The post How Traders Make Money Out of the Meme Coin Rally appeared on BitcoinEthereumNews.com.

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? 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. PNUT Price Chart | Source: crypto.news 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. crypto.news also talked to traders who shared their PNUT success stories. One user with the nickname Mark shared…

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Filed under: News - @ November 20, 2024 2:25 am