$Pnut Memecoin Market Cap Surpasses $120M as Trader Reaps Over 12,000x Profit

The Solana-based memecoin Pnut has recently gained attention, with its market capitalization exceeding $120 million. Blockchain data indicates that a trader invested about $17 (approximately 0.0983 SOL) to acquire 2.46 million Pnut, realizing over 12,000x profit.

Over 12,000x in Profit

According to blockchain analytics platform Onchain Lens, on November 2, the trader started selling their Pnut, liquidating 2.23 million tokens for about $196,000 (1,162 SOL). They still hold 226,000 Pnut, worth around $18,000, which is set for automatic sale.

What can $17 get you? For one trader, it led to a life-changing gain.

Just 3 days ago, this trader invested 0.0983 $SOL ($17) to buy 2.46M $PNUT.

The trader began selling a day ago and has already sold out 2.23M $PNUT for 1,162 $SOL ($196K). The trader still holds 226K $PNUT… pic.twitter.com/5WK40BOupb

— Onchain Lens (@OnchainLens) November 3, 2024

As of November 3, the total profit from this investment exceeded 12,000 times the original expenditure. 

Interest in Pnuts is not limited to individual traders. In a related development, the on-chain data analytics firm Lookonchain reported that a whale recently invested $1.56 million (9,600 SOL) in Pnut and FRED.

The investor acquired 8.99 million Pnut for about $831,000 (5,100 SOL) for $0.092 and 69.88 million FRED for approximately $736,000 (4,500 SOL) at $0.01. The whale’s wallets currently hold 484,303 SOL, valued at roughly $78.94 million.

What is Pnut?

The name “Pnut” comes from Mark Longo, who found an injured squirrel in 2017 and documented its journey on social media, leading to the squirrel’s rise to fame.

2/ In 2017, Mark Longo rescued a squirrel involved in a car accident, named it Pnut (short for Peanut), and shared photos and videos of Pnut on social media.

Pnut quickly gained a large following thanks to its adorable looks and playful personality.

However, on Oct 30, the New… pic.twitter.com/6OTwID8f0D

— Lookonchain (@lookonchain) November 3, 2024

On October 30, the New York State Department of Environmental Conservation (DEC) responded to reports of “unlawfully possessed” animals and subsequently euthanized Pnut for rabies testing, sparking public outrage. The decision drew criticism from figures like Elon Musk, who condemned the government’s actions and questioned why Pnut could not have been released into the wild.

According to Lookonchain, Longo also adopted Fred, another pet taken by the DEC. The incident has drawn parallels to the tragic story of Harambe, the gorilla whose death inspired the creation of the Harambe memecoin. Similarly, the Pnut memecoin project emerged from the squirrel’s story, contributing to its market cap, which has now risen to over $120 million.

As the U.S. elections approach, the controversy surrounding Pnut is likely to remain a focal point of discussion. Congressman Nick Langworthy is calling for the DEC to rethink its animal welfare policies.