Binance has announced the listing of Peanut the Squirrel (PNUT) on its platform, introducing the PNUT/USDT spot trading pair scheduled for November 11, 2024, at 10:00 (UTC).
The listing comes with zero listing fees and carries a “Seed” tag, indicating potential high volatility and risk.
The platform has implemented a structured rollout, allowing immediate deposits while scheduling withdrawals for November 12, 2024, at 10:00 (UTC).
The token, operating on Solana’s blockchain with the smart contract address 2qEH….P1tpump, will also be integrated into Binance’s Trading Bots and Spot Copy Trading systems within 24 hours of its listing.
Remarkable Market Performance and Valuation
The announcement has triggered an extraordinary market response, with PNUT experiencing a massive 274% price surge.
Current trading data shows PNUT priced at $0.3939, accompanied by a substantial 24-hour trading volume of $186,945,190.
The token’s performance has been notably impressive, recording a 265.72% increase in the last 24 hours and an even more remarkable 545.77% growth over the past week.
With a circulating supply of 1 Billion PNUT, the project has achieved a significant market capitalization of $353,466,548, demonstrating strong market interest and participation.
Whale Activity and Profit Realization
In a striking development, a prominent whale investor who had invested 15,140.85 SOL across multiple tokens including $PNUT, $FRED, and $OPK, has recorded substantial profits totaling $3.97 million USD.
This remarkable return highlights the potential profitability of early positioning in newly listed tokens, particularly for large-scale investors.
The success of this whale trader, especially being among the top 3 PNUT holders, with a single-token floating profit of $4.06 million, demonstrates the significant wealth generation potential in the cryptocurrency market.
Also Read: TROY Token Soars 15.3% After Full Circulation Launch On Binance Spot & Future Markets
Market Implications and Risk Considerations
The dramatic price movement and substantial profits have sparked discussions about investment strategies in the cryptocurrency market.
However, Binance has explicitly cautioned users about the token’s novelty and potential volatility, emphasizing the importance of thorough research and careful risk management.
The platform’s zero-fee listing approach, combined with the rapid integration of advanced trading features, indicates a strategic balance between providing trading opportunities and maintaining risk awareness.
This listing event serves as a notable case study in how exchange listings can significantly impact token valuations and create substantial profit opportunities for well-positioned investors, while also highlighting the inherent risks in emerging cryptocurrency assets.
Also Read: Binance’s CZ Suggests A “Don’t Put All Eggs In One Basket” Approach Amid Bitcoin’s New Highs