Data Interpretation of PNUT's On-Chain Chips: Robot 22U turns into 2.91 million with a return of 132,000 times, some miss out on 34 million, while others rake in 13 million.

Author: Frank, PANews

The recently passed November is destined to be a month where Bitcoin danced with MEME. PNUT has become the brightest star in the MEME track of November, creating a record of a single month from 0 to a market cap of over $2 billion, and generating countless wealth myths for diamond hands and smart money.

Setting aside the influence of Musk's shoutout and the news of mainstream exchanges listing, how did those smart money and diamond hands manage to seize this gold medal project? What is the current state of chip distribution on-chain? PANews conducted extensive data analysis on the top 1000 holding addresses of PNUT, attempting to unveil the secrets of these leading chips.

First, this section explains the data sources and methods used in this analysis. This analysis uses the top 1000 on-chain holding addresses as the analysis object as of November 28. Due to issues with transaction data sources, robot addresses, exchange addresses, trading pool addresses, or anomalous addresses were removed from the analysis, resulting in a total of about 624 addresses being analyzed for their initial purchase or transfer situations (price, amount), first selling or transferring situations (price, amount), some related addresses, some large addresses, and early internal trading addresses.

Diamond hands faster than Musk.

First Purchase Time Distribution Chart

Through analysis, PANews found that the initial buying times of these big players were mostly concentrated between November 2 and November 4. Among them, November 3 had the most addresses buying, at 159. November 2 followed closely with 138 addresses making their initial purchases that day. From the timeline, the Peanut event was first mentioned by Musk in the early morning of November 3.

Furthermore, these diamond hands bought even earlier than this time. In fact, the event occurred on October 31, and PNUT tokens were also born on October 31. On November 2, several media outlets in the US began to amplify the public discourse regarding 'Mouse life is also life', indicating that many smart money players were not limited to following Musk but were keeping a close eye on hot topics and events in the West.

However, after Musk's shoutout, it was indeed observed that the most smart money addresses chose to intervene during this time.

Entering the market when others are in panic.

From the perspective of buying prices, nearly half of the smart money chose to initially buy PNUT within the price range of $0.05 to $0.1.

From the chart, the yellow box basically indicates the time and price range where these top 1000 large addresses bought the most. In fact, before this price range, PNUT had already experienced two price surges, with the market cap rising to the range of $50 million to $100 million. Normally, a MEME coin surging to the $50 million to $100 million range in a short time would be a time for many to exit, but evidently, the real main force seems to have chosen to enter here. This indicates that the secret of smart money may not lie in rushing for early chips, but rather in choosing to enter when others are afraid to.

Additionally, looking at the total amount purchased on various dates, the main influx of funds for the top 1000 players concentrated between November 2 to 4 and November 11 to 14. The first period was when PNUT just started to take off, with most of the main funds laying out during this stage. The second stage was when exchanges like Binance announced the listing of PNUT, during which another part of the main players saw certainty and decided to enter. However, since PNUT's market cap had already approached $1 billion at that time, these purchase volumes were relatively insignificant. On the contrary, it can be seen that the period from November 2 to 4 was a clear entry period for the main players.

Large holders generally have longer holding times.

From the perspective of holding habits, the holding time of main players is significantly longer than that of retail investors. Among the analyzed addresses, the average holding time is 39 hours, and this does not account for addresses that have never sold since buying; if those are included, the average holding time would be even higher.

From the price at which they sold or transferred, the first selling or transferring prices were also mostly concentrated in the price range of $0.05 to $0.1. However, one factor that may need to be considered is that many big addresses will distribute their tokens to new addresses immediately after buying, which does not count as selling, so the reference significance of the selling price range here is limited. Further analysis by PANews on individual large addresses found that several addresses holding over $10 million have not yet sold.

Who are the true diamond hands? Some addresses have returns exceeding ten million.

During the investigation, PANews found that multiple addresses' tokens originated from some of the same addresses. These addresses are basically new addresses used by these real big players to diversify their funds. In this regard, PANews conducted some investigations into the real big players behind them.

