Following its Binance listing, $ACT (AI Community Token) skyrocketed in value, achieving a 20x price increase and raising its market cap from $20 million to nearly $30 million in just a few hours.
Launched on October 19, $ACT is an innovative platform enabling interaction between AI agents and humans, promoting seamless and collaborative communication.
Co-founded by @amplifiedamp, $ACT allows multiple AI agents, such as GOAT, to engage in dynamic exchanges with humans—going beyond one-way conversations.
Today, #Binance listed $ACT at a $20M market cap, causing the price of $ACT to surge 20x within hours!
What is $ACT?
1/ Let’s learn about the story of $ACT! pic.twitter.com/TiSBGfRgZE
— Lookonchain (@lookonchain) November 11, 2024
The project is one of two funded by Marc Andreessen, co-founder of venture firm a16z, with a $32,000 investment.
When $ACT was first deployed, the project’s creator invested 4 SOL (around $640) to buy 126 million $ACT, burning 40 million tokens (4%) and setting aside 20 million (2%) for future exchange listings. The remaining 66 million $ACT (6.6%) were allocated to @amplifiedamp for advancing AI research.
However, community trust in @amplifiedamp faltered on October 22, when he began selling his holdings, causing concern among $ACT supporters.
Despite pledging to halt sales on October 26, sales continued due to an active bot script. Ultimately, he sold his entire 34.2 million $ACT stake in one transaction, profiting $730,000. Today, that stake would be worth over $15 million.
$ACT, Fully Community Driven
Following this selloff, $ACT transitioned to being fully community-driven, and through collective efforts, its market cap has now rebounded. Binance’s listing further fueled interest, rewarding loyal holders significantly. One early investor gained $4.77 million, and a whale purchased 17.1 million $ACT for $5.6 million at $0.33 per token, becoming the largest individual holder. This whale’s position has already earned an unrealized profit of $3.8 million, despite a prior loss of $590,000 in earlier $ACT trades.
A whale spent $5.6M to buy 17.1M $ACT($9.4M) at $0.33 after #Binance announced the listing of $ACT.
The whale became the largest individual holder of $ACT, with an unrealized profit of $3.8M!
But the whale lost $590K by trading $ACT before.https://t.co/AK6svUmfIQ pic.twitter.com/6Tx6q1Uqhd
— Lookonchain (@lookonchain) November 12, 2024
With the community’s dedication, $ACT continues to capture the crypto market’s attention as a promising, collaborative AI project.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: wirestock/123RF // Image Effects by Colorcinch
