This Memecoin Trader Made Over $3M From $ACT Within an Hour

A memecoin trader has reportedly gained over $3 million in unrealized profit within an hour by closely watching Binance’s latest cryptocurrency listings.

A savvy trader has made over $3M in just 1 hour by monitoring #Binance‘s new cryptocurrency listings!

Seconds after #Binance announced the listing of $ACT, he spent only 1,558 $SOL($318K) to buy 10.9M $ACT, now worth $3.4M!https://t.co/qvizsWR4kn pic.twitter.com/3DwrvVGjX2

— Lookonchain (@lookonchain) November 11, 2024

Blockchain data revealed that immediately after Binance announced the listing of ACT tokens, the trader used just $318,000 (equivalent to 1,558 SOL) to purchase 10.9 million ACT, now valued at around $3.4 million.

What is $ACT?

“Act I: The AI Prophecy” (ACT) is a new token launched on the Solana blockchain. The project aims to integrate artificial intelligence (AI) with blockchain technology.

With a total supply of 1 billion tokens, nearly 950 million are in circulation, driving its goal to create an innovative ecosystem enhancing AI and blockchain interactions.

Binance Latest Listings

Listings on major exchanges like Binance often boost a token’s popularity, frequently resulting in significant price increases.  ACT, one of the tokens gaining attention today, is set to be listed alongside another token, ‘Peanut the Squirrel’ (PNUT). According to Binance’s announcement, trading for both ACT/USDT and PNUT/USDT pairs will open at 10:00 UTC.”

Binance has enabled deposits for both ACT and PNUT, with withdrawals starting at 10:00 UTC on November 12. The tokens are listed under Binance’s Seed Tag, which highlights high-risk assets with potential price volatility. To trade Seed Tag tokens, users must complete a quiz every 90 days.

Trading bots and spot copy trading support for ACT and PNUT are expected to go live within 24 hours of listing. However, Binance noted that users in certain regions, including the U.S., Canada, and Iran, may face restrictions on trading these pairs due to regulatory considerations.

Surge in Memecoin Activity

Solana-based memecoins have been experiencing a bullish trend recently. One report highlighted a trader who turned a modest $17 investment (roughly 0.0983 SOL) into over 12,000x profit by purchasing 2.46 million PNUT.

The surge in memecoin activity is evident in the market, with PNUT gaining attention after the passing of the squirrel Peanut and rising 276% in just one day to trade at $0.3961. Similarly, ACT has also seen considerable gains, increasing by 1,282.6% to a current price of $0.3178.