The recent crypto rally has left some rich while others have complained of huge losses. What do traders say?
Grandpa (PEPE) and Peanut the Squirrel (PNUT) has become one of the best performing assets in the meme coin industry. In recent weeks, their growth has outpaced that of all the top altcoins. The growing popularity of meme coins reflects 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 are actively discussing Dogecoin (DOGE), Dogwifhat (Wi-Fi), and Bonk (BONK). What are they talking about?
PNUT: leader among meme coins
Over the past week, the price of PNUT has skyrocketed by 255%. Thanks to its rapid growth, the token even entered the top 100 cryptocurrencies in terms of 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 this rapid growth, stories began to appear in the crypto community about how traders became millionaires thanks to PNUT.
So, Lookonchain analysts reported that an unknown trader’s unrealized profit from investments in the PNUT meme coin amounted to more than $50 million.
On November 2, after Elon Musk’s post mentioned the PNUT meme coin, the trader bought the token and sold it at a profit of $1,500. Then, between November 3 and 10, he spent $2.8 million to buy PNUT. In total, he managed to accumulate 26.72 million PNUT, which at the time of writing is valued at around $50 million. He also has other meme coins on his balance.
crypto.news also spoke to traders who shared their PNUT success stories. A user with the nickname Mark shared that he was touched by the news about the Peanut squirrel being euthanized in the United States.
One trader purchased $100 worth of tokens shortly after the squirrel’s announcement. In just one week, he earned over $3,500. He admitted that he was very proud of his result, even though some traders managed to make millions on popular tokens.
“Honestly, I admit, I didn’t expect growth of even 10%. I have often seen stories of traders earning 100 times the price of popular tokens. But for me, such stories have always come from fantasy and a one-in-a-million chance. After all, if someone makes millions, someone loses them. Therefore, I did not expect anything special from my investments. I just decided to support the poor squirrel. Apparently this reciprocated my feelings.
Marc, PNUT trader
The fantastic story of PEPE or how not to give up
Another fantastic faith story was shared with crypto.news by a user named Drop Guru. In the spring, he bought PEPE tokens following a wave of general enthusiasm. Soon, PEPE’s popularity faded and its portfolio shrank 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 not yet been 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 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
The price of DOGE, which Elon Musk publicly supports, has increased by more than 280% in one month.
However, there are also stories of failures in the crypto community. So, Lookonchain shared the story of a trader who made around $920,000 on the SPX token, then bought DOGE with the proceeds and lost $1.33 million.
The popularity of the token is increasing due to the announcement of the creation of the Department of Government Efficiency in the United States (DOGE).
Meanwhile, the crypto community
Bloomberg analyst Eric Balchunas admitted that Doge ETFs could soon appear in the United States.
However, he pointed out that Dogecoin lacked some SECOND requirements such as a regulated futures market and potential changes in SEC leadership could relax approval standards.
Should we expect the rally to continue?
Experts attribute the growth of meme coins to investors’ expectations regarding future regulatory policy in the crypto sector. Chris Chan, CEO of Titan note that as the US presidential election approaches, the crypto market has seen low volatility. Traders have adopted 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 TrumpThe electoral victory has run out of steam, but the rally of individual chips continues. The continuation of the green market will largely depend on the policy adopted by the White House regarding cryptocurrencies after the change of president.