Author: Frank, PANews
The past November is destined to be a month of dancing between Bitcoin and MEME. PNUT has become the most dazzling star in the MEME track of November. It created a record of skyrocketing from $0 to a market value of over $2 billion in a single month and made countless wealth myths for diamond hands and smart money.
Setting aside Musk's shout-out and mainstream exchanges like Binance listing, how did those smart money and diamond hands manage to seize this golden project? What is the current state of chip distribution on the chain? PANews conducted extensive data analysis on the top 1000 holding addresses of PNUT on the chain, attempting to unveil the secrets of these leading chips.
First, an explanation of the data sources and methods used in this analysis. This analysis uses the top 1000 holding addresses on the chain as of November 28th as the analysis object. Due to trading data source issues, robot addresses, exchange addresses, trading pool addresses, or abnormal addresses were excluded. A total of about 624 addresses were analyzed for their first purchase or transfer (price, amount), first selling or transferring (price, amount), some related addresses, some large holder 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 large holders were mostly concentrated between November 2nd to November 4th. Among them, the address that bought on November 3rd was the most, with 159 addresses. November 2nd was second, with 138 addresses buying for the first time that day. From the timeline, the Peanut event was first mentioned by Musk in the early hours of November 3rd.
Moreover, these diamond hands bought even earlier than this time. In fact, the incident occurred on October 31st, and PNUT tokens were also born on October 31st. On November 2nd, multiple media outlets in the U.S. began to ferment the public discourse about 'Mouse life also matters,' indicating that many smart money were not only following Musk but were also keeping a close eye on Western hot topics and events.
However, after Musk's shout-out, it was indeed seen that the most intelligent money addresses chose to intervene during this time period.
Enter the market when others are panicking.
From the buying price perspective, almost half of the intelligent money chose to initially buy PNUT in the price range of $0.05 to $0.1.
From the chart, the yellow box essentially represents the time and price range at which these top 1000 large holder addresses bought the most. In fact, before this price range, PNUT had already experienced two surges, and its market value had reached 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 players seem to have chosen to enter here instead. From this, it can be seen that the secret of smart money may not necessarily be about seizing early chips, but rather entering when others dare not.
Additionally, from the total amount purchased on various dates, the main capital inflow of the top 1000 players concentrated between November 2nd to 4th, and November 11th to 14th. The first interval was when PNUT just started to heat up, and most of the main funds were laid out during this stage. The second stage was when Binance and several other exchanges announced the listing of PNUT, and it was evident that another part of the main players saw certainty and decided to enter. However, by this time, PNUT's market value had approached $1 billion, so the buying volume was relatively not significant. Instead, it can be seen that the period from November 2nd to 4th was a clear entry interval for the main players.
Large holders generally have a longer holding time.
From the holding habits perspective, the main holders' holding time is significantly longer than that of retail investors. Among the analyzed addresses, the average holding time was 39 hours, and this does not include those that have not sold since their purchase. If the addresses that have never sold are included, the average holding time would be even higher.
From the selling or transferring price perspective, the first selling or transferring price is 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 large holder addresses will disperse the tokens to new addresses immediately after purchasing, which does not constitute a sale. Therefore, the reference significance of the selling price range here is not substantial. Further analysis by PANews on individual large holder addresses found that several addresses holding over $10 million have not sold to date.
Who is the real diamond hand? There are addresses with profits exceeding $10 million.
During the investigation, PANews found that multiple addresses' tokens came from some of the same addresses. These addresses are basically new addresses used by the real large holders to disperse their funds. In this regard, PANews conducted some investigations into the real large holders behind these addresses.
Among these large addresses, the most eye-catching is the address J8ZWHVX5CjZWcHb1fqNVSiwjRy21WFj8mxvFDddjbHxv (hereinafter referred to as 'J8ZWH').
This address first bought 151,300 PNUT on 11-01-2024 at 01:48:12, spending 10 SOL. Later, it constantly replenished its position, holding up to 28 million PNUT at one point, 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 for a profit of $109,371. Currently, he still holds nearly $12.6 million in PNUT.
Another address 2h7s3FpSvc6v2oHke6Uqg191B5fPCeFTmMGnh5oPWhX7 (tonkadriving.sol) is quite legendary. This address discovered PNUT on November 1st and crazily invested funds to buy it, spending $67,000 to acquire 9.15 million PNUT, when PNUT's market value was only around $7.3 million. He completed his position within half an hour, and during his buying process, he briefly pushed the token price up to $0.01. After that, other players began to sell, while tonkadriving.sol continued to absorb chips in the process, ultimately completing his initial position at an average price of $0.007.
On November 3rd, tonkadriving.sol even sent 4 million PNUT to the creator of PNUT, then worth $244,000. If tonkadriving.sol knew that these tokens would eventually be worth over $10 million, would he regret this donation?
Early internal players turned $22 into $2.91 million.
For MEME players, many prefer to grab the internal market; the earlier they buy, the higher the return rate. PANews analyzed 276 internal addresses participating in the internal market and found that only 4 addresses ultimately appeared in the top 1000 holding rankings.
For example, the address B8S2aupPvX3ARWgyEYS1gbHc3jTb2Ta4Q2i37HUewGnf spent about $280 to buy 13.75 million PNUT tokens using 2 addresses in the internal market. In the following two days, it almost sold all of these tokens for $5,657. By November 16th, 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 players are none other than gUPH84k3YhMSjXSfXrTAUzCjuqQinQMZg9TkAkoSR77, who spent $22 to buy 2.37 million PNUT in the internal market, and there have been no trades since. Currently, these tokens are worth about $2.91 million. His return has reached 132,000 times, which should be considered a model of the 10U war god. However, based on trading habits, this address is highly likely to be a trading robot address and is still engaged in hundreds of dollars of high-frequency trading. Perhaps the owner of the address has long forgotten that this casual act has yielded unimaginable returns. Another internal address CrjPMnpDyJ16qpo1hR74iEQ2bypvAeMqxmxm42tB9ppr also purchased for $22, choosing to sell a fixed 5,902 tokens each time, having sold $194,000 to date, and still holds tokens worth about $82,000.
It seems that the way to hold onto the highest returns is to forget about it, but one cannot completely forget.
In analyzing PNUT, we saw many lucky stories of sudden wealth and also discovered many regrets. Many addresses had very low early holding costs but almost all sold before PNUT truly surged. From trading habits, we can see the styles of these players; many do not have large capital and will choose to cash out entirely when their investment grows from a few tens of dollars to thousands of dollars. However, little do they know that they have thus missed out on tens of millions of dollars in profits, and this could very likely be the biggest opportunity of their trading careers.
Those accounts with large funds are generally more calm. They invest tens of thousands to millions of dollars but choose to hold on without moving, at most choosing to withdraw their 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 scope of their cognition.
But speaking of which, as ordinary people, earning dozens of times in a single trade is already not easy. Moreover, without the release of these chips, PNUT might also find it difficult to become the MEME king of November.
