A Memecoin Trader Just Pulled Off the Trade of a Lifetime

On October 31, an anonymous trader bought $17 worth of Pnut, a memecoin named after a celebrity squirrel. On Wednesday, the trader finished swapping those tokens for an estimated $3 million in Solana, the native cryptocurrency of the eponymous blockchain.

An anonymous crypto trader has managed to turn an investment of $17 into an estimated $3 million in Solana (CRYPTO: SOL) tokens by trading a memecoin named after a celebrity squirrel.

The trader bought 16,470,500 Pnut tokens on October 31 from Pump.Fun, a Solana-based tool that allows anyone to create a memecoin in minutes.

At the time of purchase, each Pnut token was worth less than 0.0001 cents. However, the token went on a tear, rising to $0.007 cents by November 2 and continuing to rise throughout the month.

On Monday, November 11, each Pnut token was trading at more than 0.40 cents. At this point, the trader began swapping Pnut tokens for Solana tokens on Raydium, a decentralized exchange on the Solana blockchain.

The trader swapped 4,773 Pnut tokens every three minutes for Solana tokens. However, the trader stopped swapping after about five hours, despite having only swapped fewer than 500,000 Pnut tokens.

On Tuesday night, just after 10 p.m. New York time, each Pnut token was trading at 0.69 cents, and the trader began swapping again.

This time, the trader swapped all of their remaining Pnut tokens for Solana tokens. The total amount of Solana tokens acquired by the trader was 13,459, which were later transferred to another crypto wallet.

At the time of the final transfer, Pnut was trading at $1.50, valuing the trader's Solana tokens at about $2.9 million.

However, had the trader waited even an hour longer, their tokens would have been worth almost $6 million, as Binance, the world's largest crypto exchange, announced it would be listing Pnut, making the token available to the vast majority of would-be investors.