ACT Memecoin on Solana Surges Nearly 3000% in a Short Period

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 Memecoin on Solana Surges Nearly 3000%

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.

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.