As a seasoned researcher with years of experience in the cryptocurrency market, I must admit that today’s events have been quite intriguing. The rapid rise and fall of meme tokens like ACT on Binance, particularly within hours of its listing, is something I’ve rarely witnessed before.
Today, ACT I: The AI Prophecy (ACT) – a fresh meme token built upon the Solana blockchain – was added to Binance‘s international trading platform earlier today.
In a short span of time, the listing drew significant interest, causing the ACT’s price to skyrocket an astounding 2000%, rising from $0.019 to $0.47. This dramatic surge was accompanied by an incredible 16,049% increase in overall trading volume.
ACT was listed alongside another Solana-based meme coin, Peanut the Squirrel (PNUT), which also saw a rise in its price but not as high as ACT. Both tokens were marked with Binance’s “Seed Tag,” meaning they are considered higher risk due to their price volatility.
Binance advises users to conduct a detailed investigation prior to trading ACT to prevent falling for scams and secure their funds safely.
Users need to pass a quiz every three months to gain access to trading, as this helps confirm their comprehension of the associated risks. Moreover, a cautionary banner regarding risks will be visible on all token trading pages.
As a researcher, I’m bound by regulatory guidelines that limit my ability to engage in trading activities involving ACT for individuals residing in specific areas such as the United States, Canada, and the Netherlands.
Some traders took advantage of the price rise by investing in it, with one individual reportedly earning an astounding $4.77 million from the listing, as per Lookonchain. This trader invested a total of approximately 2,658 SOL, equivalent to around $457,000, to buy about 17.16 million ACT during the period between October 25th and November 3rd.
Immediately following the initial sale, a trader disposed of approximately 9.33 million ACT tokens for around 11,945 SOL ($2.48 million), thereby securing profits. As of now, they continue to possess roughly 7.83 million ACT tokens valued at $2.74 million, as indicated by Lookonchain.
As a crypto investor, I found myself in a situation where not all trades were profitable. Labeled as a “diamond hand,” I made a purchase of 1.9 million ACT for approximately $79,000 in SOL on October 19th. Even though I faced initial losses, I held onto the tokens for two days following the listing. Unfortunately, when it came time to sell, I ended up incurring a loss of around $36,000 on my 1.9 million ACT.
Lookonchain said, “Had he been more patient, he would have made a profit of over $750K!”
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2024-11-11 19:16