A crypto whale has made significant profits from Peanut The Squirrel (PNUT/USD). Meanwhile, another trader sold their tokens too early and missed out on big gains. In early November, Elon Musk hinted that PNUT could become even more powerful, sparking a surge in its valuation.

Peanut The Squirrel has seen a remarkable rise in both price and market value. This has created great opportunities for traders. According to Lookonchain, one trader sold 19.4 million PNUT tokens for just 4.08 Solana (SOL/USD), which was worth about $697. They ended up taking a loss of $669. After the sale, PNUT’s price skyrocketed. Those tokens would now be valued at a staggering $17.5 million. You can imagine how that trader feels about missing such a huge opportunity.

On the flip side, another whale has realized an unrealized profit of $16.8 million from trades involving PNUT and FRED. This trader initially invested 11,582 SOL, or roughly $2.14 million, to buy 17.35 million PNUT tokens. That investment has netted them an unrealized gain of $14.18 million. They also invested 3,550 SOL, about $657,000, to purchase 68.97 million FRED tokens, resulting in an unrealized profit of $2.65 million.

Elon Musk’s endorsement of PNUT earlier this month has fueled even more excitement. He suggested that PNUT could become “more powerful than anyone could imagine.” This has helped PNUT outpace other meme coins like Dogwifhat (WIF/USD), Bonk (BONK), and Floki (FLOKI/USD) in trading volume over the last 24 hours.

Entrepreneur and Bitcoin investor Lark Davis pointed out that PNUT’s valuation jumped to $1.4 billion in less than two weeks. That’s one of the fastest rises for a meme coin. Crypto trader Unipcs, known as the “BONK Guy,” noted that PNUT’s market cap soared from $430 million to $1.8 billion in just a few hours, largely thanks to Musk’s influence. He compared this surge to Musk’s previous impact on Dogecoin and Shiba Inu, which reached market caps of $90 billion and $43.5 billion, respectively. This trend might indicate a return of liquidity to the meme coin market, with predictions of “only more wild moves ahead.”

Expect to see more discussions about meme coins at Benzinga’s Future of Digital Assets event on November 19.