Binance, the world's largest cryptocurrency exchange, announced on Monday (11) that it will list two memecoins based on the Solana (SOL) network.
These assets have performed impressively in recent months, often outperforming their Ethereum-based counterparts.
In this sense, the Solana network offers significant advantages, including fast transactions, low fees, and scalability, making it particularly attractive for memecoin projects.
Binance Announces New Listings
Binance will list The AI Prophecy (ACT) and Peanut the Squirrel (PNUT) this Monday. Following the listing, the tokens will be available for withdrawals starting November 12.
The listing is fee-free, meaning users can trade the token on the platform without incurring any trading fees. This feature is among the promotional strategies that exchanges employ to attract more users.
It’s important to note that Binance will apply a seed tag to both memecoins. This special identifier will help distinguish ACT and PNUT from other tokens. This is a precaution given the relative newness of new exchange listings to the market, making them susceptible to higher-than-normal risk and therefore expected price volatility.
The new listings reinforce Binance’s ongoing efforts to diversify its offerings after listing COW and CETUS last week. With ACT and PNUT about to be available for trading on one of the largest and most respected exchanges in the industry, users can benefit from increased liquidity. Price discovery and exposure to new investment opportunities are additional advantages that users will enjoy.
Thus, traders and investors can expect an increase in trading activity and interest following the new Binance listings. The volatile nature of the crypto market translates into rapid price fluctuations, particularly around listing announcements on leading exchanges. Thus, traders should prepare for sudden price swings.
Read more: Solana Blockchain Memecoins That Are Promising for 2024
Impact on prices
Data on TradingView shows that PNUT and ACT have seen exponential growth since Binance announced their listing.
Price performance of PNUT, ACT. Source: TradingView
In this regard, Binance’s new listings will add to the 15 memecoin projects that the exchange has onboarded in 2024 for both futures and spot trading. Data shows that of these listings, 80% have seen a significant increase in value, meaning ACT and PNUT have a strong chance of increasing. A key focus is Neiro (NEIRO), which has surged 7,594% since its listing on Binance.
Of the 15 memecoins launched by Binance this year, over 80% are animal-related memes, 60% are deployed on the Solana network, 26.7% on Ethereum, 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. Among them, only 5 have both spot and futures listings. It can be seen that Binance is still relatively cautious about spot listings, shared crypto researcher Ai.
Inventory of Meme Coin Projects Launched by Binance in 2024. Source: X/Twitter
However, as traders prepare to start trading Solana memecoins ACT and PNUT on Binance, it is important to exercise caution. It is imperative to conduct in-depth research and practice proper risk management strategies.
The article Binance Announces Listing of 2 Solana Network Memecoins appeared first on BeInCrypto.
