Earlier today, Binance listed ACT I: The AI Prophecy (ACT), a new meme token based on the Solana blockchain, on its global exchange.
The listing quickly grabbed attention, and ACT’s price shot up by 2000%, jumping from $0.019 to $0.47 within hours with a massive 16049% increase in total 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 warned users to “conduct thorough research before trading ACT to avoid scams and ensure safety of funds”
To access the trading, users must complete a quiz every 90 days to ensure they understand the risks involved. Additionally, a risk warning banner will appear on trading pages for tokens.
However, due to regulatory measures, residents in certain regions, including the United States, Canada, and the Netherlands, are restricted from trading ACT.
Some traders capitalized on the surge. According to Lookonchain, one trader made an incredible $4.77 million from the listing. The trader spent a total of 2,658 SOL ($457K) to purchase 17.16 million ACT between Oct. 25 and Nov. 3.
Shortly after the listing, the trader sold 9.33 million ACT for 11,945 SOL ($2.48 million), locking in profits. They still hold 7.83 million ACT worth $2.74 million, according to Lookonchain.
However, not all traders were so lucky. One trader, described as a “diamond hand,” bought 1.9 million ACT for 509 SOL ($79,000) on Oct. 19 and held onto the tokens despite early losses. Two days into the listing, the same user sold the 1.9 million ACT at a loss of $36,000.
Lookonchain said, “Had he been more patient, he would have made a profit of over $750K!”
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