Solana-based memecoin "Act I : The AI Prophecy" (ACT) has crashed nearly 50% in the last 24 hours, causing speculation on the cryptocurrency market. ACT, a meme coin based on a Discord server featuring AI chatbots, is currently down 49.22% in the last 24 hours to $0.0959, according to CoinMarketCap data.
Solana-based meme coin ACT suffered a massive 49% crash within minutes on Binance, leaving traders startled. In a tweet, CoinGlass highlighted the sharp decline, which saw ACT/USDT plummet from $0.19 to $0.10 in a single long candlestick, prompting CoinGlass to ask the question, what's going on?
According to CoinMarketCap, ACT's market capitalization has dropped by 49.33% in the last 24 hours to $90.47 million. Its volume, however, has increased 1481% in the last 24 hours to $372.86 million.
Meme coins are inherently volatile, and their prices can swing substantially due to different levels of liquidity. ACT was listed on Binance in November 2024.
Crypto journalist Wu Blockchain reported along similar lines. According to the reporter, ACT was not the only token affected. Around 6:30 p.m. UTC, multiple altcoins on Binance experienced sharp declines: ACT/USDT dropped 49% in just 30 minutes. DEXE/USDT fell 23% during the same period. DF/USDT declined 16% in the same time frame.
According to Wu blockchain, the sudden price crash might have been triggered by large sell orders executed in quick succession, leading to a significant spike in spot trading volume.
ACT is built on a Discord server with numerous AI chatbots, which can respond to questions and also discuss topics among themselves. The server was created by a group of X users, one of whom has already distanced themselves from the token after selling their holdings.
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