Once again, memecoins are showing strong growth, particularly those based on the Solana [SOL] blockchain. Binance recently added Act I: The AI Prophecy [ACT] and Peanut the Squirrel [PNUT] to its platform, allowing trading to commence on November 11th.
After being listed, these memecoins saw a significant surge, quickly rising to the top of the daily gainers list.
The Binance Impact: Rise of Solana Memecoins
ACT, which was introduced in October, had been relatively calm with a market cap of around $20 million. However, the listing on Binance sparked a trading frenzy, leading to a substantial increase in price.
At the time of writing, ACT had surged by 2,520%, reaching a price of $0.59. Its 24-hour trading volume spiked to $1.1 billion, an astonishing leap of 17,973%.
In parallel, its market cap rose to $560.79 million, representing a surge of 2,510.97% as reported by CoinMarketCap.
PNUT experienced a similarly impressive rally, with gains exceeding 291% during the same period. The token’s market cap reached $483.78 million, marking a rise of 287.35%.
Additionally, PNUT saw a 24-hour trading volume of $1.38 billion, an increase of 2,584.45%. At the current moment, PNUT is trading at $0.48.
Larger Investors Join the Fray
Notably, the listing of ACT attracted significant interest from larger investors. According to Lookonchain data, a prominent investor made a substantial entry into the market, using 5,000 SOL (equivalent to about $1.04 million) to acquire 3.84 million ACT at $0.27.
Previously, this investor had invested 20,500 SOL (worth $3.44 million) in purchasing 7.52 million Goatseus Maximus [GOAT] tokens between October 21 and October 23, resulting in an unrealized profit of $2.8 million.
PNUT: Significance During the US Election
Binance’s Influence on Memecoins in 2021
It is important to note that Binance has listed a total of 15 memecoins this year, according to an analyst on X.
Of these, 60% were built on Solana and 26.7% on Ethereum. Moreover, 73% of these memecoins were launched between August and November, with approximately 80% experiencing significant growth post-listing.
As Binance continues to introduce meme tokens, their impact on market dynamics and investor confidence remains considerable.