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Written by: Wu Tianyi, DeThings
Recently, a Solana meme token called PNUT became a hit and was listed on the Binance Exchange on Monday, and its market value soared to $1.5 billion.According to CoinGecko, the token has soared 1,524% over the past seven days and is currently at $1.65.
PNUT is one of the few meme coins that have risen in the past 24 hours.Dogecoin (DOGE), the leader in the sector, fell 6%, while its biggest rival, Shiba Inu (SHIB), plunged 11%.
Other memes negatively affected by the ongoing market adjustment include POPCAT (-9%), BRETT (-11%), NEIRO (-12%), MEW (-12%), etc.
“Musk Trading” Reappears
The meme coin is a prototype similar to DOGE, and as a real-world pet, New York State authorities confiscated and euthanized it earlier this month on the grounds of rabies.Subsequently, Donald Trump and local candidates accused the New York Democratic Party of “overwhelming power”, making the squirrel a slogan for the Republican Party on social media.
Not only that, Elon Musk also posted many posts about the pet squirrel on Twitter, saying that “President Donald Trump will save the squirrel” “A squirrel and a meme coin saved the United States.”, The topic is constantly involved in the political field.Just like DOGE soared by Musk’s tweets, similar “Musk deals” reappeared on PNUT.
Another catalyst is Binance’s recent listing strategy, which ignores many meme coins with larger market capitalization and chooses to launch two tokens with smaller market capitalization, PNUT and ACT.In addition, Binance co-founder He Yi said that the listing fees for these two tokens were exempted.
The price of PNUT and ACT soared after Binance, both rising by more than 1,000%, making early investors profitable.Other Solana-based meme tokens have seen a similar surge after Binance went public.
AI Prophecy (ACT) rose from $20 million to more than $650 million after listing on Monday on Binance, and its price climbed from $0.02 to $0.6.According to on-chain analyst Ai_9684xtpa, Binance has launched 15 meme coin projects this year, including futures, spot, etc.
AI meme is still popular
Another Solana-based memecoin, called Act 1: The Artificial Intelligence Prophecy (ACT), rose by more than 1,720% after Binance went public.
The token was originally issued on October 19 and its market value hovered around $20 million over the weekend.After listing, trading volume surged, with decentralized exchange Raydium reaching $293 million and Binance reaching $60 million, and its market value increased to $422 million by press time.
According to its official website, ACT stands for AI Community Tokens and claims to be focused on “drive AI research, education and collaboration.”The meme coin website says it was co-founded by a pseudonym Twitter user Amplifiedamp (also known as Amp), who decided to sell all his tokens and leave the community shortly after feeling “betrayed.”
With the subsequent surge in PNUT and ACT, it is not difficult to see that Binance has begun to tend to choose projects with lower market capitalization and community-driven projects rather than tokens with strong liquidity or high market capitalization.
But some people have raised questions, such as Leonidas, a well-known Ordinals developer, warned that Binance has become an engine to “raise stock prices”, deliberately harming retail investors and creating an unhealthy meme currency market.Some cryptocurrency participants claim that whales and big investors usually buy and sell the tokens a few hours and a week after trapping small investors.
