Key Takeaways:
The dramatic price hike of two emerging Solana meme coins, AI Prophecy (ACT) and Peanut the Squirrel (PNUT), has been fuelled by Binance’s spot trading listing. The unexpected move by the legendary crypto exchange Binance has surged the market capitalization of the ACT from $20 million to an astounding $433 million. The listing will be initiated on November 11, 2024. Following the listing, the tokens will be available for withdrawal from November 12 at 10:00 (UTC).
The 2,000% surge of ACT in just 10 hours since the listing on Binance has gained much attention in the crypto community. Investors are attracted to the token. The AI community token aims to foster AI research, education, and collaboration.
Amplifiedamp (Amp) created Act I in August, months before its launch as a meme coin. It was launched as a fundraising project to support AI research, education, and collaboration. The aim was to diversify the funding source from a few wealthy individuals. The meme coins have established an impressive performance in 2024 compared to the Ethreum-based counterparts. The fast transactions, lower fees, and scalability of the Solana network make it an ideal meme project platform.
ACT I: Historical Price Movements
The project previously suffered an 80% decline from its peak after the developer’s controversial behavior on X (Twitter). The lowest recorded value of ACT was $0.0126, recorded on October 25, 2024. The current price of the token is higher by 3,778.32% compared to the lowest recorded price.
ACT has seen a price increase of 2,408.30% in the last seven days. The token was performing well in the global cryptocurrency market compared to similar Meme cryptocurrencies.
The market capitalization of ACT is $484,076,000 with the fully diluted valuation (FDV) of $484,076,000. The circulating supply and total supply of ACT is 948,246,614. The maximum supply of the token is limited to 1,000,000,000.
The token is available on both centralized and decentralized crypto exchanges. Currently, the most popular exchange is Bitget which has a trading volume of $78,496,753, and the most active trading pair is ACT/USDT. Gate.io and Rayidum are also trading ACT. The token’s 24-hour price ranges between $0.02091 and $0.5107 and its seven-day price ranges between $0.0818 and $0.5087.
Over the last 24 hours, PNUT and ACT have contributed to a 21.5% increase in teh market capitalization of Solana-based meme coins. With the increase in market capitalization, both tokens are currently placed within the top 15 Solana meme coins.
ACT I: Future Price Perspectives
Both tokens are marked “Seed Tag” by Binance, which indicates that they are considered higher-risk investments due to price volatility. The unique identifier is a precautionary measure for investors. This is a warning for investors to conduct proper research about the token and its potential to ensure investment safety. The price volatility of the token can be a cause of concern for investors as it is subjected to higher-than-usual risk and price volatility.
Before Binance announced the listing, the ACT token was trading at the bottom of the chart with virtually no trading volume. Binance listing of smaller projects can be a strategic move to attract investors looking out for high-risk and high-reward opportunities.
Another perspective suggests that listing smaller projects is driven by the need of Binance to stay competitive among the growing competition from other exchanges. The rising popularity of decentralized exchanges (DEX) is forcing centralized exchanges like Binance to expand their offering to lower-cap and higher-risk assets to remain in competition. Binance is making some interesting yet surprising choices. The Binance users can benefit from the exposure to new investment opportunities.
Notably, Binance has already listed 15 meme coin projects for future spot trading in 2024. The latest additions are set to expand the meme coin portfolio further. As per the analysis of data, 80% of Binance’s recent meme coin listings have recorded substantial price growth. This suggests that ACT and PNUT could experience significant value increases in the coming future.
Investing in any crypto project requires your attention to detail. The investment is subjected to market volatility and fluctuations. It is important to consider the risk tolerance before investing in crypto projects.
While writing, the trading volume of ACT I is $1,544,451,966 for the past 24 hours. This represents a hike of 7,217.50% compared to the previous day. The recent rise in the market activity of ACT I have increased the investor interest.
Read More: PNUT Market Cap Hits $420M Following Binance Listing
