Crypto trader misses out on $24 million selling PNUT early for $681 loss 
Cryptocurrency Nov 13, 2024 Share
If you ever feel like your luck has taken a downturn, just take a moment to reflect on the story of one unfortunate crypto trader.
In what can only be described as a gut-wrenching twist in the world of cryptocurrency trading, this trader missed a potential $24.69 million fortune by selling their Peanut the Squirrel (PNUT) tokens early—and at a loss.
The story began with the trader’s purchase of approximately 19.4 million PNUT tokens for just 8 Solana (SOL), equivalent to about $1,392 on the decentralized exchange Raydium on the Solana blockchain.
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As the price of PNUT began to rise, the trader made the hasty decision to cash out. Tragically, they sold their holdings for only 4.09 SOL, receiving a mere $711 and taking a $681 loss on their investment.
PNUT trades. Source: Onchain Lens
Fast forward to today, and PNUT’s market cap has skyrocketed to $1.54 billion. This meteoric rise means that the trader’s original 19.4 million PNUT tokens would now be worth an eye-popping $24.69 million.
Holding onto those tokens just a bit longer could have turned a modest investment into a life-changing windfall.
PNUT 1-day price chart. Source: CoinMarketCap
Crypto trader could have been a millionaire in 2 days
On-chain analysis by Onchain Lens brought attention to this missed opportunity, noting that this trader could have been a millionaire within days of their initial investment.
This trader could have been a millionaire in just 2 days.
Trade bought 19.4M $Pnut for only 8 $SOL ($1,392) and sold them for 4.09 $SOL ($711), taking a loss of $681.
Currently, these 19.4M $Pnut are worth over $1.85M. The person must be in big pain.… pic.twitter.com/vHUWIhx5Ge
— Onchain Lens (@OnchainLens) November 3, 2024
Stories like these highlight both the risks and rewards that permeate the crypto market, where fortunes can be made—or lost—within moments.
While the trader’s misfortune serves as a reminder of crypto’s unpredictability, it also underscores the volatile nature of meme coins like PNUT. A recent report by Finbold revealed that 97% of meme coins launched in the last year have “died,” highlighting the high stakes and fleeting nature of such investments.
For every PNUT that defies the odds, countless others fail to deliver on their promises.