Binance, the world’s largest cryptocurrency exchange by trading volume, announced on Monday that it will list two meme coins based on Solana.
These token memes on the Solana Blockchains have shown impressive performance in 2024, often outperforming their Ethereum-based counterparts. Solana’s network offers significant advantages, including fast transactions, low fees, and scalability, making it particularly attractive for coin projects.
New Binance Listings: The AI ​​Prophecy (ACT), Peanut the Squirrel (PNUT)
Binance will list The AI ​​Prophecy (ACT) and Peanut the Squirrel (PNUT) on Monday, November 11, 2024. This marks the addition of two Solana meme coins to the leading crypto exchange. Starting at 10:00 UTC, ACT and PNUT will be available for spot trading against USDT. stable coin.
“New spot trading pairs: ACT/USDT, PNUT/USDT, users can now start depositing ACT, PNUT in preparation for trading”, Binance said.
After listing, tokens will be available for withdrawals starting November 12 at 10:00 AM (UTC). Notably, the listing carries no fees, meaning users can trade the token on the platform without incurring any trading fees. No-fee features among the promotional strategies used by exchanges to attract more users.
It should be noted that the Binance Exchange will apply a starting tag for both pieces even Solana. This special identifier will help distinguish ACT and PNUT from other tokens. This is a precautionary measure given the relative newness of Binance’s new listings to the market, making them susceptible to higher than normal risk and, therefore, expected price. volatility.
The new listings reinforce Binance’s ongoing efforts to diversify its offerings after listing COW and CETUS last week. With ACT and PNUT to be available for trading on one of the largest and most reputable exchanges in the industry, users can benefit from increased liquidity. Price discovery and exposure to new investment opportunities are additional benefits that Binance users will enjoy.
As a result, traders and investors can expect an increase in trading activity and interest following Binance’s new listings. The volatile nature of the cryptocurrency market results in rapid price fluctuations, particularly during listing announcements on major exchanges. As a result, traders should prepare for sudden price fluctuations.
Data on TradingView shows that PNUT and ACT have both seen exponential growth since the Binance listing announcement.
Notably, Binance’s new listings will add to the 15 coin projects the exchange has onboarded in 2024 for both. eventually and spot trading. Data shows that of these listings, 80% saw significant growth in value, meaning that ACT and PNUT have a high chance of increasing in value post-listing. A key target is Neiro (NEIRO), which is up 7,594% since its listing on Binance.
“Of the 15 memecoins launched by Binance this year, more than 80% are zoo-related memes, 60% are deployed on the Solana network, 26.7% on the Ethereum mainnet and the rest are distributed on B.S.C. and base. This corresponds to the main battleground of the Meme market this year, and 73% of projects were launched between August and November. Among them, only 5 rated both the spot and the futures. It can be seen that Binance is still relatively cautious when it comes to spot listing,” said crypto researcher Ai. common.
Nonetheless, as traders prepare to begin trading Solana Meme Coins ACT and PNUT tokens on Binance, it is important to exercise caution. It is imperative to conduct thorough research and implement appropriate risk management strategies.
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