ACT and PNUT explode as Binance accelerates listing of new tokens, led by a new metacoin and continued interest in AI.
November 11 at 10:00 UTC, Binance spear two Solana coinsAct 1: The AI Prophecy and Peanut the Squirrel, on its platform. Both meme coins respectively saw their market capitalization increase after receiving Binance lists.
The alt coin project Act 1: The AI Prophecy, also known as ACT (ACT), saw its market capitalization climb 1,199% to $279 million, according to data from DEX filter. The Solana-based token currently sits at $0.2861 and saw a peak moment in the “god candle” chart, during which it suddenly spiked after the Binance listing announcement.
According to Lookonchain’s According to one analysis, a trader who is part of the BWEnews team was able to capitalize on ACT’s Binance jump by trading $318,000 worth of Solana tokens for 10.9 million ACT meme coins. The trader managed to turn $318,000 into $3 million seconds after Binance launched the meme coin on its exchange listing.
Likewise, the meme piece that pays homage to the Internet’s viral squirrel with the cowboy hat, PNUT (PNUT), has experienced considerable growth since its launch on Binance. The meme coin’s market capitalization increased by 208% to $339 million shortly after its listing on the leading crypto exchange.
The squirrel-inspired meme coin is currently trading at $0.3792.
A trader was able to make a floating profit of $10.53 million thanks to an investment of $2.19 million in the PNUT token. Thanks to the Binance listing of the same coin, the trader was able to obtain a return rate of almost 478%.
Binance leap of faith
PNUT and ACT are not rare cases. According to an on-chain analyst @ai_9684xtpaaround 80% of the meme coins listed have seen their market capitalization skyrocket since their launch on Binance. The NEIRO meme coin in particular saw its market capitalization rise to 7,594% within hours of its listing on Binance.
According to analysis by @ai_9684xtpa, over 80% of new meme coins launched on Binance are animal-related memes, like MOODENG and PNUT, leading to what many are speculating as a new meta-coin in the crypto industry after Bitcoin hit a new all-time high on November 10.
Up to 60% are Solana-based memes, while another 26.7% are on the Ethereum network. The rest of the coin projects are based on B.S.C. And Base.
As of press time, only five coin projects are listed as both spot and futures contracts, a sign that Binance is taking a more cautious approach to spot listing compared to futures.
This meme coin price increase could be attributed to the rise of Bitcoin dominance after the cryptocurrency hit a new all-time high of $81,858 earlier today. Bitcoin is often considered a bellwether for all other altcoins in the industry. Most often, the crypto with the largest market cap acts as a magnet that attracts other altcoins with it.
According to data from Trading View, Bitcoin dominance is currently hovering at almost 60%. Bitcoin’s dominance could indicate the start of an alt-coin season if BTC’s gains can rotate into other alt-coins, which could lead to an erosion of BTC’s dominance.
What are PNUT and ACT?
Launched in October 2024 via the Pump.fun platform, ACT is a Solana-based coin that aims to build a decentralized community focused on the advancement of AI research, education, and collaboration.
According to the official token siteACT stands for AI Community Token. Its creators developed the Meme Coin project as a way to help community members promote AI knowledge, AI accessibility, and enable people to understand and engage with AI technology. AI.
It was initially co-founded by AmplifiedAmp, before the developer sold all of its ACT tokens and left the project. Now, the token is entirely community-driven and aims to “democratize AI knowledge and make it accessible to everyone.”
The PNUT token stem of an internet viral squirrel who was saved by Mark Longo after a car accident that killed his mother. Longo ran a popular Instagram account that documented the lives of his beloved pet, Peanut the Squirrel, and a raccoon named Fred.
Peanut died after New York City Department of Environmental Conservation officials reportedly euthanized Peanut and Fred after receiving several anonymous complaints, becoming a lightning rod for political divisions in the United States ahead of the state elections. last week. The incident caused public outcry, particularly among animal rights activists and ordinary people, including Elon Musk, who saw the squirrel as emblematic of unnecessary government overreach.
Shortly after the story spread, the crypto community paid homage to Peanut by creating several meme coins dedicated to the squirrel. The leading Peanut the Squirrel coin is the Solana-based PNUT, which reached $300 million in trading volume and 200,000 transactions in just two days.