Solana Memecoin ACT Rockets 1,720% on Binance Listing as Altcoin Market Heats Up

As a seasoned analyst with years of experience observing the cryptocurrency market, I’ve seen my fair share of memecoins rising and falling like the tides. However, the recent performance of ACT, the AI Prophecy token, has left me quite intrigued.

The Solana-backed meme coin named “Act I : The AI Prophecy” (ACT) skyrocketed by over 1,720% following its listing on Binance and Crypto.com.

On October 19th, the token was first introduced, since then it has been hovering near a market capitalization of approximately $20 million over the weekend. The launch triggered significant trading activity, with a recorded volume of $293 million on the decentralized exchange Raydium and $60 million on Binance. At the time of reporting, its market cap had risen to $422 million.

The rally coincides as bitcoin (BTC) hits a new all-time high, trading at $82,120 in an optimistic climate following the election of pro-crypto president Donald Trump from the U.S. Notably, memecoins have spearheaded the market’s upward trend this week, with dogecoin (DOGE) and dogwifhat {{WIF}} increasing by 21% and 22%.

ACT is based on a Discord server that features several AI chatbots, which can respond to questions and also discuss topics amongst themselves. The server was created by a group of X users, one of which has already distanced themself from the token after selling their stash.

Additionally, Binance added Peanut the Squirrel’s meme coin (PNUT) to its platform, causing it to surge by an impressive 344%. This move has boosted the coin’s market value to a substantial $450 million.

Memecoins tend to have large fluctuations in value because they naturally have limited liquidity. At the moment, on Binance, a small market sell order of $100,000 could cause an over 2% drop in ACT’s price, as there is only $93,000 in liquidity available for selling and $214,000 for buying. This information comes from CoinMarketCap.