New Binance listings ‘god candle’ led by ACT and PNUT

ACT and PNUT boomed as Binance ramped up new token listings amid continued interest in the new meme coin meta and AI.

On November 11 at 10:00 UTC, Binance launched two Solana meme coins on its platform, named Act 1: The AI ​​Prophecy and Peanut the Squirrel. Both meme coins saw their market caps increase following their Binance listings.

Altcoin project Act 1: The AI ​​Prophecy, also known as ACT (ACT), saw its market cap rise 1199% to $279 million, according to DEX Screener data. The Solana-based token is currently trading at $0.2861 and witnessed a ‘god candle’ chart peak moment where it suddenly rose higher following the Binance listing news.

ACT meme coin sees price increase soon after listing on Binance, November 11, 2024 | Source: DEX Eliminator

According to Lookonchain’s analysis, a trader who is part of the BWEnews team managed to capitalize on ACT’s Binance bounce by swapping $318,000 worth of Solana tokens for 10.9 million ACT meme coins. The trader managed to turn $318,000 into $3 million within seconds after Binance listed the meme coin on the exchange.

Similarly, meme coin PNUT (PNUT), which pays homage to the viral internet squirrel in a cowboy hat, has been on a massive rise since its launch on Binance. The market cap of the meme coin increased by 208% to $339 million shortly after its listing on the major crypto exchange.

The squirrel-inspired meme coin is currently trading at $0.3792.

One trader managed to make a volatile profit of $10.53 million on a $2.19 million investment in the PNUT token. Thanks to the listing of Memecoin on Binance, the trader was able to achieve a return rate of approximately 478%.

PNUT meme token sees price increase minutes after listing on Binance, November 11, 2024 | Source: DEX Screener Binance’s leap of faith

PNUT and ACT are not uncommon conditions. According to on-chain analyst @ai_9684xtpa, the market cap of approximately 80% of listed memecoins has increased rapidly since their launch on Binance. Notably, the market cap of memecoin NEIRO rose as much as 7594% within a few hours of being listed on Binance.

According to @ai_9684xtpa’s analysis, over 80% of new meme coins launched on Binance are animal-related memes like MOODENG and PNUT, leading many to consider a new meme coin commodity in the crypto industry following Bitcoin’s rise to new memes. This leads to speculation that it is. -Time high on November 10th.

60 percent of these are Solana-based meme coins, while 26.7 percent are on the Ethereum network. The rest of the Meme coin projects are centered around BSC and Base.

As of the date of publication, only five meme coin projects are listed as both spot and futures contracts; This is a sign that Binance is taking a more cautious approach towards spot listings compared to futures.

This rise in meme coin prices can be attributed to the rise of Bitcoin Dominance after the cryptocurrency reached its all-time high of $81,858 earlier today. Bitcoin is often seen as a benchmark for all other altcoins in the industry. Often, the cryptocurrency with the largest market cap acts as a magnet, pulling other altcoins up with it.

According to Trading View data, Bitcoin Dominance currently stands at around 60%. Bitcoin Dominance could indicate the beginning of an altcoin season if gains from BTC rotate among other altcoins, which could lead to an erosion of BTC’s dominance.

Bitcoin Dominance chart over the last few months, November 11, 2024 | Source: Trade Outlook What are PNUT and ACT?

Launched in October 2024 through the Pump.fun platform, ACT is a Solana-based meme coin that aims to create a decentralized community focused on the advancement of AI research, education, and collaboration.

According to the official token site, ACT stands for AI Community Token. Its creators developed the meme coin project as a way to help community members improve AI literacy and AI accessibility and enable people to understand and interact with AI technology.

It was initially co-founded by AmplifiedAmp, before the developer sold all ACT tokens and left the project. Now the token is completely community-driven and focuses on “democratizing AI knowledge and making it accessible to everyone.”

The PNUT token originated from a viral internet squirrel saved by Mark Longo after a car crash that killed his mother. Longo ran a popular Instagram account documenting the lives of his beloved pets, Peanut the Squirrel, and a raccoon named Fred.

Peanut died after New York City Department of Environmental Conservation officials allegedly euthanized Peanut and Fred after receiving numerous anonymous complaints, becoming a lightning rod for political divisions in the United States ahead of last week’s election. The incident caused a public outcry, especially among animal rights activists and ordinary people, including Elon Musk, who saw the squirrel as a symbol of unnecessary government intervention.

Shortly after the story spread, the crypto community paid tribute to Peanut by creating several meme coins dedicated to the squirrel. The leading Peanut the Squirrel meme coin is Solana-based PNUT, which reached $300 million in trading volume and 200,000 transactions in just two days.