What is ACT 1? ACT & Pnut Surge After Binance announced listing
The cryptocurrency market is known for its high volatility, with major events often triggering sudden price surges. Recently, two standout memecoins, ACT (AI Prophecy Project) and Pnut the Squirrel (PNUT), have captured the crypto community's attention following their listing announcement on Binance. Notably, ACT’s value has surged by over 1900%, while PNUT has risen more than 340%, surprising investors and analysts alike.
This article will explore ACT and PNUT’s growth, the reasons behind their price hikes, and whether they have the potential to become valuable investments in the future.
What is ACT?
ACT, or the AI Prophecy Project, is a decentralized, open-source blockchain platform aiming to create an AI ecosystem that encourages community interaction. Unlike AI systems from major corporations like Microsoft or OpenAI, ACT seeks to build an environment where AI and humans can interact, learn, and grow together. Through the ACT token, users can engage and contribute to the ecosystem, helping to shape and advance AI models.
ACT is also designed to break free from traditional AI standards such as “useful, harmless, and truthful,” which are often imposed by conventional AI platforms. By focusing on community involvement, ACT creates opportunities for AI technology enthusiasts to participate in developing more innovative AI applications.
Binance’s announcement of ACT’s listing has significantly boosted its token value. With a price increase of over 1900%, ACT has become a focal point in the crypto community, demonstrating strong growth potential driven by growing interest in AI-related technologies.
What is Pnut the Squirrel coin and the story behind
Pnut the Squirrel (PNUT) is a meme cryptocurrency launched on the Solana blockchain, inspired by the story of a squirrel named P’Nuts in New York. This squirrel was euthanized by authorities after neighbors’ complaints, sparking outrage and sympathy within the community. Public figures like President Donald Trump and billionaire Elon Musk expressed their disapproval, drawing the crypto community’s attention to this memecoin.
PNUT not only symbolizes a love for animals but also represents the fight to protect wildlife rights. As a memecoin, PNUT has garnered significant interest, particularly as the story of the squirrel gained traction on social media. Consequently, PNUT’s price surged by over 340% after Binance announced its listing, underscoring its community appeal.
Why ACT and PNUT price surge
The strong price surge of ACT and PNUT after being listed on Binance can be attributed to several key factors. Here’s a deeper look into the main factors driving this increase.
Binance Listing: The Advantage of a Leading Exchange
Binance is one of the largest and most reputable exchanges globally, with a broad user base and high liquidity. Being listed on Binance is a crucial milestone for new coins and creates appeal among new investors. A coin listed on Binance typically experiences high access and trading volume due to the exchange’s credibility. For coins like ACT and PNUT, listing on Binance enhances visibility and facilitates convenient, secure trading for both individual and institutional investors.
The Appeal of Meme Coins and the “New Meta” in Crypto
Meme coins have long been a prominent trend in the crypto market. Coins like Dogecoin and Shiba Inu are clear examples of meme coins' appeal to the community, thanks to their accessibility, rapid spread, and entertainment value. PNUT capitalizes on this trend, tying in the touching story of the squirrel P’Nuts, resonating with animal lovers and meme enthusiasts.
According to on-chain analyst @ai_9684xtpa, around 80% of meme coins listed on Binance witness a sharp increase in market capitalization, with most being animal-related memes like MOODENG and PNUT. This reflects a “new meta” in the crypto sector, where meme coins are not just humorous tokens but attract investments due to strong community backing and media effects.
Support from Major Market Trends: Bitcoin Dominance
The rise in ACT and PNUT prices may also be driven by the increase in “Bitcoin Dominance.” When Bitcoin’s value rises, it often positively influences the altcoin market. On November 10, Bitcoin hit a new all-time high, creating a ripple effect across the cryptocurrency market. Bitcoin is often considered a leading indicator, and when its price increases, investors tend to turn to promising altcoins for portfolio diversification, sparking strong price increases for other coins, including ACT and PNUT.
A Strong Community Foundation: Momentum from Engagement
Emphasis on community is a primary factor behind ACT and PNUT’s growth. ACT represents a decentralized AI ecosystem where developers and users can collaborate, innovate, and develop AI models, enabling users to contribute to artificial intelligence’s advancement within this ecosystem. This attracts long-term investors, especially those interested in AI applications.
For PNUT, the community connection through the P’Nuts squirrel story creates a powerful emotional bond, particularly among animal lovers and younger generations. As a meme coin, PNUT is easy to understand and accessible, quickly spreading on social media and attracting new users and individual investors.
Will Binance launch more meme tokens in the future
With the success of meme coins like Dogecoin, Shiba Inu, and now Pnut the Squirrel (PNUT) and ACT (AI Prophecy Project), it’s clear that Binance and other major exchanges are expanding their list of meme coins. Meme coins attract investor attention because they can easily create hype and have the potential to increase in value rapidly within a short time. Binance's listing of these meme coins shows that the exchange recognizes their potential to attract new users and boost trading volume.
However, Binance will likely exercise caution when selecting meme coins to list, as not all of these coins have a solid foundation or long-term growth potential. Still, if the current trends in meme coins and Bitcoin Dominance continue to grow strongly, we may see more of these coins listed on Binance in the future.
Is ACT or Pnut potential to invest in the future
Although ACT and PNUT have experienced strong price surges, investing in these coins still involves high risk. Meme coins are often heavily influenced by external factors such as news, community attention, and celebrity endorsements. While both ACT and PNUT show potential for future growth, investors need to carefully consider these projects' ability to maintain long-term value.
ACT could be an attractive choice for those who believe in the potential of AI and decentralized blockchain. The project creates an innovative environment where AI systems can collaborate and evolve. However, ACT’s growth will depend on whether the community can sustain its engagement and whether it can compete with other AI projects in the blockchain space.
PNUT, on the other hand, is an entertaining meme coin that heavily relies on the spread of the P’Nuts squirrel story. Although it may continue to attract attention due to its meme aspect, its value is likely to experience significant volatility and instability.
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