Loading Search...
Yesterday, Act I: The AI Prophecy (ACT) made waves in the crypto market with a 24x in price after gettting listed on Binance.
Author: Sahil Thakur
Yesterday, Act I: The AI Prophecy (ACT) made waves in the crypto market with its listing on Binance, one of the largest cryptocurrency exchanges in the world. The Solana-based token experienced an explosive increase in value, surging by over 2,000% shortly after it was listed for spot trading alongside another meme coin, Peanut the Squirrel (PNUT). This price spike propelled ACT from a market cap of $21 million to $529 million at the time of writing, underscoring the “Binance Effect” on the market’s newest additions.
Key Points:
The listing comes with Binance’s “Seed Tag,” a label that marks $ACT and $PNUT as high-risk assets due to their volatile price histories. Despite the inherent risks, traders flooded the market, drawn by the high returns that have characterized recent meme coin listings. In a short span, ACT amassed a trading volume increase of 16,049% as users rushed to buy and sell the token in response to its rapid price movements.
Binance implemented safety measures to protect users interested in high-risk assets. Users must complete a risk awareness quiz every 90 days to access trading, and a warning banner is displayed on the trading page for ACT and other tagged assets. Additionally, Binance restricts residents from certain regions, including the U.S., Canada, and the Netherlands, from ACT due to regulatory limitations.
Some traders saw remarkable gains from the surge. According to Lookonchain, one trader profited $4.77 million from the listing, having invested a total of 2,658 SOL ($457,000) to acquire 17.16 million ACT tokens before the listing. This trader quickly sold 9.33 million tokens, locking in a profit of $2.48 million, with remaining holdings valued at $2.74 million. However, not all traders saw the same success. One user who invested early sold at a loss, missing out on a potential profit of over $750,000 had they held on longer.
The massive gains recorded in the early hours highlight the speculative nature of meme coins and the influence of major listings. Both ACT and PNUT serve as examples of how listings on platforms like Binance can catalyze value surges, drawing in high trading volumes and considerable investor attention. Binance’s listing marks a major milestone for ACT, positioning it for increased market interest and visibility in the highly competitive meme coin sector.
Our Crypto Talk is committed to unbiased, transparent, and true reporting to the best of our knowledge. This news article aims to provide accurate information in a timely manner. However, we advise the readers to verify facts independently and consult a professional before making any decisions based on the content since our sources could be wrong too. Check our Terms and conditions for more info.
