Author: Nancy, PANews
AI MEME Coin Act I: The AI Prophecy (ACT) has dramatically turned around after experiencing multiple betrayals from the Dev (deployer). On November 11, Binance announced the listing of ACT and added a seed label, igniting market sentiment and causing ACT to surge over tenfold in a short time. This makes it one of the few dark horses among the low market cap MEME coins listed by Binance this year.
According to DEX Screener data, as of the time of writing, ACT's intraday peak increase reached 1445.4%, with its market cap soaring from over $20 million to a maximum of $300 million, and the trading volume exceeding $230 million in the past 24 hours.
ACT is one of the smaller market cap MEME coins launched by Binance this year. According to on-chain analyst @ai_9684xtpa's report on "Binance's 2024 Meme Coin Project Review," it seems that Binance does not have a rigid market cap requirement for the listed Memecoins, treating those as low as $15.49 million and as high as $881 million equally, with the only commonality being community enthusiasm.
With such high returns, on-chain analyst @ai_9684xtpa monitored that a mysterious whale, which previously invested 15,140.85 SOL heavily in PNUT, FRED, and OPK, has seen an overall profit of $3.97 million. Meanwhile, according to Lookonchain, a whale transferred 14,770 SOL ($3.03 million) from Binance to purchase Pnut and ACT, leading to a significant price increase for both.
From story to incident to reversal, ACT is undoubtedly one of the most convoluted MEME coins in recent times. Following the explosive rise of GOAT, AI MEME coins have become a focal point for market participants, with various projects vying for the "Dragon II" throne. Among them, ACT was once considered a strong candidate as an infrastructure MEME coin, and its price had significantly increased, attracting a large number of investors.
As previously reported by PANews, Act I is another AI project funded by a16z founder Marc Andreessen, with members including Truth Terminal founder Andy Adyrey. Pleb Capital founder Light disclosed that Act I features spontaneous interactions without scripts, multi-agent dynamics, continuous and long-term observation, diverse AI participants, and real-world environments. Since AI Agents are currently isolated, Act I will become an important infrastructure for interaction between these projects and humans.
Despite the attractive narrative of ACT, its development path has not been smooth, with the Dev behind it becoming a "hidden danger" in this story.
AMP is one of the developers of the ACT project and once held 6% of the total token supply. However, this developer, after receiving community funding support, repeatedly deceived the community for various reasons and quietly sold all the tokens in hand. This breach of trust significantly damaged the community's confidence in him and brought considerable negative impact on ACT's long-term development. If AMP had not sold the tokens he held, the value of this fund would now exceed $19 million.
"The reason everyone is cursing AMP is that he has repeatedly deceived the community in his selling methods, rather than whether he should sell. Selling everything is a benefit for ACT; from now on, the community only needs to focus on the concept of ACT and this decentralized research project, as well as future support for more 'AI + Crypto' projects. Moreover, the ACT community is no longer just based on the ACT project; it is more of an 'action' to promote AI development in the way of the crypto community," said ACT Chinese community builder 0xWizard when AMP last sold tokens.
However, AMP's selling behavior did not have much impact on the community. On-chain data platform Holderscan shows that before November 11, the number of ACT holders was nearly 15,000, and today the number of holding addresses has increased by over 4,000.
0xWizard also revealed that ACT is being advanced by a decentralized research group, not solely by AMP. His presence or absence does not affect the progress of this project. In addition to AMP, ACT has 5 to 6 other contributors who will not hinder the project's advancement.
Regarding ACT's listing on Binance, AMP himself recently responded, "I have never felt uncomfortable with ACT, but they have always used my brand identity without my permission. I have distributed, destroyed, or sold all the ACT tokens I held, and I hope it will not be listed on any centralized exchanges (CEX) again. I am happy to help the ACT community transition to a new brand and can assist other community projects in creating equally outstanding solutions."
It is worth mentioning that AMP also referenced a previous tweet, stating, "If you want to earn my loyalty, you must win it through action. I have emphasized multiple times: I value understanding the impact of my work and predicting its possible future more than money."
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