The cryptocurrency market has seen a significant boost with the listing of two new Solana-based tokens, Peanut the Squirrel (PNUT) and Act I The AI Prophecy (ACT), on Binance on November 11 as per Wu Blockchain. Following their launch, both tokens achieved record-high prices which has led to a wave of excitement within the community.
After listing on Binance on the 11th, PNUT and ACT both hit record highs today, with PUNT’s highest price of $1.48 and a market value of $1.48 billion, and ACT’s highest price of $0.73 and a market value of $730 million. In the past 24 hours, PNUT’s spot trading volume on Binance…
— Wu Blockchain (@WuBlockchain) November 13, 2024
PNUT and ACT Price Peak and Market Values
PNUT reached an impressive peak price of $1.73, bringing its market value to a notable $1.73 billion. This achievement indicates a strong entry into the market with the token rapidly gaining interest among traders. Similarly, ACT saw its highest price climb to $0.73 with a market capitalization of $730 million.
At press time, the price for PNUT stands at $1.73 with a surge of whopping approximately 302.9% and ACT stands at $0.6658 with a surge of 24.1% in the last 24-hours.
Impressive Trading Volumes Across Major Exchanges
In the last 24 hours alone, PNUT saw a remarkable spot trading activity which indicates high demand and investor interest, making PNUT one of the more actively traded new tokens. Alongside Binance, PNUT also recorded trading volumes of $270 million on Gate and $240 million on OKX, two other major cryptocurrency exchanges.
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ACT, meanwhile, witnessed a 24-hour spot trading volume of $754 million on Binance. While slightly less than PNUT, this volume still indicates a strong entry for ACT into the market.
Additionally, ACT recorded $169 million in trading on Gate, depicting a diverse interest across multiple exchanges.
What does this mean for the Market and Investors
The rapid price surge and high trading volumes for both the memecoins highlight the influence that a Binance Listing can have on newly launched tokens. As one of the largest and most trusted cryptocurrency exchanges globally, Binance provides exposure to a vast user base, which can drive liquidity and price increases for listed tokens.
For investors, these early results reflect potential profitability, although its essential to approach new tokens with caution, as price can be highly volatile in the initial days of trading.
Investors and Market Analysts are closely watching these tokens to see if they maintain their momentum in the coming weeks.
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Also Read: Ripple Rises to $0.73, Can XRP Price Reach $1 Under Trump?
