The Solana-based meme coin ACT experienced a massive 49% drop in the last 24 hours, sparking discussion in the cryptocurrency community.
ACT Price Drop
According to CoinMarketCap, the Solana-based meme coin ACT has fallen by 49.22% to $0.0959 in the last 24 hours. ACT's market capitalization dropped by 49.33% to $90.47 million, while its trading volume surged by 1481%, reaching $372.86 million.
Reasons for the Sharp Decline
According to CoinGlass and journalist Wu Blockchain, the sharp decline was triggered by large sell orders executed on the Binance exchange. Besides ACT, tokens DEXE and DF also faced significant declines.
Community Reaction
ACT is built on a Discord server with AI chatbots. One of the founders of the server reported selling off their token holdings, distancing themselves from the project.
The sudden drop in Solana-based ACT's price triggered notable reaction in the market. It remains to be seen how this event will affect the meme coin market in the future.
