In the wake of Donald Trump’s victory in the 2024 United States presidential election, which has been favorable to the cryptocurrency sector, the meme coin market has experienced a surge in interest and activity. Leading this charge is Dogecoin (DOGE), a well-known player in the meme coin arena, accompanied by Solana (SOL)-based Peanut the Squirrel (PNUT), which has seen a dramatic increase of over 1,500 percent in the past week.
The Rise of Peanut the Squirrel (PNUT)
Peanut the Squirrel (PNUT), a mid-cap meme coin with a fully diluted valuation of approximately $1.8 billion, has captured the attention of both crypto enthusiasts and mainstream investors. This surge in popularity was significantly boosted by its recent listing on the Binance exchange. As a result, the daily trading volume of PNUT has skyrocketed to over $6.4 billion, far exceeding its market cap and indicating a strong demand for the token.
Major Shifts Among PNUT Holders
On-chain data analysis reveals that the largest holder of PNUT possesses around 27 million tokens, valued at over $51 million at the current market rate. This savvy crypto trader, who has engaged in 39 trades with a 9-token success rate, has reaped substantial profits from PNUT. Between November 3 and 10, the trader invested $2.8 million in PNUT, which has proven to be a lucrative venture. However, following the Binance listing, the trader has begun to take profits and diversify holdings by investing in First Convicted Raccoon (FRED), a raccoon-themed meme coin.
Emergence of First Convicted Raccoon (FRED)
In the past two days, the largest PNUT holder has acquired FRED tokens worth $671k and is currently enjoying an unrealized profit of $1.24 million. This shift in investment highlights the growing interest in FRED, which has shown significant potential in the crypto market.
Why Investors Are Eyeing FRED
FRED’s impressive performance in a short span has caught the attention of speculative crypto traders. Within the last 24 hours, the FRED token has soared over 200 percent, trading at approximately 21 cents on Thursday, November 14, during the early New York session. The latest on-chain data reveals that FRED, with a net liquidity of $5.2 million, had more buyers than sellers, with figures standing at 72k buyers against 48k sellers. With over 41k holders, FRED is strategically positioned to experience further gains in the near future.
The dynamic shifts within the meme coin market underscore the volatility and potential for high returns, attracting both seasoned investors and newcomers eager to capitalize on the evolving cryptocurrency landscape.
