Binance Spot Listing Sends ACT Up 1300% and PNUT 250% in Volatile Rally

Earned $3 million in just an hour.

According to @lookonchain, an unknown trader earned over $3 million due to the listing of the ACT token on @Binance.

He purchased 10.9 million ACT shortly before the listing, and within an hour, thanks to a tenfold increase in the token's… pic.twitter.com/MeJdP5Xq6w

— TU Airdrop Daily (@daily_tu69577) November 11, 2024

Binance has applied the “Seed Tag” to both coins, warning them as high risk, high volatility. Spot trading for ACT and PNUT started November 11 with USDT, withdrawals will start November 12 to add liquidity for traders.

• ACT Price: 1300% in 24 hours to $0.35

• PNUT: 250% to $0.37

• Trading Pairs: ACT/USDT and PNUT/USDT

Spot Listings Drive Demand but Raises Volatility Concerns

Binance listing of ACT and PNUT has gotten speculative traders excited but has also raised concerns in the crypto market. ACT coin is about AI and PNUT is a light hearted meme coin, Binance is adding more speculative assets to their portfolio. But users from US, Canada and Netherlands have been restricted in line with regulatory efforts to protect consumers.

Leonidas, a crypto analyst, said Binance is “encouraging a pump and dump” and will harm retail investors. Some experts think high profile listing of meme coins on big exchanges will create temporary hype and trap small investors as whales and institutional players will ride the price swings.

• Regional Restrictions: ACT and PNUT is restricted in US, Canada, Netherlands.

• Market Concerns: Pump and dump risks for retail investors.

• Seed Tag: High volatility and risk.

Meme Coin Season for ACT and PNUT

ACT and PNUT is part of the current meme coin season in the crypto space. In recent months we have seen a lot of interest in tokens like Dogecoin which recently jumped to 6th position in market cap surpassing XRP and USDC. Analysts attribute this to speculative trading where investors are chasing quick gains during meme coin hype.

Binance was probably only able to list $ACT after he sold, since Binance doesn't like projects with a big holder. His bag is worth over $15M now. pic.twitter.com/XZRJJslTDj

— Sharktoshi (@Sharktosh1) November 11, 2024

ACT’s trading volume is up 4000% in the last 24 hours with a high of $0.36 and low of $0.019 showing the token is popular among speculative traders. PNUT reached a high of $0.42 with a trading volume of $306 million showing the broader demand for meme coins. While these listings are part of the growing popularity of meme coins, it also shows the risks of trading high volatile assets on big exchanges.

• ACT Trading Volume: 4000% in 24 hours.

• PNUT 24H High: $0.42 with $306 million trading volume.

• Meme Coin Season: ACT and PNUT joins other tokens in the speculative market.

Binance listing of ACT and PNUT is part of the changing landscape of crypto trading but also a reminder to be careful when trading high risk assets.