Among these large addresses, the most eye-catching is J8ZWHVX5CjZWcHb1fqNVSiwjRy21WFj8mxvFDddjbHxv (hereinafter referred to as 'J8ZWH').

This address first bought 151,300 PNUT on 11-01-2024 at a cost of 10 SOL, and later continuously supplemented its position, holding a maximum of 28 million PNUT, with an average holding price of about $0.0001. Calculated at a maximum of $2.46, his return could reach 24,600 times. On November 2, he sold 15.97 million PNUT, earning $109,371. He still holds nearly $12.6 million in PNUT.

Another address 2h7s3FpSvc6v2oHke6Uqg191B5fPCeFTmMGnh5oPWhX7 (tonkadriving.sol) is quite legendary. This address discovered PNUT on November 1 and frantically invested funds to buy in, spending $67,000 to acquire 9.15 million PNUT, when PNUT's market cap was only about $7.3 million. He completed his position within half an hour and during his buying process, he managed to push the token price up to $0.01. Subsequently, other players began to offload, while tonkadriving.sol continuously absorbed chips in the process, ultimately completing the initial position at an average price of $0.007.

On November 3, tonkadriving.sol also sent 4 million PNUT to the creator of PNUT, then worth $244,000. If tonkadriving.sol had known that these tokens would eventually be worth over $10 million, would he regret this donation?

Early internal players turned 22U into 2.91 million due to forgetfulness.

For MEME players, many like to grab internal purchases, the earlier they buy, the higher the return. PANews analyzed 276 internal addresses participating in the internal market and found that only 4 addresses eventually appeared in the top 1000 holding rankings.

For example, taking B8S2aupPvX3ARWgyEYS1gbHc3jTb2Ta4Q2i37HUewGnf as an example, this address used 2 addresses to purchase during the internal market, spending about $280 to buy 13.75 million PNUT tokens, and sold almost all of these tokens for $5,657 in the following two days. By November 16, this address spent $148,000 to buy back 86,000 PNUT coins. Based on the earliest holdings, he missed out on a maximum of $34.1 million.

The strongest internal player is gUPH84k3YhMSjXSfXrTAUzCjuqQinQMZg9TkAkoSR77, who spent $22 to buy 2.37 million PNUT internally, and has not traded since. Currently, these tokens are worth about $2.91 million. His return rate reached 132,000 times, which should be regarded as a model for the 10U war god. However, based on trading habits, this address is likely a trading robot address and is still conducting hundreds of dollars in high-frequency trading. Perhaps the address owner has long forgotten that their moment of carelessness has yielded unimaginable returns. Another internal address, CrjPMnpDyJ16qpo1hR74iEQ2bypvAeMqxmxm42tB9ppr, also purchased for $22 and has chosen to sell a fixed amount of 5,902 each time, having sold $194,000 to date, with the account still holding tokens worth about $82,000.

It seems that the way to maintain the highest returns is to forget about it, but not completely forget.

In the process of analyzing PNUT, we saw many lucky stories of getting rich quickly, as well as numerous regrets. Many addresses had very low early holding costs, but almost all of them sold out before PNUT truly surged. From trading habits, we can see the styles of these players; many did not have large amounts of funds, and when turning from a few dozen dollars to several thousand dollars, they would choose to liquidate completely. Little do they know, they thus missed out on tens of millions of dollars in profits, and this is very likely the greatest opportunity of their trading careers.

Those accounts with large funds are generally much more composed. They invest tens of thousands to millions of dollars but choose to hold steady, at most opting to retrieve principal when profits are substantial. The rest is just letting the bullets fly for a while. Perhaps a saying fits here: one can only earn money within the realm of their understanding.

However, to put it another way, for ordinary people, it is already difficult to earn dozens of times in a single transaction. Furthermore, without the release of these chips, PNUT might have also struggled to become the MEME king of November.