The 2024 United States presidential election marked a significant turning point for the cryptocurrency landscape, notably with the victory of pro-crypto candidate Donald Trump. This event has sparked a renewed interest and substantial growth in the meme coin market, prominently led by the well-known Dogecoin (DOGE). Among the standout performers is the Solana (SOL)-based meme coin, Peanut the Squirrel (PNUT), which has experienced a remarkable rally of over 1,500 percent within the past week.
PNUT’s Meteoric Rise
PNUT, a mid-cap meme coin, has achieved significant mainstream recognition following its listing on the Binance exchange. This development has propelled its fully diluted valuation to approximately $1.8 billion. Consequently, PNUT’s daily trading volume has seen an exponential increase, surpassing $6.4 billion—more than three times its market cap. This surge in trading activity is a clear indicator of heightened demand and interest from investors.
Largest PNUT Holder Shifts Focus
On-chain data analysis reveals intriguing insights about the largest holder of PNUT, who possesses around 27 million tokens valued at over $51 million at the time of writing. This fortunate crypto trader has engaged in 39 token trades, out of which only 9 have been successful. Notably, PNUT stands out as one of the trader’s most profitable ventures, with an initial investment of $2.8 million between November 3 and 10. However, following the Binance listing, the trader has been strategically realizing profits and shifting focus towards a raccoon-inspired meme coin known as First Convicted Raccoon (FRED).
In the past two days, this major PNUT holder has acquired FRED tokens worth $671k, currently enjoying an unrealized profit of $1.24 million. This strategic move highlights the trader’s keen interest in diversifying their investments within the dynamic meme coin ecosystem.
Why is FRED Gaining Traction?
The impressive performance of PNUT within a short span has piqued the interest of speculative crypto traders, leading them to explore new opportunities like the FRED meme coin. In the last 24 hours alone, the FRED token has surged by over 200 percent, trading at approximately 21 cents on Thursday, November 14, during the early New York session.
According to the latest on-chain data, FRED boasts a net liquidity of $5.2 million, attracting more buyers than sellers, with a count of 72k versus 48k. With over 41k holders, the FRED token is strategically positioned for potential further rallies in the near future. This growing interest in FRED underscores the speculative nature and rapid developments within the meme coin sector.
In conclusion, the post-election landscape has catalyzed a dynamic shift in the cryptocurrency market, with meme coins like PNUT and FRED gaining substantial attention and investment. As the market continues to evolve, these coins exemplify the speculative opportunities and volatile nature that define the crypto space.
