Wed Nov 13 09:10:00 UTC 2024: ## Memecoin “Act I: The AI Prophecy” Soars 1,720% After Binance Listing
**LONDON** – A Solana-based memecoin called Act I: The AI Prophecy (ACT) has skyrocketed in value by over 1,720% after being listed on Binance and Crypto.com. The token, which launched on October 19th, saw its market cap increase from a modest $20 million to a whopping $422 million following the listing.
The surge in ACT’s price is attributed to a massive increase in trading volume, with $293 million recorded on decentralized exchange Raydium and $60 million on Binance. This rally comes amidst a broader crypto market surge, driven by the election of Donald Trump, widely considered crypto-friendly, as U.S. President. Bitcoin reached a new all-time high of $82,120, while other memecoins like Dogecoin and Dogwifhat {{WIF}} saw gains of 21% and 22% respectively.
ACT is linked to a Discord server featuring AI chatbots that engage in conversations and answer questions. While the project was initially backed by X users, one of them has already distanced themselves from the token after selling their holdings.
Binance also listed another memecoin, “Peanut the Squirrel” (PNUT), which has gained 344% since listing, reaching a $450 million market cap.
Despite the impressive gains, it’s important to remember that memecoins are inherently volatile. ACT’s shallow market depth on Binance makes it vulnerable to price swings. A market sell order of just $100,000 could potentially drive the price down by over 2%.
This news article has been prepared by CoinDesk, an award-winning media outlet covering the cryptocurrency industry. CoinDesk’s journalists adhere to a strict set of editorial policies to ensure integrity and independence.
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