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The recent crypto rally has left some rich while others have complained of huge losses. What do traders say about it?
Pepe (PEPE) and Peanut the squirrel (PNUT) became one of the top-performing assets in the meme coin sector. In recent weeks, their growth has outpaced that of all the top altcoins. The rise in popularity of meme coins reflected a significant shift in macroeconomic market trends driven by high investor engagement.
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.
At the time of writing, the meme coin is trading at $1.64 with the last all-time high (ATH) of $2.44.
Amid the rapid growth, stories began to appear in the crypto community about how traders became millionaires thanks to PNUT.
Thus, Lookonchain analysts reported that an unknown trader’s unrealized profit from investments in the PNUT meme coin amounted to more than $50 million.
On Nov. 2, after Elon Musk’s message mentioned the PNUT meme coin, the trader purchased the token and sold it with a profit of $1,500. Then, between Nov. 3 and 10, he spent $2.8 million buying PNUT. In total, he managed to accumulate 26.72 million PNUT, which at the time of writing are valued at around $50 million. He also has other meme coins on his balance.
The largest individual holder of $Pnut has made over $56M from $Pnut!
— Lookonchain (@lookonchain) November 14, 2024
How did he do it?
1/ Let’s take a closer look at his trades.👇 pic.twitter.com/tE62eizwfE
crypto.news also talked to traders who shared their PNUT success stories. One user with the nickname Mark shared that he was touched by the news about the Peanut squirrel, which was euthanized in the U.S.
A trader bought $100 worth of tokens shortly after the news about the squirrel. In just a week, he earned more than $3,500. He admitted that he was very proud of his result even though some traders managed to gain millions on popular tokens.
“I admit, honestly, I did not expect growth of even 10%. I often saw stories about traders making 100x the price of popular tokens. But for me, such stories have always been from fantasy and a one-in-a-million chance. After all, while someone earns millions, someone loses them. Therefore, I did not expect anything special from my investments. I just decided to support the poor squirrel. Apparently, it reciprocated my feelings.”
Mark, PNUT trader
The fantastic story of PEPE or how not to give up
Another story of fantastic faith was shared with crypto.news by a user named Drop Guru. Back in the spring, he bought PEPE tokens on a wave of general excitement. Soon, PEPE’s popularity faded, and his portfolio dropped significantly.
The trader did not lose hope and was in no hurry to sell the tokens. He believed that the potential of meme coins had yet to be fully explored and that the market was waiting for a new wave of growth—the main thing was to be patient.
“I have a good character trait that helps me in trading. I try not to succumb to FOMO and not to take impulsive actions. And this time, I saw the return of my actions. I calmly waited for my portfolio to grow and sold PEPE with a profit of 40%. It’s not bad. I could have gotten more, but it is essential to stop in time and fix the profit.
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!
— Lookonchain (@lookonchain) November 15, 2024
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… pic.twitter.com/dnU4mbWuct
The token’s popularity is growing due to the news about the creation of a Department of Government Efficiency in the United States (DOGE).
Meanwhile, the X crypto community is placing ever greater hopes on DOGE, predicting that it will go beyond the boundaries of a simple meme coin and become a full-fledged blue chip.
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
However, he pointed out that Dogecoin lacks some SEC requirements, such as a regulated futures market, and potential changes in SEC leadership could ease approval standards.
Should we expect a continuation of the rally?
Experts attribute the growth of meme coins to investors’ expectations regarding the future regulatory policy in the crypto industry. Titan CEO Chris Chan noted that in the run-up to the U.S. presidential election, the crypto market saw low volatility. Traders took a wait-and-see attitude.
The election results brought additional uncertainty, increasing interest in risky assets, including meme coins.
At the same time, the general euphoria after Donald Trump‘s election victory has died down, but the rally in individual tokens continues. The continuation of the green market will largely depend on what policy regarding cryptocurrencies the White House adopts after the change of head.