Following Donald Trump's win in the 2024 US presidential election, meme coins such as Dogecoin (DOGE) and Peanut the Squirrel (PNUT) are gaining significant attention.
Rise in Popularity of Meme Coins
The Solana (SOL)-based meme coin, Peanut the Squirrel (PNUT), has rallied more than 1,500 percent in the past week. With a valuation of $1.8 billion, its trading volume spiked to $6.4 billion following its listing on Binance.
Changes in Investment by Largest Holder of PNUT
According to on-chain data analysis, the largest holder of PNUT owns about 27 million tokens. The trader initially invested $2.8 million and is now shifting investments to the meme coin First Convicted Raccon (FRED), buying tokens worth $671k with an unrealized profit of $1.24 million.
Why FRED?
Speculative crypto traders are shifting to the FRED meme coin due to its rapid growth. The FRED token increased over 200% in the last 24 hours. On-chain data indicates it has 41k holders and more buyers than sellers.
Trump's victory spurs interest in cryptocurrencies. PNUT and FRED show that the meme coin sector continues to evolve and attract new traders.
