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

ACT and PNUT explode as Binance accelerates new token listing led by a new meme coin meta and continued interest in AI.

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. Both meme coins respectively saw their market caps surge after receiving Binance listings.

The alt coin project Act 1: The AI Prophecy, also known as ACT (ACT), saw its market cap shoot up by 1199% to $279 million, according to data on DEX Screener. The Solana-based token is currently tracing at $0.2861 and witnessed a ‘god candle’ chart topping moment, in which it suddenly spiked after news broke of the Binance listing.

The ACT meme coin saw its price surge immediately after its Binance listing, November 11, 2024 | Source: DEX Screener

According to Lookonchain’s analysis, a trader who is part of the BWEnews team was able to capitalize on ACT’s Binance leap by exchanging $318,000 worth of Solana tokens with 10.9 million ACT meme coins. The trader was able to turn $318,000 into $3 million within seconds after Binance launched the meme coin on its exchange listing.

Similarly, the meme coin that pays tribute to the viral internet squirrel with the cowboy hat, PNUT (PNUT), has been on a high-rise since its launch on Binance. The meme coin’s market cap increased by 208% to $339 million shortly after being listed on the major crypto exchange.

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

A trader was able to gain a floating profit of $10.53 million from a $2.19 million investment into the PNUT token. Thanks to the meme coin’s Binance listing, the trader was able to gain a return rate of nearly 478%.

The PNUT meme coin saw a price surge within minutes of its Binance listing, November 11, 2024 | Source: DEX Screener

Binance leap of faith

PNUT and ACT are not rare cases. According to on-chain analyst @ai_9684xtpa, around 80% of the listed meme coins have seen their market caps skyrocket since launching on Binance. The meme coin NEIRO in particular, saw its market cap jump as high as 7594% within hours of listing on Binance.

Based on @ai_9684xtpa’s analysis, more than 80% of the new meme coins launched on Binance are animal-related memes, like MOODENG and PNUT, leading to what many speculate as a new meme coin meta in the crypto industry after Bitcoin surged to new all-time high on Nov. 10.

As many as 60% are Solana-based meme coins, while another 26.7% are on the Ethereum network. The rest of the meme coin projects are based in BSC and Base.

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

This boost in meme coin prices could be attributed to the rise of Bitcoin Dominance after the cryptocurrency reached a new all-time-high of $81,858 earlier today. Bitcoin is often seen as an indicator for all other altcoins in the industry. More often than not, the crypto with the largest market cap acts as a magnet that pulls along other altcoins up along with it.

According to data from Trading View, Bitcoin Dominance is currently floating at nearly 60%. Bitcoin Dominance could indicate the beginnings of an alt coin season if the gains from BTC can rotate throughout other alt coins, which could lead to an erosion of BTC’s dominance.

Bitcoin Dominance chart in the past few months, November 11, 2024 | Source: Trading View

What are PNUT and ACT?

Launched in October 2024 via the Pump.fun platform, ACT is a Solana-based meme coin that aims to build 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 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.