Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Rumors Suggest Wintermute Could Become Market Maker For ACT Meme Coin

Rumors Suggest Wintermute Could Become Market Maker For ACT Meme Coin

BeInCryptoBeInCrypto2024/11/13 01:05
By:Lockridge Okoth

Wintermute's entry into meme coin liquidity for ACT on Binance represents a transformative moment for the niche, signaling potential stability and growth in a volatile space.

Speculation is growing that Wintermute, a leading global algorithmic trading firm in digital assets, has become the first to provide liquidity for a new meme coin, the AI Prophecy (ACT).

ACT meme coin remains in the headlines following the controversial Binance listing on Monday.

ACT Ascends Wintermute’s Top 12 Holdings

The ACT community transferred 9.48 million ACT tokens (worth approximately $5.93 million) to Wintermute on Tuesday. The move marks the first instance of a top-tier market-maker engaging in the meme coin segment adopting ACT. The move also signals the potential for a boost in trading volume and liquidity for this new meme coin.

“It seems that Wintermute has become market maker for ACT,” Lookonchain said.

Rumors Suggest Wintermute Could Become Market Maker For ACT Meme Coin image 0Wintermute Holding $5.93 Million Worth ACT. Source: Arkham

Market makers play a crucial role in cryptocurrency markets. They facilitate liquidity, ensuring that buyers and sellers can transact smoothly and reducing price volatility.

This role is especially critical in the often volatile meme coin space, where trading volumes and market sentiment can fluctuate significantly. Other renowned market makers include Jump Trading, Amber Group, DWF Labs, B2C2, GSR Markets, and Flow Traders.

By bringing The AI Prophecy on Wintermute, ACT gains a strategic advantage. It benefits from the deep liquidity and market stability that a professional market maker can provide. This move marks a significant shift, as meme coins historically relied on community-driven or informal trading arrangements rather than professionalized market-making.

In addition to ACT, Wintermute recently increased its meme coin holdings, including assets like GOAT and MANEKI. As it stands, it is the third-largest holder of GOAT tokens, with data on Arkham showing 47.468 million GOAT holdings worth $39.57 million. It also holds Moo Deng (MOODENG).

Beyond Wintermute’s expansion into meme coins, the global algorithmic trading firm recently added metrics like Issuance Network/Holding Ratio. This upscale reflects the firm’s sophisticated approach to managing its meme coin assets. Analysts speculate that Wintermute is positioning itself to surpass competitors like DWF Labs, aiming to become the leading meme coin market maker.

“Is Wintermute planning to take over from DWF Labs and become the No. 1 Meme Market Maker?” a popular user on X @ai_9684xtpa quipped.  

Meanwhile, ACT remains the subject of controversy following its recent listing on Binance. As BeInCrypto reported, some critics alleged that it could contribute to “pump-and-dump” schemes.

This is where token prices are artificially inflated, only to crash when initial excitement fades. According to data on TradingView, ACT is up by over 2,600% since listing on Binance Exchange.

Rumors Suggest Wintermute Could Become Market Maker For ACT Meme Coin image 1ACT Price Performance. Source: TradingView

Binance has faced similar scrutiny in the past with other meme coins, raising questions about its listing policies. Wintermute’s involvement could potentially alleviate these concerns.

This is because the stability and liquidity provided by an established institutional-grade market maker may mitigate extreme price volatility and foster more sustainable trading dynamics, potentially attracting new interest from both retail and institutional investors.

1

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Trump and Wall Street: How long will the love affair last?

Share link:In this post: Wall Street loved Trump’s win at first—stocks jumped, Bitcoin soared, and borrowing costs hit rock bottom, but some sectors started cracking fast. Tax cuts and deregulation made financial and energy stocks shoot up, but tariffs and plans to deport workers freaked out economists and markets. Tariffs mean higher prices for Americans, and even Walmart’s warning it’ll have to raise prices if Trump pushes through with his trade war.

Cryptopolitan2024/11/24 03:44

The clash of Bitcoin and benchmark stock indexes

Share link:In this post: The S&P 500 is up 25% this year, with financial and cyclical stocks leading, boosted by optimism around a Trump administration and steady economic growth. Bitcoin has surged 40% this month, nearing $100,000, driven by aggressive trading, retail investor enthusiasm, and headlines hinting at government support. MicroStrategy’s stock hit a $100 billion market cap, tripling its Bitcoin holdings’ value, but its wild 32% drop from intraday highs shows cracks in the frenzy.

Cryptopolitan2024/11/24 03:44