Skip to content

Trader turns $44,800 into $1.4 million with Peanut (Pnut) the squirrel

Trader turns $44,800 into $1.4 million with Peanut (Pnut) the squirrel

The internet stopped this weekend with the story of Peanut, the squirrel, seized and killed by the New York City. As commotion took over, memecoin traders jumped into the trend with the Solana-based token Peanut the Squirrel (Pnut).

In particular, a trader turned a $44,800 Pnut purchase into a $1.4 million sale, profiting $1.3 million. Finbold retrieved data from dexscreener on November 3, spotting this accomplishment.

The trader, under the address ‘GmM…9vB’, bought 30 million Pnut for an average of $0.0015 in 10 transactions. So far, the address has sold 25.9 million Pnut at an average price of $0.054 in 39 transactions.

As of this writing, ‘Peanut the Squirrel’ trades at $0.095 with a $96.8 million market cap. Interestingly, DLNews reported that Pnut surpassed a $120 million capitalization before retracing below the $100 million market cap level.

Peanut the Squirrel (Pnut) market data on Raydium. Source: dexscreener / Finbold / Vinicius Barbosa

Liquidity concerns while trading memecoins like Pnut

It is worth noting that Pnut has a $2.3 million liquidity, only nearly two times what ‘GmM…9vB’ sold. This is the reality of most memecoins, which can prevent traders from fully realizing their gains without nuking the price.

Furthermore, the memecoin trading scene is knowingly full of insider traders and rug pulls built to extract liquidity from retail. On that note, Finbold reported some signals that memecoin traders should watch to prevent buying into an insider’s rug pull.

Yet, most memecoin speculation will eventually display characteristics of “the greater fool theory,” created to describe financial bubbles. These tokens usually benefit from hype and buzz to attract fresh liquidity through new buyers jumping in the expectation that others like them will surge later to pay a higher price for their memecoin.

While most public stories tell a winning tale of traders who profited millions of dollars trading memecoins, most speculators will naturally experience drastic losses.

Who is Peanut the Squirrel?

Peanut the Squirrel, a beloved internet celebrity, was seized and euthanized by New York State authorities, sparking widespread outrage. According to reports, Peanut was taken from Mark Longo’s home in Pine City, New York, on October 30, 2024, along with a rescued raccoon named Fred.

The Department of Environmental Conservation (DEC) launched an investigation following complaints about potentially unsafe housing of wildlife. Consequently, at least six officers from the DEC arrived at Longo’s home, seizing both Peanut and Fred.

Longo criticized the DEC for its heavy-handed approach, lack of regard for the animal’s safety, and his efforts to get Peanut certified as an educational animal. In response, the DEC stated that the animals were euthanized, citing concerns about public health related to the illegal possession of wild animals that could carry the rabies virus.

The incident has sparked a social media firestorm, with many fans expressing outrage and demanding changes in wildlife policies. Notably, Elon Musk and other public figures have weighed in, criticizing the government’s actions.

Meanwhile, Longo has vowed to continue his mission, announcing plans to set up a fundraiser in Peanut’s memory and seeking legal action against the state.

Featured image:
Tony Quinn – “A Gray Squirrel comes to the backyard deck and finds a peanut.” Digital Image. Shutterstock.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Services

IMPORTANT NOTICE

Finbold is a news and information website. This Site may contain sponsored content, advertisements, and third-party materials, for which Finbold expressly disclaims any liability.

RISK WARNING: Cryptocurrencies are high-risk investments and you should not expect to be protected if something goes wrong. Don’t invest unless you’re prepared to lose all the money you invest. (Click here to learn more about cryptocurrency risks.)

By accessing this Site, you acknowledge that you understand these risks and that Finbold bears no responsibility for any losses, damages, or consequences resulting from your use of the Site or reliance on its content. Click here to learn more.