Date: Mon, Nov 11, 2024, 06:32 AM GMT
The cryptocurrency market is already in high spirits as Bitcoin (BTC) continues to hit new all-time highs, fueling upward momentum across major cryptocurrencies, including memecoins.
This bullish trend is carrying over to Solana-based memecoins as well, with Peanut the Squirrel (PNUT) and Act I: The AI Prophecy (ACT) seeing remarkable surges today, rising over 240% and 1,100%, respectively.
Binance Listing Announcement Drives Prices Up
One of the primary factors behind this rally is a recent listing announcement by Binance, the world’s largest cryptocurrency exchange. Just 45 minutes ago, Binance shared on X (formerly Twitter) that it will list Act I: The AI Prophecy (ACT) and Peanut the Squirrel (PNUT), opening trading for their spot pairs today at 10:00 AM UTC. Withdrawals for these tokens will begin tomorrow, November 12, at 10:00 AM UTC.
This listing news has created strong market excitement, with investors anticipating increased accessibility and demand for both PNUT and ACT.
Whale Accumulation Boosts Prices Further
A major whale jumped in to accumulate both tokens, accelerating the upward momentum. According to on-chain data from Lookonchain, a large whale withdrew 14,770 SOL (worth around $3.03 million) from Binance to purchase PNUT and ACT, which sent the prices soaring.
The whale used 12,000 SOL (approximately $2.46 million) to buy 9.24 million PNUT at $0.266 and spent an additional 2,000 SOL (roughly $410,000) to acquire 2.04 million ACT at $0.20. This rapid accumulation not only drove up prices but also spurred further interest and excitement within the community.
Whale Address: https://solscan.io/account/BZZCKSroav9fcFQw1WXs5sQBJGTEUbgmK9CC4qn7r3BP#transfers
Looking Ahead
As trading opens on Binance, all eyes are on PNUT and ACT to see how these tokens perform. The combination of a Binance listing and significant whale purchases is often a powerful catalyst for price action, and it will be interesting to see if the current rally sustains in the days ahead.
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