- Solana memecoins see a remarkable uptick post Binance spot listing.
- ACT and PNUT become top daily gainers.
Memecoins are on another green streak, with Solana [SOL]-based meme tokens taking the lead. Binance recently listed Act I: The AI Prophecy [ACT] and Peanut the Squirrel [PNUT], opening trading for these tokens on 11th November.
Following the listing, the memecoins skyrocketed, securing the top positions among daily gainers.
Binance effect: Solana memecoins rise
ACT, launched in October, had been relatively quiet, lingering around a modest $20 million market cap. However, this new development triggered a trading frenzy, propelling the price to new heights.
As of press time, ACT recorded a 2,520% increase, bringing its price to $0.59. Its 24-hour trading volume rose to $1.1 billion, a staggering 17,973% jump.
Meanwhile, its market cap surged to $560.79 million—a 2,510.97% increase, according to CoinMarketCap.
PNUT saw a similarly impressive rally, registering triple-digit gains of 291% at the time of writing. The memecoin’s market cap reached $483.78 million, up by 287.35%.
Furthermore, it recorded a 24-hour trading volume of $1.38 billion, a 2,584.45% leap. At press time, PNUT was trading at $0.48.
Whales splash in
Interestingly, the ACT’s listing attracted substantial whale attention. According to Lookonchain data, a prominent whale entered the market heavily, spending 5,000 SOL (around $1.04 million) to purchase 3.84 million ACT at $0.27.
Previously, this investor spent 20,500 SOL (worth $3.44 million) on acquiring 7.52 million Goatseus Maximus [GOAT] tokens between October 21 and October 23, making an unrealized profit of $2.8 million.
PNUT: A symbol in the US election
Binance’s year of memecoins
Worth notion that this year, Binance has listed a remarkable 15 memecoins, as per an analyst on X.
Read Solana’s [SOL] Price Prediction 2024-25
Out of these 60% were hosted on Solana and 26.7% on Ethereum. Furthermore, of these, 73% were launched between August and November, and around 80% experienced substantial growth post-listing.
As Binance continues to list meme tokens, their impact on market trends and investor sentiment remains as significant as ever.