Following the resounding victory of pro-crypto presidential candidate, Donald Trump, in the United States 2024 election, the meme coin space led by Dogecoin (DOGE), has gained electrifying attention. Solana (SOL)-based meme coin, Peanut the Squirrel (PNUT) has rallied more than 1,500 percent in the past week.
The mid-cap meme coin, with a fully diluted valuation of about $1.8 billion, gained mainstream popularity after the recent listing on the Binance exchange. Consequently, PNUT’s daily trading volume has spiked to more than $6.4 billion, more than triple its market cap, thus signaling heightened demand.
Largest PNUT Holder Shifts Attention
According to on-chain data analysis, the largest holder of PNUT has around 27 million tokens worth over $51 million at the time of this writing. The exceptionally lucky crypto trader has traded 39 tokens but only 9 of them were successful.
One of the most successful ones has been PNUT, in which the trader purchased $2.8 million worth of tokens between November 3 and 10.
However, the trader has been taking profit since the recent Binance listing, and on-chain data shows a gradual shift to a raccoon-inspired meme coin dubbed First Convicted Raccon (FRED).
In the past two days, the largest holder of PNUT has purchased FRED tokens worth $671k and currently enjoys an unrealized profit of $1.24 million.
Why FRED?
Following the exceptional performance of PNUT in less than two weeks, speculative crypto traders have now shifted to FREd meme coin, which has demonstrated immense potential. In the past 24 hours, the FRED token has surged over 200 percent to trade about 21 cents on Thursday, November 14, during the early New York session.
According to the latest on-chain data, the FRED token, with net liquidity of $5.2 million, had more buyers than sellers amounting to 72k against 48k. With over 41k holders, the FRED token is well-positioned to rally further in the near term.
