As a seasoned analyst with years of experience in the dynamic world of cryptocurrencies, I have witnessed numerous market cycles, from the meteoric rise and fall of Bitcoin to the unexpected surge of Dogecoin fueled by Elon Musk’s tweets. However, this recent trend of meme coins has piqued my curiosity more than any other.
The latest surge in cryptocurrency values has made some people wealthy, yet others have lamented significant financial setbacks. So, what’s the take from traders on this topic?
Pepe (PEPE) and Peanut the squirrel (PNUT) have climbed to be among the leading performers within the meme coin category. Lately, their performance has surpassed that of all top alternative coins. The escalating popularity of meme coins signifies a substantial change in broader market trends, which can be attributed to heightened investor involvement.
Trend analysis shows that meme coins currently hold a larger share of social dominance than Tier 1 tokens. In addition to PNUT and PEPE, users actively discuss Dogecoin (DOGE), Dogwifhat (WIF), and Bonk (BONK). What do they talk about?
Table of Contents
PNUT: Leader among meme coins
Over the past week, the price of PNUT has soared by 255%. Thanks to its rapid growth, the token even entered the top 100 cryptocurrencies by capitalization, exceeding $2 billion.
Currently, the meme currency is being exchanged for approximately $1.64, with its highest recorded price at $2.44 previously.
In the midst of swift expansion within the crypto sphere, tales emerged about ordinary traders transforming into millionaires due to their association with PNUT.
Consequently, it was found by Lookonchain analysts that an anonymous investor has amassed over $50 million in potential profits from their holdings of the PNUT meme token.
On November 2nd, a trader decided to buy the PNUT meme coin after Elon Musk’s mention of it. Subsequently, he made a profit of $1,500 from selling that token. Over the following eight days (from Nov. 3rd to Nov. 10th), this trader invested a significant amount, approximately $2.8 million, in purchasing more PNUT tokens. In total, his investment resulted in the acquisition of roughly 26.72 million PNUT tokens. At the time of writing, these tokens are estimated to be worth around $50 million. Additionally, it’s worth noting that this trader also holds other meme coins on their balance.
It’s been revealed that the person with the most $Pnut in their possession has raked in more than $56M from this cryptocurrency!
Wondering how he managed it? Let’s delve into his trading activities. 👇
— Lookonchain (@lookonchain) November 14, 2024
Crypto.news spoke with several traders who were eager to share their positive experiences with PNUT. A user known as Mark, moved by a story about the euthanization of a Peanut squirrel in the United States, also shared his success.
After receiving the news regarding the squirrel, a trader purchased tokens worth $100. Within a week, this investment yielded over $3,500 for him. Despite other traders making millions from popular tokens, he felt quite proud of his accomplishment.
Admittedly, I didn’t anticipate growth of 10% or more in my investments. Stories about traders multiplying their money by 100 times with popular tokens have always seemed like something out of a fairy tale to me – an extremely rare occurrence. After all, while some people are making millions, others are losing it. So, I never had high hopes for my investments. Instead, I chose to support the squirrel in need, and it seems that my goodwill has been returned.
Mark, PNUT trader
The fantastic story of PEPE or how not to give up
A user called Drop Guru recently told crypto.news about an incredible tale of faith. In the early days of spring, he purchased PEPE tokens amidst a surge of overall enthusiasm. However, the popularity of PEPE soon waned, causing a substantial decline in Drop Guru’s investment portfolio.
The trader remained optimistic, taking his time before deciding to sell the tokens. He felt there was still untapped potential within meme coins and anticipated a fresh surge in the market’s growth – all he needed was patience.
“I possess a valuable quality that benefits me in trading – I resist the urge to act on fear of missing out (FOMO) and make rash decisions. In this instance, my patience was rewarded as I observed the outcome of my actions. I waited calmly for my portfolio to expand before selling PEPE at a 40% profit. While I could have made more, it’s crucial to know when to stop and lock in profits.
Drop Guru, PEPE investor
DOGE: More than just a meme
DOGE, which Elon Musk publicly supports, has grown in price by more than 280% in a month.
However, there are also unsuccessful stories in the crypto community. Thus, Lookonchain shared the story of a trader who earned about $920,000 on the SPX token and then bought DOGE with the proceeds and lost $1.33 million.
A whale changed all $SPX positions to $DOGE in the past 2 days!
He sold all 10.6M $SPX for $6.2M, making a profit of ~$920K.
Then he spent $6.2M to buy 13.95M $DOGE($4.88M currently), with a loss of $1.33M!
Address:
0x64843213ddc682c328d14bade67c663e879dfa86…— Lookonchain (@lookonchain) November 15, 2024
The interest in this token is increasing thanks to the recent announcement of the establishment of the U.S. Department of Government Efficiency (DOGE), which seems to be boosting its reputation and attractiveness.
Currently, within the X crypto community, there’s an increasing optimism surrounding Dogecoin (DOGE). They foresee it breaking free from its meme coin status and transforming into a highly valued, top-tier digital asset similar to blue chips.
The Bloomberg analyst Eric Balchunas admitted that Doge ETFs may soon appear in the United States.
Doge ETF incoming in 3.. 2.. 1..
— Eric Balchunas (@EricBalchunas) November 12, 2024
Yet, he highlighted the fact that Dogecoin fails to meet certain Securities and Exchange Commission (SEC) criteria, like the existence of a regulated futures market. A shift in SEC leadership might lead to less stringent approval requirements.
Should we expect a continuation of the rally?
Experts link the rise of meme coins to investors’ anticipation about potential future regulations in the cryptocurrency sector. As per Titan CEO Chris Chan, during the U.S. presidential election period, the crypto market experienced reduced volatility, leading traders to adopt a watchful approach.
The election results brought additional uncertainty, increasing interest in risky assets, including meme coins.
As the excitement following Donald Trump’s election win subsides, there remains a persistent surge in individual cryptocurrency tokens. The future direction of the “green” market is heavily influenced by the new policies concerning cryptocurrencies that the White House will implement post-administration change.
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2024-11-19 23:46