ACT and PNUT Explode as Binance Accelerates New Token Listing Led by a New Meme Coin Meta and Continued Interest in AI
- Susan SarandonOriginal
- 2024-11-12 01:00:11585browse
On Nov. 11 at 10:00 UTC, Binance launched two Solana meme coins, Act 1: The AI Prophecy and Peanut the Squirrel, on its platform.
Solana meme coins Act 1: The AI Prophecy (ACT) and Peanut the Squirrel (PNUT) skyrocketed after launching on Binance.
Both meme coins saw their market caps surge, with ACT rising by 1199% and PNUT increasing by 208%.
According to on-chain analysis, traders were able to capitalize on the Binance listings, with one trader making over $3 million in just one hour by exchanging Solana tokens for ACT meme coins.
The trader was able to acquire 10.9 million ACT meme coins, which are now valued at $3.4 million, for 1,558 Solana tokens ($318K) at the same second that Binance announced the listing of the ACT token.
The analysis also showed that around 80% of the meme coins listed by Binance saw their market caps explode, with some like NEIRO seeing a 7594% increase in market cap within hours of listing on Binance.
Interestingly, the new meme coins launched on Binance are mostly animal-related memes, such as MOODENG and PNUT, and follow Bitcoin’s new all-time high on Nov. 10. Of the meme coins listed, 60% are Solana-based, while 26.7% are on the Ethereum network.
Binance has also listed five meme coin projects as both spot and futures contracts, indicating a more cautious approach towards spot listings compared to futures.
The boost in meme coin prices could be attributed to the rise of Bitcoin Dominance, which reached a new all-time-high of 60% on Friday.
Both ACT and PNUT are meme coins that have gained popularity within the crypto community.
Launched in October 2024 via the Pump.fun platform, ACT is a Solana-based meme coin that aims to build a decentralized community for 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 promote AI literacy, AI accessability, and empower people to understand and engage with AI technology.
It was initially co-founded by AmplifiedAmp, before the developer sold all its ACT tokens and left the project. Now, the token is fully community-driven with a focus on “democratizing AI knowledge and making it accessible to everyone.”
The PNUT token stemmed from a viral internet squirrel that was rescued by Mark Longo after a car accident that killed its mother. Longo ran a popular Instagram account that documented the life of his beloved pet, Peanut the Squirrel and a raccoon named Fred.
Peanut died after officials from the New York City Department of Environmental Conservation allegedly euthanized Peanut and Fred after receiving several anonymous complaints, becoming a lightning rod for political divides in the Unites States ahead of the election last week. The incident caused public outcry, especially among animal rights activists and ordinary people, including Elon Musk, who saw the squirrel as emblematic of unnecessary government overreach.
Not long 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 the Solana-based PNUT, which reached a trading volume of $300 million and 200,000 transactions in just two days.
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