Acting before the US election! Whale spent 50 million buying these 2 currencies, preparing for a big pump?

A certain Whale spent 5k NT dollars to buy two meme coins before the US election.

On-chain analyst Lookonchain pointed out that on November 3rd, during the US presidential election, an encryptionWhale (Crypto Whale) initiated a large-scale meme coin buying spree.

According to statistics, the Whale has invested a total of 9,600 Solana ($SOL), worth about 1.56 million US dollars (about 50,000 k TWD), and purchased two meme coins: $Pnut and $FRED.

According to the compilation by Lookonchain, this Whale has respectively invested:

5,100 $SOL (about 831,000 US dollars) bought 8.99 million $Pnut at an average price of 0.092 US dollars.

4,500 $SOL (approximately $736,000) was used to purchase 69.88 million $FRED at an average price of $0.01.

As of November 3, the three Wallets of this Whale collectively hold 484,303 $SOL, with a total value of up to 78.94 million US dollars, indicating that this is a very strong investor in terms of capital strength.

Image source: X Whale spent 50 million Taiwanese dollars to buy two meme coins before the US election

What is Squirrel coin ($Pnut) and $FRED coin?

This Whale chooses to invest in Squirrel coin ($Pnut) and $FRED coin, which may be related to the "American Squirrel Euthanasia" incident.

According to Decrypt, Mark Longo, a man from New York, adopted a wild squirrel named Peanut (also known as P'nut) and another raccoon named Fred. Later, the squirrel Peanut became a pet internet celebrity with over 500,000 fans on social media.

However, the New York State Department of Environmental Conservation (DEC) received a report from Longo's neighbors about 'illegally keeping wild animals', and therefore forcibly took Peanuts and Fred away from the owner's home. Subsequently, they were euthanized due to concerns about rabies, sparking public debate.

According to a report by CCN, Mark Longo witnessed Peanut's mother being hit by a car and killed 7 years ago, forcing Peanut to survive in the wild, which led him to decide to adopt it. Longo not only treats it as a family member, but also runs a non-profit animal rescue center called "Peanut's Freedom Farm", which houses 300 animals, after successfully making it an internet celebrity.

Source: USA Today Peanut the squirrel euthanasia incident has sparked widespread discussion in the United States.

This tragic event has become more politicized during the US election period and under Musk's follow. Musk criticized the government's actions on X (formerly Twitter), and Vice President Pence (JD Vance) also revealed that Trump was "very angry" about this and saw the death of the squirrel peanut as an example of government overreach.

As public opinion fermented, in the coin market that is good at riding the heat of encryption, the $Pnut and $FRED coin were born, attempting to attract investors to follow this tragic story.

Even with Whale buying, $Pnut, $FRED have already big dump

However, just like many meme coins that have been reported by 'encryption City', Squirrelcoin ($Pnut) and $FRED also quickly encountered the fate of a big dump.

DexScreener data shows that as of today (Day 5) of writing, the prices of these two meme coins have both experienced a significant decline from their peak.

The current price of $Pnut is $0.03852, down 71% from the high point of $0.1338 (big dump).

The price of $FRED coin is currently $0.001844, which is 91% big dump from the high of $0.02106.

However, the mentioned Whale seems to have faith in these two coins and may also be due to the low Liquidity, which makes it difficult to sell smoothly. In any case, his related Wallet still holds 14 million $Pnut coins and 69.88 million $FRED coins, and it can be seen that he has also increased the position in $Pnut coins.

Image source: Solscan encryption Whale's Holdings value changes

However, due to the big dump of the prices of both types of coins, their Holdings value has been greatly reduced, and the total Holdings value of Squirrel Coin ($PNUT) and $FRED Coin is about 720,000 US dollars.

Such price fluctuations reflect the high volatility of the meme coin market. Even if Whales enter the market, it does not necessarily guarantee a continuous price increase. When participating in meme coin investments, investors must pay special attention to Risk Management.

[Disclaimer] There are risks in the market, and investment needs to be cautious. This article does not constitute investment advice. Investing in meme coins carries huge risks, and the invested capital may be reduced to zero. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific situation. The responsibility is self-assumed.