In a significant move for the meme coin market, Binance, the world’s largest cryptocurrency exchange by trading volume, has announced the listing of two Solana-based meme tokens, The AI Prophecy (ACT) and Peanut the Squirrel (PNUT). These tokens, which have gained notable traction in 2024, will be available for trading starting Monday, November 11, 2024, at 10:00 UTC.
The increasing popularity of meme coins has often led to high congestion and high fees on networks like Ethereum. In contrast, Solana’s blockchain offers a solution with faster transaction speeds, lower fees, and greater scalability. These features make Solana an appealing choice for new meme coin projects, allowing for more cost-effective and efficient trading experiences. ACT and PNUT are the latest examples of successful Solana-based tokens that have managed to outperform their Ethereum counterparts.
Starting on November 11, Binance users will be able to trade ACT/USDT and PNUT/USDT spot trading pairs. This marks the official debut of these tokens on Binance, one of the world’s largest and most respected cryptocurrency exchanges. The platform has also announced that users can begin depositing ACT and PNUT in preparation for trading ahead of the official trading start time.
Post-listing, users will be able to withdraw their holdings starting November 12, 2024, at 10:00 UTC. As part of the promotional strategy, Binance is offering zero trading fees for both tokens, encouraging new users and traders to get involved without worrying about trading costs.In addition, the new listings will feature a seed tag for both ACT and PNUT, marking them as new, high-risk assets. The tag is a precautionary measure due to the relative newness of these tokens and the volatility typically associated with meme coins. This label will help differentiate ACT and PNUT from other established tokens on the platform, providing an added layer of caution for traders.
The addition of ACT and PNUT follows Binance’s ongoing efforts to expand its meme coin offerings. With these new listings, Binance further diversifies its product portfolio, building on the momentum from the listing of other meme tokens like COW and CETUS in the previous week. In total, Binance has listed 15 meme coin projects in 2024 across both spot and futures markets.
Out of these, a remarkable 80% have recorded significant growth in value, with Neiro (NEIRO) standing out by seeing a 7,594% increase since its listing. The strong performance of newly listed meme coins has made them an attractive option for traders, and ACT and PNUT are poised to follow this upward trend.
The rise of meme coins on the Solana network has been a key trend in 2024. According to data from Binance, 60% of the meme tokens launched this year are deployed on Solana, with 26.7% on Ethereum and the remaining distributed across networks like BSC and Base. This highlights Solana’s growing role as the dominant blockchain for meme projects, thanks to its low fees and high throughput capabilities. In addition to its popularity with meme coins, Solana's network has garnered attention for its innovative solutions and developer-friendly ecosystem.
With ACT and PNUT now on Binance, traders can expect increased liquidity, better price discovery, and potentially heightened volatility in the coming days. Meme coins are known for their rapid price fluctuations, and with listings on a major exchange like Binance, both ACT and PNUT will likely see significant trading activity, which could lead to price surges or dips.Given the speculative nature of meme coins, it’s essential for traders to exercise caution and conduct thorough research before making any investment decisions. The volatile nature of meme tokens, combined with their reliance on community-driven demand, can lead to unpredictable market movements. Therefore, it’s advisable for traders to practice proper risk management strategies when participating in the market.
Binance has become a crucial platform for meme coin projects, playing a key role in bringing attention and liquidity to these often volatile assets. The exchange’s listings not only provide a platform for trading but also help with the price discovery process, which is especially important for newly launched tokens. Additionally, Binance’s zero-fee promotional strategies have helped fuel the growth of meme tokens, as users are incentivized to trade and hold these assets without incurring additional costs.
Binance’s decision to list ACT and PNUT signals a growing interest in Solana-based meme tokens and the meme coin market as a whole. With their potential for significant price movements, both tokens are likely to attract attention from traders and investors alike. While the meme coin market is inherently speculative, these listings provide more opportunities for traders to diversify their portfolios and capitalize on potential gains.
As the market for meme coins continues to evolve, Binance’s role in facilitating these new tokens on its platform will likely continue to drive interest and adoption in the coming months. Traders and investors should stay informed about market trends and potential risks as they prepare to trade ACT and PNUT, keeping in mind that the volatility of meme tokens can lead to rapid and unpredictable price fluctuations.
November 2024, Cryptoniteuae