Binance, the world's largest cryptocurrency exchange by trading volume, announced on Monday that it will list two meme coins built on Solana.
These meme coins on the Solana blockchain have shown impressive performance in 2024, often outperforming their Ethereum-based counterparts. The Solana network offers significant advantages, including fast transactions, low fees, and scalability, making it particularly attractive for meme coin projects.
New listings on Binance: AI Prophecy (ACT) Squirrel Peanut (PNUT)
Binance will list The AI Prophecy (ACT) and Peanut the Squirrel (PNUT) on Monday, November 11, 2024. This marks the addition of two Solana meme coins to the leading cryptocurrency exchange. Starting at 10:00 UTC, ACT and PNUT will be available for immediate trading against the stablecoin USDT.
“New trading pairs: ACT/USDT, PNUT/USDT, users can now start depositing ACT, PNUT in preparation for trading,” Binance said.
After the listing, the coins will be available for withdrawal starting from November 12 at 10:00 (UTC). It is worth noting that the listing is zero-fee, meaning that users can trade the coin on the platform without incurring any trading fees. The zero-fee feature is among the promotional strategies that platforms use to attract more users.
It is worth noting that Binance will be implementing a seed tag for Solana’s meme coins. This unique identifier will help distinguish ACT and PNUT from other coins. This is a precautionary measure given that Binance’s new listings are relatively new to the market, making them more vulnerable to higher than usual risks and thus expected price volatility.
The new listings further reinforce Binance’s ongoing efforts to diversify its offerings following the listing of COW and CETUS last week. With ACT and PNUT 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 benefits that Binance users will enjoy.
Accordingly, traders and investors can expect increased trading activity and interest following new listings on Binance. The volatile nature of the cryptocurrency market translates into rapid price fluctuations, especially around listing announcements on leading platforms. Accordingly, traders should be prepared for sudden price fluctuations.
Data on TradingView shows that PNUT and ACT have seen massive growth since the Binance listing announcement.
PNUT, ACT price performance. Source: TradingView
It is worth noting that the new listings on Binance will be in addition to the 15 meme coin projects that the exchange has listed for futures and spot trading in 2024. Data shows that 80% of these listings have recorded significant growth in value, which means that ACT and PNUT have a high chance of increasing in value after listing. The main focus is on Nero (NEIRO), which has risen by 7,594% since its listing on Binance.
“Of the 15 meme coins launched by Binance this year, more than 80% are animal-related meme coins, 60% are deployed on the Solana network, 26.7% on the Ethereum mainnet, and the rest are distributed on BSC and Base. This is in line with the main battleground of the meme market this year, with 73% of the projects launched between August and November. Of these, only 5 have been listed for spot and futures trading. It can be seen that Binance is still relatively cautious about spot listings,” the AI crypto researcher shared on X.
Binance's inventory of meme coin projects launched in 2024. Source: X/Twitter
However, as traders prepare to start trading Solana ACT and PNUT meme coins on Binance, it is important to exercise caution. It is essential to conduct thorough research and practice proper risk management strategies.
