Solana-based memecoin Fartcoin briefly surpassed the $1 billion market capitalization mark on December 18, rising 113% over the past 30 days, even as most altcoin markets suffered double-digit slumps on the day.
Fartcoin, a memecoin with absolutely no utility, rose to prominence as broader cryptocurrency markets were shaken after the U.S. Federal Reserve announced a 25 basis point interest rate cut and signaled the cut may be smaller than expected in 2025. I paid it.
According to CoinMarketCap data, between 8:20 PM and 9:00 PM UTC on December 18, Fartcoin’s price was an outlier in the altcoin market, surging about 21% to $1.02, bringing its market capitalization to $1.02 billion. I uploaded it.
The rally did not last long. Just hours after crossing the $1 billion mark, Fartcoin fell 16% and was trading at $0.83 with a market capitalization of $838.4 million at the time of publication.
“This is the most interesting result,” says the investor.
The biggest altcoin decliners in the last 24 hours were Dogwifhat (WIF), down 16.9%, Bonk (BONK), down 15.2%, and Theta Network (THETA), down 14.8%.
Some were optimistic about Fartcoin’s market capitalization rising to $1 billion.
“The most interesting outcomes are usually the most likely,” investor Brandon Beylo wrote in a Dec. 18 post, noting that investors are “fleeing to the safety of Fartcoin.”
Fartcoin was trading at $0.83 at the time of publication. source: CoinMarketCap
“Fartcoin’s market cap briefly reached $1 billion as investors shunned risky assets and sought safety,” investment research firm Hedgeye said in a December 18 X post.
“Hedge fund managers will raise billions of dollars and hire teams of Ivy League graduates to underperform 14-year-olds trading Fartcoin in their mom’s basement,” the Liquidity Capital founder wrote in a December 18 post. said.
Fartcoin has been trading for 2 months
Fartcoin was launched on October 24 and has seen significant volatility, reaching a market capitalization of $423 million on November 22 before falling to $160 million by December 5.
“If Fartcoin goes parabolic, monetary policy may not be “very restrictive,” Bob Elliot, co-founder of Unlimited Funds, wrote in a December 18 X post.
relevant: Bitcoin price to soar in 2025 due to ‘demand shock’ — Sygnum
Meanwhile, Douglas A. Bentforth, president of Bone Fide Wealth, said in an
On December 9, Daniel Cheung, co-founder of Syncracy Capital, said traders will have more time to take advantage of buying opportunities this cycle.
“There will be monthly volatility, but the downturn is likely to be a “buy the dip” scenario for much longer than everyone expects,” Cheung said.
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