Memecoins are currently experiencing a surge, particularly with meme tokens based on Solana [SOL] leading the rally. The recent addition of Act I: The AI Prophecy [ACT] and Peanut the Squirrel [PNUT] to Binance’s list of tradable assets on November 11 has set the stage for this upward trend.
After their listing, these memecoins witnessed a remarkable spike, securing top positions among the daily gainers.
Binance Impact: Rise of Solana Memecoins
ACT, which was launched in October, had been relatively quiet with a market cap around $20 million. However, the recent listing sparked a trading frenzy, driving the price to unprecedented levels.
As of the latest data, ACT surged by 2,520%, reaching a price of $0.59. Its 24-hour trading volume skyrocketed to $1.1 billion, marking an impressive 17,973% surge.
Simultaneously, its market cap soared to $560.79 million, reflecting a substantial increase of 2,510.97% according to CoinMarketCap.
Meanwhile, PNUT also experienced a significant rally, with a 291% surge at the time of writing. The memecoin’s market cap expanded to $483.78 million, up by 287.35%.
Furthermore, PNUT reported a 24-hour trading volume of $1.38 billion, showcasing a leap of 2,584.45%. At the latest update, PNUT was trading at $0.48.
Noteworthy Whale Activity
Interestingly, the listing of ACT attracted notable whale involvement. According to data from Lookonchain, a prominent whale made a substantial entry into the market by investing 5,000 SOL (approx. $1.04 million) to acquire 3.84 million ACT at $0.27.
Previously, this investor had spent 20,500 SOL (equivalent to $3.44 million) purchasing 7.52 million Goatseus Maximus [GOAT] tokens between October 21 and October 23, resulting in an unrealized profit of $2.8 million.
PNUT: A Significant Image in the US Election
Binance’s Memecoins Trend in 2021
It is noteworthy that this year, Binance has listed an impressive total of 15 memecoins, as per information from an analyst on X platform.
Among these listings, 60% were based on Solana and 26.7% on Ethereum. Furthermore, 73% of these listings occurred between August and November, with nearly 80% displaying substantial growth post-listing.
As Binance continues to introduce meme tokens to its platform, their influence on market dynamics and investor sentiment continues to be significant.