Binance, the world’s largest crypto exchange by trading volume, announced on Monday that it will list two Solana-based meme coins.
These meme tokens on the Solana blockchain have shown impressive performance in 2024, often surpassing their Ethereum-based counterparts. Solana’s network offers significant advantages, including fast transactions, low fees, and scalability, making it particularly appealing for meme coin projects.
Binance New Listings: The AI Prophecy (ACT), Peanut the Squirrel (PNUT)
Binance will list The AI Prophecy (ACT) and Peanut the Squirrel (PNUT) on Monday, November 11, 2024. It marks the addition of two Solana meme coins to the leading crypto exchange platform. Starting 10:00 UTC, ACT and PNUT will be available for spot trading against the USDT stablecoin.
“New Spot Trading Pairs: ACT/USDT, PNUT/USDT, users can now start depositing ACT, PNUT in preparation for trading,” Binance said.
Post listing, the tokens will be available for withdrawals starting November 12 at 10:00 (UTC). Notably, the listing has zero fees, which means users can trade the token on the platform without incurring any trading fees. Zero fee features among the promotional strategies exchanges employ to attract more users.
Of note is that the Binance Exchange will apply a seed tag for the two Solana meme coins. This special identifier will help distinguish ACT and PNUT from other tokens. It is precautionary given the relative newness of the new Binance listings in the market, making them susceptible to higher-than-normal risk and, therefore, expected price volatility.
The new listings bolster Binance’s continuous efforts to diversify its offerings after listing COW and CETUS last week. With ACT and PNUT due to be available for trading on one of the largest and most reputable exchanges in the industry, users can benefit from increased liquidity. Price discovery and exposure to new investment opportunities are additional perks Binance users will enjoy.
Accordingly, traders and investors can expect a surge in trading activity and interest following the new Binance listings. The volatile nature of the cryptocurrency market translates into rapid price fluctuations, particularly around listing announcements on leading exchanges. Accordingly, traders should brace for sudden price swings.
Data on TradingView shows that PNUT and ACT have both recorded exponential growth since the Binance listing announcement.
Notably, the new Binance listings will add to the 15 meme coin projects the exchange has onboarded in 2024 for both futures and spot trading. Data shows that out of these listings, 80% have recorded significant growth in value, which means ACT and PNUT have high chances of value increase post-listing. A key focus is Neiro (NEIRO), which is up 7,594% since listing on Binance.
“Of the 15 memecoins launched by Binance this year, over 80% are zoo-related memes 60% are deployed on the Solana network, 26.7% on the Ethereum mainnet, and the rest are distributed on BSC and Base. This is consistent with the main battlefield of the Meme market this year, and 73% of the projects were launched between August and November. Among them, only 5 have listed both spot and futures. It can be seen that Binance is still relatively cautious about spot listing,” crypto researcher Ai shared.
Nevertheless, as traders gear up to start trading Solana meme coins ACT and PNUT tokens on Binance, it is important to exercise caution. It is imperative to conduct thorough research and practice proper risk management strategies.
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