A Solana-based memecoin called “Act I : The AI Prophecy” (ACT) has skyrocketed by more than 1,720% after being listed on Binance and Crypto.com. The token, which was initially issued on Oct. 19, had a market cap of around $20 million over the weekend. However, following its listing on Binance, the trading volume surged to $293 million on decentralized exchange Raydium and $60 million on Binance, pushing its market cap to $422 million.
This surge in ACT’s price coincides with a new record high for bitcoin (BTC), which is currently trading at $82,120. The cryptocurrency market has seen a wave of optimism after the election of crypto-friendly Donald Trump as president. Memecoins like dogecoin (DOGE) and dogwifhat (WIF) have also experienced significant gains, with increases of 21% and 22% respectively.
ACT is based on a Discord server that features AI chatbots capable of responding to questions and engaging in discussions. The server was created by a group of users, one of whom has already distanced themselves from the token by selling their holdings. In addition to ACT, Binance has also listed another memecoin called peanut the squirrel (PNUT), which has seen a 344% increase in price and currently has a market cap of $450 million.
Memecoins are known for their volatility and can experience drastic price fluctuations due to varying levels of liquidity. On Binance, ACT has a market depth of just two percent, with $93,000 to the downside and $214,000 to the upside. This means that a market sell order of $100,000 could cause the price to drop by more than 2%, according to CoinMarketCap.
In other news related to the cryptocurrency market, there are speculations that Charles Hoskinson, the founder of Cardano, may become a crypto advisor to Trump. Bitcoin has reached a new all-time high of $76,000, while ETFs have seen $620 million in inflows. There are also optimistic forecasts that bitcoin could hit $100,000 by December or January, according to the founder of 10x Research.
Overall, the surge in the price of ACT following its listing on Binance highlights the volatile nature of memecoins and the potential for significant gains in the cryptocurrency market. Investors should be cautious and aware of the risks associated with investing in such assets.
