin $PNUT recently overtook stablecoin $USDT in 24-hour on-chain trading volume, highlighting its growing popularity in the Solana ecosystem.

Solana-based memecoin $PNUT recently flipped stablecoin $USDT in 24-hour on-chain trading volume, highlighting its growing popularity within the Solana ecosystem.

However, one high-profile whale’s heavy investments in $PNUT and other Solana-based memecoins, $FRED and $OPK, have led to significant losses.

Over the past three days, this whale invested 13,642 SOL (valued at approximately $2.22 million) across these tokens. Despite the ambitious bets, the whale’s portfolio now reflects a substantial loss, currently down around $1.44 million.

Here’s a breakdown of the whale’s investments:

– $PNUT: The whale spent 7,142 SOL ($1.16 million) to acquire 14.46 million $PNUT tokens. However, due to recent price drops, this position has suffered a 48% decline, resulting in a $553.4K loss.

– $FRED: Another 4,500 SOL ($736,000) went toward purchasing 69.88 million $FRED tokens. Unfortunately, this investment has seen an 85% loss, amounting to a $621.9K reduction in value.

– $OPK: Lastly, 2,000 SOL ($326,000) was spent on 98.76 million $OPK tokens, which have also dropped in value by 82%, translating to a $267.8K loss.

A whale spent 13,642 $SOL($2.22M) to buy $Pnut, $FRED, and $OPK over the past 3 days and is currently down ~$1.44M.

Spent 7,142 $SOL($1.16M) to buy 14.46M $Pnut, now showing a loss of $553.4K (-48%).

Spent 4,500 $SOL($736K) to buy 69.88M $FRED, now showing a loss of $621.9K… pic.twitter.com/gRAN04iFMY

— Lookonchain (@lookonchain) November 5, 2024

The whale’s activity underscores the volatile nature of memecoins and smaller-cap tokens on Solana. While the surge in $PNUT’s trading volume demonstrates strong community interest and market demand, these assets remain highly speculative and prone to rapid price swings.

For now, the whale’s losses serve as a cautionary tale about the potential risks associated with joining the trending tokens, especially in the nascent Solana-based memecoin market.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: somchai20162516/123RF // Image Effects by Colorcinch

The above is the detailed content of Solana-Based Memecoin $PNUT Flips Stablecoin $USDT in 24-Hour On-Chain Trading Volume. For more information, please follow other related articles on the PHP Chinese website!