Solana Memecoin Frenzy Cools Down After Binance Listing

• Solana memecoins PNUT and ACT are down 10.38% and 9.48% in the past day.
• PNUT and ACT have crashed 36.94% and 43.34% in the past week alone.
• Largest Solana memecoin BONK has surged 31% in the last seven days.

Despite Bitcoin reaching a new all-time high, the memecoin frenzy on the Solana blockchain appears to be cooling down. Solana memecoins, Peanut the Squirrel (PNUT) and Act I: The AI Prophecy (ACT), have experienced significant price drops following their recent listing on Binance. This downturn casts a shadow on the sustainability of the memecoin hype and highlights the risks of investing in such volatile assets.

Both got listed on Binance, the world’s largest digital asset trading platform but both crashed significantly; PNUT by 10.38% to $1.44 and ACT by 9.48% to $0.4791.

Read also: PEPE, PNUT, and PONKE: The Memecoin Trifecta Taking Over

In the past seven days alone, ACT has crashed 43.34%, while PNUT has lost 36.94% of its value. PNUT is trading at a 40.72% discount to its all-time high of $1.44, while ACT is down 48.61% from its all-time high of $0.942.

Before their Binance listing, these cryptocurrencies had seen monumental gains. According to CoinMarketCap data, ACT was up 1690.21% , and PNUT surged 2634.67% in the past month, outperforming most altcoins and generating significant profits for holders.

The Risks and Rewards of Investing in Solana Memecoins

Memecoins are extremely volatile and speculative assets that derive their value from hype. While Dogecoin (DOGE) and Shiba Inu (SHIB) lead the memecoin sector, Solana-based memecoins were outperforming these two over the past year or so.

For example, Bonk (BONK), the top Solana memecoin, surged 5.9% in the past hour and 31.7% in the past seven days. However, dogwifhat (WIF) dropped 22.4% in the past week, and Popcat (POPCAT) is down 19.9% in the last seven days. CoinGecko data shows that the total valuation of Solana memecoins stands at $20.8 billion.