Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
ACT, a memecoin based on a Discord server featuring AI chat bots, has risen by 1,720% after being listed on Binance.
Trading volume has topped $350 million on Binance and Raydium, its market cap has increased from $20 million to $422 million.A Solana-based memecoin called"Act I : The AI Prophecy" has risen by more than 1,720% after being listed on Binance and Crypto.com. The token was initially issued on Oct. 19 and has been languishing around a $20 million market cap over the weekend. The listing led to an explosion of trading volume with $293 million being recorded on decentralized exchange Raydium and $60 million on Binance, its market cap had increased to $422 million at press time.with the original cryptocurrency trading at $82,120 amid a period of renewed optimism after the U.S. elected crypto-friendly Donald Trump as president.
Binance also listed a more conventional memecoin, peanut the squirrel , which is trading at a $450 million market cap after rising by 344% on the listing. Memecoins are volatile by nature can often swing in price dramatically due to varying amounts of liquidity. Two percent market depth on Binance for ACT is currently just $93,000 to the downside and $214,000 to the upside, which means that a market sell order of just $100,000 would move the price to the downside by more than 2%, according to. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications.
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