Thanks to the explosive rise of the Peanut the Squirrel (PNUT) token, one investor managed to make a huge fortune from just $16. Two weeks before some positive events drove the price of the memecoin up, the user made his investment in the coin. Thus, with this week's rise, the holder saw his $16 turn into $3 million.
Over a period of 10 days, the person kept taking profits until he reached the figure of $3 million. This is an impressive example of the fortunes that people can make with memecoins from low investments.
Solana meme coins are one of the most important millionaire factories in the entire crypto market. Two elements cause a person to go from a small investment to millions. The first of them is the vision of the potential of a given token. The second, and it could not be otherwise, is luck.
Entrepreneur Elon Musk mentioned the squirrel Peanut and the market interpreted this as an opportunity to buy the PNUT token. Although the price of the coin experienced a sharp corrective drop, its performance remains above 1,500% in the space of a week, according to data from CoinMarketCap.
PNUT Token Changed the Life of the Mysterious Investor
The lucky investor, who collected $3 million thanks to the PNUT token, invested his $16 when the coin was just on the launchpad of Pump.fun. The latter is a platform where anyone can launch a token on the Solana network cheaply.
In any case, the token's market cap was just $10,000 at the end of October when the person bought it. It is now over $1.5 billion and was close to $2 billion at its peak this week.
Recently, New York authorities euthanized a very popular squirrel named Peanut. This happened after snatching him away from the person who had adopted him. Peanut's death due to alleged contamination with a dangerous disease caused outrage on social media. Unsurprisingly, a token was created to capitalize on the hype surrounding Peanut.
The protests were joined by tycoon Elon Musk with eye-catching messages on X about the fate of the squirrel. All this atmosphere was condensed into the massive purchase of the token. In the end, those who capitalized on this were the token hunters who had already taken positions in the PNUT token.
Disclaimer: This work is for informational purposes only and should not be taken as an invitation or investment advice under any circumstances. Cryptocurrencies are highly volatile assets and investing in them can lead to total losses.
