This Trader Sold Too Early, Loses Out on $17.5 Million After Selling $Pnut Bag for $669

A memecoin trader missed out on profiting $17.5 Million on $Pnut by selling their holding too early before the token surged by over 100%. The memecoin has made several surging waves in the cryptocurrency market with increases in market cap and price respectively.

How the Trader Missed Out

This trader, whose identity remains undisclosed, acquired 19.4 million $Pnut tokens using 8 $SOL (equivalent to $1,366 at the time of purchase). Unfortunately, they decided to sell their entire holding for a 4.08 $SOL, netting only $697. The sale resulted in a significant loss of $669, a painful reminder of the unpredictable nature of cryptocurrency markets.

However, the tides turned dramatically soon after the sale. The price of $Pnut surged, catapulting the value of the 19.4 million $Pnut tokens the individual sold to over $17.5 million. This sudden shift in fortune must surely be a bitter pill to swallow, a stark reminder of the potential for both immense gains and devastating losses within the crypto space.

Furthermore, the abrupt increase left many pondering the potential gains they missed out on, particularly one individual who sold their $Pnut holdings at a loss.

Earlier this November 2024, the memecoin market cap exceeded $120M, making many traders millionaires overnight.

Notably, Pnut’s story captured widespread media attention, driving the $Pnut market cap to a staggering $8 million within a day. The story’s virality and a powerful combination of social media factors fueled this rapid growth.

Elon Musk, the tech entrepreneur and social media influencer, became a key factor in the coin’s meteoric rise. He shared multiple Pnut-related posts, even pinning one to the top of his Twitter profile which propelled the token to a meteoric rise.

$Pnut Earlier Market Price Action

This November, Solana-based memecoin $PNUT surged four times its value after Binance announced it would list the token, a 320% increase in just 24 hours.

An anonymous investor known as 4C3Nx…S3FeU, the top holder of $PNUT tokens, carefully built a large position in the token over a week, starting on November 3rd.

Additionally, the investor continued to buy $PNUT tokens even as the price fell, showing their strong belief in the project’s potential. In total, this individual invested $2.194 million without selling a single token.

Binance’s announcement of the spot listing sparked the dramatic price increase. After the news, the investor’s initial investment saw a floating profit of over $10.53 million.

The project’s developers have created innovative mechanisms, including a self-burning mechanism and a commitment to charity, which have fostered a loyal and passionate user base.