This is a dream success story for any crypto investor.
With just $16.20, a lucky trader invested in a Solana memecoin two weeks ago, let it sit in his wallet for 10 days, and watched the token skyrocket in value. He then slowly cashed out his gains over three days, eventually pocketing a whopping $3 million in profits.
This Solana wallet “6r3W” bought $16 worth of Peanut the Squirrel (PNUT) on October 31, when it was still on Pump.fun — a platform that allows anyone to easily and cheaply create tokens, which has launched over 3 million new meme coins since the beginning of the year. At the time of purchase, the PNUT token had a market cap of just under $10,000.
Now, after just two weeks, the meme's market capitalization has surpassed $2 billion.
Peanut the Squirrel (PNUT) is a meme coin inspired by a pet squirrel that has become a phenomenon on social media platforms. Before Peanut became a global sensation, he had more than 500,000 followers on Instagram. Then, New York state authorities seized the squirrel along with a raccoon named Fred and euthanized them due to concerns that they could carry rabies. This story attracted a lot of attention from the community.
As the news of the pet’s death began to circulate on social media, Elon Musk responded with a series of tweets. The story even became a political issue during the US presidential campaign, with then-Vice President-elect JD Vance declaring that Donald Trump was “very angry” about the incident.
At the time, PNUT had a market cap of $120 million, and continued to rise to $180 million after Trump won the election. However, this diamond-handed trader decided to hold on to it.
And it was the right call. Earlier this week, PNUT became Pump.fun’s first token, along with ACT, to be listed on Binance. PNUT’s value skyrocketed 247% in just a few hours, reaching a market cap of $530 million the following day.
At this point, the trader began withdrawing his funds. In 48 transactions spanning six hours, the “6r3W” wallet sold over $95,000 worth of PNUT – a significant profit, but he didn’t stop there.
New York authorities later announced that neither Peanut nor Fred had rabies. The event sparked outrage on social media, and PNUT continued to surge by 390%, from $462 million to over $2.2 billion. During this growth, traders completely sold their token stash.
Over the next 16 hours, the trader used a dollar-cost averaging (DCA) strategy – a method of gradually selling assets over time to mitigate the impact of selling at the wrong time in a volatile market – to lock in profits from PNUT.
As a result, this brilliant trader turned $16 into $3 million in less than two weeks.
This wallet processes thousands of transactions per day, mostly betting on low-cap tokens on the Pump.fun platform. Some of these bets have been quite profitable – but never in the millions of dollars.
Now that this trader has become a millionaire, is it time to thank his luck and call it quits? However, wallet activity over the past 24 hours shows that they continue to invest in whatever meme coin on Pump.fun catches their fancy.
$PNUT $NEIRO $BTC