Solana-based memecoin "Act I : The AI Prophecy" (ACT) has crashed nearly 50%

output:input: Solana-based memecoin "Act I : The AI Prophecy" (ACT) has crashed nearly 50%

Solana-based memecoin "Act I : The AI Prophecy" (ACT) has crashed nearly 50% in the last 24 hours, causing speculation on the cryptocurrency market.

According to CoinMarketCap data, ACT is currently down 49.22% in the last 24 hours at $0.0959. Its market capitalization has also decreased by 49.33% to $90.47 million. However, its volume has shot up 1481% in the last 24 hours to $372.86 million.

Solana-based meme coin ACT suffered a massive 49% crash within minutes on Binance, surprising traders.

CoinGlass highlighted the sharp decline, showing ACT/USDT plummeting from $0.19 to $0.10 in a single long candlestick.

$ACTWhat happened?https://t.co/qv5MfbxtV5pic.twitter.com/dJEIjT9eUJ— CoinGlass (@CoinGlass_) October 24, 2023

Meme coins are typically known for their volatility, and their prices can rise or fall drastically depending on the level of liquidity.

According to crypto journalist Wu Blockchain, around 6:30 p.m. UTC, multiple altcoins on Binance experienced sharp declines: ACT/USDT dropped 23% during the same period. DF/USDT declined 16% in the same time frame.

According to the reporter, 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 powered by a Discord server populated by 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.