Solana memecoins surge: ACT and PNUT skyrocket after Binance listing
The majority of memecoins listed on Binance in 2024 are hosted on Solana.
- 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
Interestingly, PNUT’s popularity extends beyond the crypto sphere, emerging as an unlikely political symbol.
During the heated U.S. presidential race, the death of Peanut the Squirrel—an internet sensation with thousands of followers—ignited a social media uproar.
Euthanized by New York state authorities against the owner’s wishes, Peanut’s story turned into a rallying point for Donald Trump supporters.
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.
