$ACT has initiated an investigation following a significant price decline on Binance.
In a message on X, the $ACT team reassured their community that they are proactively addressing the situation in partnership with relevant stakeholders and formulating a response strategy with trusted collaborators.
$ACT, also referred to as “The AI Prophecy,” is a memecoin built on the Solana (SOL) blockchain, gaining attention for its innovative approach to merging artificial intelligence with a decentralized community ecosystem.
Since its launch on October 19, 2024, the initiative has aimed to democratize AI knowledge and broaden its accessibility.
The platform supports user interactions with advanced AI chatbots in an engaging environment, fostering collaborative discussions on various subjects, including AI ethics and advances.
A “strange dump”
This drop in value is part of a larger trend, with numerous altcoins facing declines of 20% to 50% in Binance spot trading pairs.
Such an abrupt price decrease can result from various factors, including widespread market sell-offs, significant token holders cashing out, or liquidity issues—the availability of tokens for trading at any given moment.
$ACT initially soared over 1,700% after being introduced on Binance and Crypto.com, elevating its market cap to $422 million.
The project has experienced volatility, particularly after its founder, known as Amp, sold a substantial portion of his holdings and distanced himself from the project, thus transforming $ACT into a community-oriented initiative.
The ongoing investigation seeks to uncover if internal or external factors influenced the recent price fluctuations. The team has committed to keeping holders informed as they gather more details.