The price of $Pnut recently surged by over 1,300% after Binance announced its listing, and one savvy trader made substantial gains.
A cryptocurrency trader has reportedly made substantial gains by investing in $Pnut after its recent price surge.
According to blockchain data analysis firm Lookonchain, the trader’s journey began on October 16 with a focus on $GOAT, a memecoin that experienced a significant price increase. The trader's performance in $GOAT was not particularly stellar, as they often sold at lower prices. However, they still managed to amass 2.92 million $GOAT, which was valued at $2.78 million at the time, netting them a profit of $574,600.
The trader's attention then shifted to $Pnut, and they made a calculated move by investing around $2.8 million in the token over several days, ultimately accumulating a substantial amount. Following Binance's listing of $Pnut on November 11, the trader began selling their holdings to realize their profits. As of today, they hold 26.72 million $Pnut, boasting a total profit of over $56 million.
The trader's strategy appears to be centered around identifying tokens with potential for short-term gains, and they have a penchant for entering and exiting positions quickly to maximize their returns. This approach has led them to trade 39 different tokens within a short period, with only 9 of those trades resulting in profits, giving them a win rate of just 23%. However, their experience with losses—such as a $1.55 million loss on $flavia—has ultimately paved the way to their substantial success with $Pnut and $FRED.
Recently, the trader also invested $671,000 in $FRED, securing an unrealized profit of $1.24 million. Notably, they sold 10,000 $Pnut on November 13 for $15,500 and quickly sold it again for $17,000, making a small profit of around $1,500—a move that could be linked to Elon Musk's mention of $Pnut in a tweet on November 2.
This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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