The whole market is dipping right now, except one meme coin – FARTCOIN. The price is up around 19% today and is now trading well-above $1.00 level. Popular YouTuber Gerhard released a video about what’s driving the hype around FARTCOIN now.
FARTCOIN has been acting like it lives in a parallel universe. While other altcoins are tanking, it has managed to quadruple in value over the past 90 days. It’s not just outperforming today-it’s been the best performing meme token by far, outpacing rivals like SPX6900, which only managed to double.
But this rise hasn’t been smooth. FARTCOIN’s journey has been a rollercoaster: it launched at around five cents, surged to two dollars, crashed to twenty cents, and then started rising again. The creator of the video, Gerhard, has been following it from the early days-his first video on it came out 228 days ago, when the price was still at a nickel.
Now, FARTCOIN is sitting near the top of the Solana memecoin ecosystem. It’s the second biggest trending token, just behind the Trump token. What’s shocking is its market cap-nearly $1 billion. That’s five times higher than the next biggest token, Peanut, which sits around $200 million. There’s no gradual build-up. It jumps straight from #2 to #1 with a massive gap.
So what’s going on? Gerhard digs into the data and finds something interesting. Despite all this action, the number of wallets holding FARTCOIN hasn’t really gone up in 2024. In fact, across all wallet sizes-from small traders to whales-there’s no growth. That means the price is being driven not by more people buying in, but by leveraged bets on centralized exchanges and in the futures markets.
The futures market is where most of the action is. More than $1 billion was traded in perpetual futures for FARTCOIN in the last 24 hours, compared to just $60 million in the spot market. Traders are betting on the price rather than buying and holding the actual coin. Bots are then arbitraging the price differences between futures and the actual on-chain token.
Gerhard notes that small wallets, which might include arbitrage bots, are now dominating the trades. But the smart money-the whales-are quietly selling. They bought early, and now they’re dumping onto retail traders who are just arriving late to the party. This behavior is a warning sign. If the whales are exiting and there’s no organic buyer growth, it could mean trouble.
There also seems to be a ceiling for FARTCOIN when you compare it to Solana. On a USD chart, the peaks don’t align perfectly, but when priced in SOL, they do. This means there’s a limit to how far FARTCOIN can go under current conditions. Gerhard believes there’s more downside than upside now, warning that the token could drop as much as 80% from current levels.
He backs all this analysis with on-chain data using custom dashboards he built on Dune Analytics. These tools help him track who’s buying, who’s selling, and whether new people are entering the token. It’s a data-driven approach that avoids hype.
In the end, Gerhard’s message is clear. While FARTCOIN’s recent rise looks impressive, it may not be sustainable. The price is being propped up by leverage and hype-not real demand. And when that leverage unwinds, the fall could be steep. As always in crypto, timing and data matter more than buzz.
Read also: How High Can Dogecoin (DOGE) Price Rise This Cycle? This Chart Gives a Clue
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