Elon Musk has repeatedly posted about this pet squirrel on Twitter, stating that "President Donald Trump will save the squirrel" and "A squirrel and a meme coin saved America," drawing the topic into the political arena. Similar to how DOGE surged due to Musk's tweets, a similar "Musk trade" has reappeared with PNUT.
Written by: Wu Tianyi, DeThings
Recently, a Solana meme token named PNUT has gone viral, listing on Binance on Monday, causing its market cap to soar to $1.5 billion. According to CoinGecko, the token has surged 1,524% in the past seven days, with a current price of $1.65.
PNUT is one of the few meme coins that has risen in the past 24 hours. The leading coin in the field, Dogecoin (DOGE), has dropped 6%, while its biggest competitor, Shiba Inu (SHIB), has plummeted 11%.
Other memes negatively impacted by ongoing market adjustments include POPCAT (-9%), BRETT (-11%), NEIRO (-12%), and MEW (-12%).
The Reappearance of the "Musk Trade"
The prototype of this meme coin is similar to DOGE, as a real-world pet. Earlier this month, New York authorities seized it and euthanized it on the grounds of rabies. Subsequently, Donald Trump and local candidates accused New York Democrats of "overreach," making the squirrel a rallying cry for the Republican Party on social media.
Moreover, Elon Musk has repeatedly posted about this pet squirrel on Twitter, stating that "President Donald Trump will save the squirrel" and "A squirrel and a meme coin saved America," continuously drawing the topic into the political arena. Just as DOGE surged due to Musk's tweets, a similar "Musk trade" has reappeared with PNUT.
Another catalyst is Binance's recent listing strategy, which overlooked many larger market cap meme coins and chose to list two smaller tokens, PNUT and ACT. Additionally, Binance co-founder He Yi announced that the listing fees for these two tokens were waived.
After listing on Binance, the prices of PNUT and ACT skyrocketed, with increases exceeding 1000%, resulting in substantial profits for early investors. Other Solana-based meme tokens also experienced similar surges after being listed on Binance.
CoinGecko data shows that AI Prophecy (ACT) saw its market cap rise from $20 million to over $650 million after listing on Binance on Monday, with its price climbing from $0.02 to $0.6. According to on-chain analyst Ai_9684xtpa, Binance has listed 15 meme coin projects this year, including futures and spot trading.
AI Meme Popularity Remains High
Another Solana-based memecoin, named "Act One: AI Prophecy" (ACT), surged over 1,720% after listing on Binance.
The token was initially issued on October 19, with a market cap hovering around $20 million over the weekend. After listing, trading volume surged, with decentralized exchange Raydium reaching $293 million in trading volume and Binance hitting $60 million. As of the time of writing, its market cap has increased to $422 million.
According to its official website, ACT represents a community token for AI and claims to focus on "promoting AI research, education, and collaboration." The website for this meme coin states that it was co-founded by a pseudonymous Twitter user named Amplifiedamp (also known as Amp), who decided to sell all tokens and leave the community shortly after feeling "betrayed."
With the explosive growth of PNUT and ACT, it is evident that Binance is beginning to favor lower market cap, community-driven projects over those with strong liquidity or larger market caps.
However, some have raised concerns, such as the well-known Ordinals developer Leonidas, who warned that Binance has become an engine for "stock price manipulation," deliberately harming retail investors' interests and creating an unhealthy meme coin market. Some cryptocurrency participants claim that whales and large investors typically buy and sell these tokens hours or weeks after luring in small investors.
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