Solana memecoin “Act I: The AI Prophecy” (ACT) has seen a significant increase in its valuation, largely due to its recent listing on major exchanges such as Binance and Crypto.com.
ACT has increased by nearly 3000% in the past 7 days, reaching $0.878. This has made ACT the fastest growing token on the market.
Initially launched on October 19, ACT’s market cap had stagnated at around $20 million over the weekend. However, the Binance listing sparked a surge in trading activity, peaking at $293 million recorded on the Raydium decentralized exchange along with $60 million on Binance. As a result, ACT’s market cap has skyrocketed to over $800 million according to the latest data.
ACT Highlights
ACT operates on a Discord server equipped with a number of AI chatbots, engaging users by chatting on various topics and answering questions. The innovative concept originated from a group of developers, informally referred to as ‘user X’. Notably, one member has distanced himself from the token after liquidating his assets, raising questions about the long-term sustainability of the project. The community aspect fostered by the Discord platform adds an extra layer of appeal to ACT, distinguishing it from other tokens in the memecoin space.
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Investors should be cautious, as memecoins like ACT are inherently volatile due to their liquidity profile. Currently, the market depth on Binance shows a liquidity threshold of just 2%, which equates to only $93,000 available on the downside, compared to $214,000 on the upside. This strong imbalance suggests that a $100,000 market sell order could result in a price drop of more than 2%. Therefore, traders should prepare for potential volatility as ACT navigates a highly speculative trading environment.
