On November 11, Binance, the world’s largest exchange for trading cryptocurrencies, made a big announcement. It added two new meme coins, ACT I: The AI Prophecy (ACT) and Peanut the Squirrel (PNUT), to its platform. This caused the prices of these tokens to shoot up quickly. ACT’s price went up by more than 2500%, while PNUT saw a rise of 250%.
ACT and PNUT Prices Surge
The token ACT I: The AI Prophecy, often just called ACT, got a lot of attention after being listed on Binance. Its value jumped by a massive 2500%, and its total market value (market cap) reached $568 million. Right now, each ACT token is trading at $0.58. Many people noticed a “God Candle” in its price chart, which is a big spike in price within a short time.
According to ACT’s website, the token stands for the AI Community Token. This coin, built using Solana blockchain technology, is a meme coin but has a unique goal. It aims to create a community where people can learn about, work on, and share ideas about artificial intelligence (AI). This includes research, education, and collaboration among those who believe in the power of AI.
Similarly, PNUT, a meme coin with a fun squirrel theme, also became much more valuable after it was added to Binance. Its market value increased by 250% and reached $436 million. Currently, PNUT is trading at $0.43 per token.
The Story Behind PNUT
PNUT is named after a popular squirrel from the internet. This squirrel, called Peanut, was rescued by a man named Mark Longo. Peanut became famous online after being saved. Sadly, Peanut’s mother was hit and killed by a car. Mark shared Peanut’s adventures on Instagram, and many people enjoyed seeing Peanut and a raccoon named Fred. Peanut’s fame even caught the attention of famous people, including Elon Musk, and animal lovers around the world.
Meme Coins are Trending
Meme coins often have themes related to animals, jokes, or fun stories. Recently, a meme coin called NEIRO also made headlines. Its market value increased by 7000% shortly after being listed on Binance. Some other animal-themed coins are MOODENG and, of course, PNUT.
Bitcoin Reaches New Heights After U.S. Elections
Bitcoin, the world’s most well-known cryptocurrency, recently achieved a major milestone. Its price reached nearly $90,000, a new record. Bitcoin’s total market value is now $1.732 trillion. This makes it worth more than silver and places it as the eighth largest asset in the world.
Bitcoin’s rise in price happened soon after Donald Trump won the U.S. presidential election on November 6, 2024. Since the election, Bitcoin’s price has increased by about 25%.
Bitcoin’s Place Among Top Global Assets
With this price increase, Bitcoin now ranks just below some of the biggest companies and assets in the world, like gold, Nvidia, Apple, Microsoft, Google, Amazon, and Saudi Aramco. Bitcoin’s recent growth has helped the prices of many other cryptocurrencies to rise as well. This is called a market rally. During this rally, some smaller cryptocurrencies reached their highest prices ever.
Other Cryptocurrencies on the Rise
Dogecoin (DOGE), another popular meme coin, also saw its price go up after Trump’s election victory. This may be because Elon Musk, a big supporter of Dogecoin, has been linked with the new administration. Dogecoin is now trading at $0.35, which is a 20% increase in just 24 hours. It is the highest price for Dogecoin since 2021. Over the past month, its value has risen by almost 190%.
Ethereum (ETH), another major cryptocurrency, has also done well recently. Its price went up by 3.5% in the past day, reaching $3,387, its highest price since early August. Solana (SOL) has also seen a rise. Its price hit a new peak of $224, marking the highest point since December 2021. Solana’s total market value is now $104 billion.
Large Market Movements
The increase in Bitcoin’s price caused many people who were betting against it to lose money. These losses, called liquidations, totaled $660.34 million in just one day. Most of these losses, about $370.45 million, came from people who thought the price of Bitcoin would drop. In total, over 174,662 traders lost money due to these sudden price changes.
Experts think that Bitcoin’s recent growth is due to more big companies investing in it. They are also excited about new Bitcoin Exchange-Traded Funds (ETFs). ETFs let people trade Bitcoin more easily, similar to stocks.
Stock Market Reaction
The U.S. stock market has also seen some changes due to the rise of cryptocurrencies. For example, shares of MicroStrategy (MSTR), a company known for buying a lot of Bitcoin, reached a record price of $340.31. This is the highest price the company’s shares have reached in almost 25 years. Coinbase (COIN), a popular platform for buying and selling cryptocurrencies, also saw its share price rise by 22.1% to $330.59.
On November 11, Bitcoin-related ETFs in the U.S. had their busiest day since March. They traded around $8 billion worth of Bitcoin. BlackRock’s iShares Bitcoin Trust (IBIT) alone saw a trading volume of $4.5 billion. Altogether, the trading volume for Bitcoin ETFs, MicroStrategy, and Coinbase reached a record of $38 billion.
Final Thoughts
Bitcoin’s price increase is strongly linked to Donald Trump’s recent win. Many believe that Trump’s positive view on cryptocurrencies might lead to better regulations and more support for digital assets in the U.S. Some experts think that if Bitcoin’s growth continues, it might reach $100,000 by the end of 2024.