Binance Lists Solana Meme Coins ACT and PNUT, Sparking Price Surge and Listing Criteria Debate

In a move that stirred the meme coin market, Binance recently listed two Solana-based meme coins, ACT I: The AI Prophecy ($ACT) and PNUT, in its spot markets. This unexpected development triggered significant price increases, with ACT I jumping by 2100% and PNUT surging by 354%. The listings have since ignited discussions within the cryptocurrency community, bringing both coins into the spotlight amid their unique narratives and sudden rise in value.

PNUT's Unlikely Rise and Cultural Impact

PNUT, a meme coin created in tribute to P'Nut—a pet squirrel whose story gained widespread attention—was launched just days before the U.S. elections. P'Nut's tragic passing after being seized by New York State authorities drew public empathy and attention, with notable figures like Elon Musk commenting on the story. This growing interest propelled the coin into the limelight, making it a surprising talking point just two days before the election.

PNUT's market performance has also been marked by substantial returns for early investors. One trader, who invested $97,000 in the token, profited $1.8 million while still holding $420,000 worth of PNUT, reflecting a remarkable percentage gain.

Following Binance's listing, OKX, the second-largest exchange by volume, quickly followed suit, further boosting the coin's reach and visibility.

ACT I: A Meme Coin with an Abandoned Origin Story

In contrast, ACT entered Binance's spot market as a low-cap token with a market cap of $20 million at the time of listing and an unconventional backstory. The coin's developer, who infused ACT with AI components, had abandoned the project two weeks prior, expressing disinterest in its speculative nature. The developer stated, "I'm curious about whether $ACT grows into a decentralized swarm that can understand the potential of ACT and its results and communicate them among and outside itself, or just traders buying an interchangeable token. I'm only interested in engaging with the former." 

Despite this detachment, Binance's listing revived interest in ACT, sparking conversations among traders and prompting scrutiny over Binance's criteria for token listings.

The lack of community-driven backing behind ACT prompted criticism, with many questioning Binance's decision to list a coin whose developer no longer supports it. This decision, some argue, raises concerns over the listing standards applied by exchanges, with calls for more transparency in evaluating which tokens merit market exposure.

He Yi, Binance's Co-Founder and Chief Customer Service Officer, clarified on social media that no listing fee was charged for either ACT or PNUT, addressing rumors circulating in the crypto community about listing practices. This zero-fee listing comes amid recent controversy surrounding Coinbase, which faced allegations of charging fees for token listings, a topic of discussion across crypto circles.

The swift listings also presented significant trading opportunities. One trader monitored Binance's new listing announcement and promptly invested 1,558 SOL ($318,000) into ACT, acquiring 10.9 million ACT tokens, which quickly appreciated to a value of $3.4 million—yielding over $3 million in just one hour.

Community Reactions and Future Implications

The Binance listings of ACT have reignited debates over the potential and pitfalls of meme coins, particularly as these coins gain traction with celebrity endorsements and viral backstories. While some argue that these listings bring visibility to lower-cap coins, others advocate for community-backed projects to gain priority.

Binance has yet to release detailed insights into its listing criteria, leaving traders and community members speculating on the factors that shape the selection process.