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

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As a seasoned researcher with years of experience in the cryptocurrency market, I must say that the recent surge of ACT and PNUT on Binance is nothing short of astonishing. Having witnessed numerous bull and bear markets, I’ve learned to appreciate the unpredictability and volatility inherent in this industry.

The action-packed scene unfolds as Binance speeds up the launch of fresh tokens, spearheaded by a fresh meme coin wave, while artificial intelligence continues to ignite curiosity.

At 10:00 UTC on November 11th, Binance introduced two meme coins based on Solana: Act 1: The AI Prophecy and Peanut the Squirrel. After being listed on Binance, the market values of these meme coins increased significantly.

In an exciting turn of events, the cryptocurrency project named Act 1: The AI Prophecy, or simply ACT for short, experienced a significant surge in its market value. Data from DEX Screener reveals that its market cap skyrocketed by an astonishing 1199%, reaching a staggering $279 million. Currently trading at around $0.2861, the token built on the Solana platform recently had a notable ‘god candle’ chart event where it experienced a sudden spike following the announcement of its listing on Binance.

Based on Lookonchain’s examination, a member of the BWEnews trading group successfully converted approximately 318,000 US dollars’ worth of Solana tokens into around 10.9 million ACT meme coins. This swift transaction was made possible immediately following Binance’s listing of the meme coin on its exchange, which subsequently increased the value of the meme coins to an impressive $3 million for the trader.

A savvy trader has made over $3M in just 1 hour by monitoring #Binance’s new cryptocurrency listings!

In the same second that #Binance announced the listing of the $ACT, he spent only 1,558 $SOL($318K) to buy 10.9M $ACT, now worth $3.4M!

— Lookonchain (@lookonchain) November 11, 2024

Just like the meme coin based on the internet’s famous squirrel wearing a cowboy hat, PNUT (PNUT), has seen a significant surge since its debut on Binance. The value of this meme coin skyrocketed by 208%, reaching a market capitalization of $339 million, shortly after it was listed on the prominent cryptocurrency exchange.

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

Through an initial investment of approximately $2.19 million in the PNUT token, a savvy investor successfully pocketed a floating profit worth around $10.53 million. This impressive feat was made possible by the meme coin’s listing on Binance, yielding a staggering return rate of nearly 478%.

Binance leap of faith

It’s not unusual to find PNUT and ACT among many other meme coins that have experienced significant growth post-listing on Binance. As per the analysis by on-chain expert @ai_9684xtpa, approximately 80% of these listed meme coins have witnessed a substantial increase in their market caps since they debuted on Binance. For instance, the meme coin NEIRO saw its market cap surge as high as 7594% within just hours after being listed on Binance.

According to @ai_9684xtpa’s examination, over 80% of the recently introduced meme coins on Binance feature animal themes, such as MOODENG and PNUT. This has sparked speculation among many that we might be witnessing a new trend in the crypto industry for meme coins, following Bitcoin reaching a record high on Nov. 10.

In my analysis, approximately 60% of these meme coin projects reside on the Solana network, with a further 26.7% found on the Ethereum platform. Remaining projects call the Binance Smart Chain (BSC) and Base their home.

At the moment of reporting, just five meme-based cryptocurrency initiatives are available for both immediate trading (spot) and future contracts. This indicates that Binance might be adopting a more careful stance in approving immediate listings as opposed to futures.

The surge in meme coin prices might be due to the increased dominance of Bitcoin, which hit a new record high of $81,858 today. Since Bitcoin is commonly viewed as a benchmark for all other cryptocurrencies, when its value rises significantly, many altcoins tend to follow suit, much like smaller coins being attracted to a larger one, thus experiencing growth as well.

Based on data from Trading View, Bitcoin’s influence (Bitcoin Dominance) is almost at 60%. If the profits from Bitcoin spread to other alternative cryptocurrencies (alt coins), it might suggest the start of an alt coin rally, potentially reducing Bitcoin’s dominance over the market.

What are PNUT and ACT?

In the thrilling world of cryptocurrencies, I found myself joining the wave in October 2024 with the launch of ACT, a meme coin developed on the robust Solana platform. The mission behind ACT is not just about minting digital coins; it’s about fostering a decentralized community that aspires to propel the frontiers of Artificial Intelligence (AI), offering education, and encouraging collaboration in this rapidly evolving field.

As per the information on the official website, the acronym ACT represents AI Community Token. The designers of this token have initiated the meme coin venture to facilitate community members in fostering AI literacy, promoting AI accessibility, and encouraging active participation in AI technology.

At first, AmplifiedAmp played a part in establishing it, but later on, when the developer got rid of all their ACT tokens and departed from the project, it became entirely community-led. The primary aim now is to foster an environment where artificial intelligence knowledge can be made available to everyone, promoting democratization.

The PNUT token originated from a viral internet squirrel named Peanut, who was saved by Mark Longo following a car accident that claimed the life of its mother. Longo managed a widely followed Instagram account, where he shared the daily adventures of his cherished pets, Peanut the Squirrel and Fred the Raccoon.

As a concerned crypto investor and animal lover, I was shocked to learn about the controversial incident involving Peanut and Fred, two squirrels who reportedly met their end at the hands of New York City’s Department of Environmental Conservation officials. The allegations suggest that these officials euthanized the squirrels after receiving several anonymous complaints.

Shortly following the dissemination of the tale, members of the crypto community honored Peanut by developing several meme coins centered around the squirrel. The most prominent of these Peanut the Squirrel meme coins is PNUT, which operates on Solana and achieved a trading volume of $300 million and 200,000 transactions within merely two days.

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2024-11-11 12:33