TL;DR
- The asset’s price has skyrocketed lately, fueled by exchange listings, rising community activity, and other factors.
- While FARTCOIN soared, DOGE, SHIB, and others fell in the last month, with the meme coin market cap dropping below $50B.
The Massive Rally
Fartcoin (FARTCOIN), a Solana-based meme coin that saw the light of day in October last year, has become one of crypto’s latest sensations.
The price has skyrocketed by roughly 260% in the past 30 days, currently sitting at a two-month high of around $0.87 (per CoinGecko’s data). Its market capitalization surpassed $860 million, making FARTCOIN the 89th-largest cryptocurrency.
One element that might have played a role in the major rally is the support from leading cryptocurrency exchanges. At the end of March, KuCoin listed the trading pair FARTCOIN/USDC, while Crypto.com added the token to its application.
On the other hand, the asset remains unavailable on the two leading crypto exchanges – Binance and Coinbase. Potential support from these behemoths will increase FARTCOIN’s liquidity, accessibility, and legitimacy and could trigger further price upswing.
Another factor that may have contributed to the bull run is the coin’s strong community and the endorsements from some industry participants.
Earlier in April, LunarCrush (a platform that tracks social media activity and sentiment around cryptocurrencies) estimated that FARTCOIN has recorded the biggest combined social and market activity across all meme coins. SPX6900, Mog Coin, Peanut the Squirrel, and others trailed behind. For their part, X user Corleone claimed that FARTCOIN is among the top 10 meme coins with the most active communities.
In memes, where fundamentals matter less, community energy could indeed drive the price up since endorsement from vocal members might attract more investors. The surge may even trigger a Fear of Missing Out (FOMO) effect, driving newcomers to the ecosystem in hopes of seizing substantial gains before it’s too late.
Outlook of the Meme Coin Sector
FARTCOIN’s triple-digit price increase in the last month is quite spectacular, given that countless leading meme coins have underperformed in that timeframe.
Dogecoin (DOGE) is down 6% for the period, Shiba Inu (SHIB) slipped by 3%, while Official Trump (TRUMP), Floki (FLOKI), and many more have registered much more painful losses.
Meanwhile, the total market cap of the meme coin niche has plunged well below $50 billion. Recall that the sector was full of thriving tokens several months ago, whereas its capitalization briefly exploded beyond $120 billion.
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