Overview

• Peanut the Squirrel (PNUT), a Solana-based meme coin, saw a dramatic increase in value, reaching a $2 billion market cap after its listing on Binance.
• A trader who invested $16 in PNUT cashed out with $3 million, benefiting from the coin's explosive growth and strategic selling.
• Elon Musk's endorsement and social media attention contributed to PNUT's popularity, helping it surpass other meme coins like Dogecoin and Shiba Inu in trading volume.
• Despite the rapid gains, PNUT's community remains relatively small, which could impact its long-term growth unless it expands its follower base.
• Binance has waived listing fees for PNUT, signaling potential for more low-cap meme coins to be listed as the crypto market experiences a bull cycle.