Two Solana (SOL)-based memecoins are going parabolic after incomes sudden assist from Binance, the world’s largest crypto change.
Binance introduced spot buying and selling assist for Act I:The AI Prophecy (ACT), triggering greater than a 2,224% explosion early on Monday.
ACT is buying and selling for $0.486 at time of writing, up from its 24-hour low of $0.0191. With a market cap of $456 million, ACT is already the 183rd largest crypto challenge.
The change additionally introduced the itemizing of memecoin Peanut the Squirrel (PNUT), additionally a Solana-based coin. PNUT is buying and selling for $0.39 at time of writing, up 320.8% within the final 24 hours with a market cap of $390.7 million.
Binance is making use of a seed tag to ACT and PNUT, which the change applies to lower-liquidity tasks which will exhibit larger volatility in comparison with different listed tokens. The change requires customers who personal belongings with seed tags to go quizzes each 90 days to make sure they’re conscious of the dangers earlier than buying and selling the tokens.
In keeping with pseudonymous on-chain analyst Ai_9684xtpa, Binance has listed 15 completely different memecoin tasks for the reason that starting of 2024, with 80% of the tokens seeing important rallies after itemizing.
Final week, Binance listed monkey-themed PONKE, a memecoin that’s up over 5,000% this 12 months. In September, Binance introduced spot buying and selling assist for First Neiro (NEIRO), triggering over 965% rallies in a matter of hours.
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