Fartcoin (FARTCOIN/USD) Makes Waves with 16% Single-Day Gain, Setting the Stage for Another Explosive Run

Prominent trader Unipcs pointed out that Fartcoin is still down 92% from its $2.7 billion all-time high last month but maintains strong mindshare in the meme coin space.

Fartcoin (FARTCOIN/USD), one of Solana's (SOL/USD) premier meme coins, is experiencing a remarkable surge with a 16% single-day gain.

What Happened: As excitement mounts for the upcoming crypto summit, traders are speculating that the meme coin market could witness another explosive run.

Prominent trader Unipcs highlighted that Fartcoin is still down 92% from its $2.7 billion all-time high last month, yet it continues to command a strong presence in the meme coin domain.

Recognizing this as a high-risk/high-reward venture, he has opted for a substantial low-leverage position, anticipating a potential bull run.

"I'm not really leveraged, but I'm holding a decent-sized bag of Fartcoin. Still down 92% from the highs but it has a lot of mindshare in the meme coin space. This area is a decent one overall for consolidation/support. Let's see what happens."

I'm not really leveraged but I'm holding a decent sized bag of Fartcoin. Still down 92% from the highs but it has a lot of mindshare in the meme coin space. This area is a decent one overall for consolidation/support. Let's see what happens.

— trader_c99 (Unipcs) (@Unipcs) September 6, 2023

Altcoin Sherpa shared a similar sentiment, emphasizing the importance of mindshare for meme coins. If Fartcoin manages to stay within its current range and shows signs of consolidation, it could set the stage for another upward leg in its price movement.

I feel like FARTCOIN still has a lot of mindshare despite being down so much. I still have a bag and I think this area is a decent one overall for consolidation/support. Let's see what happens pic.twitter.com/thbD8Alw5A

— Altcoin Sherpa (@altcoin_sherpa) September 6, 2023

Cold Blooded Shiller further analyzed that a confirmed 12-hour bullish divergence could herald a strong bounce for the meme coin.

Crypto trader Doc elaborated on the meme coin's resilience, deeming it a leveraged play for the entire bull cycle.

"Being a bull = believing in Fartcoin. It's the most leveraged play for the entire bull cycle. They closed out all the Fartcoin puts and went balls deep in calls. That's a new level of meme coin madness."

In an X post on Wednesday, ElonMoney cited Nansen data, showcasing that Fartcoin had the highest net inflow from smart money over the past 24 hours.

Also Read: Anthony Scaramucci Warns Meme Coins Create Market Contagion, Fuel Bitcoin Skepticism

What's Next: According to CoinGecko, Fartcoin is currently leading all meme coins with 16.3% daily gains and ranks fifth in trading volume at $194.9 million, which indicates growing interest in the meme coin.

Trump's recent announcement of a U.S. crypto reserve, which includes Solana alongside Bitcoin, Ethereum, XRP, and Cardano, could potentially drive further demand for Solana-based meme coins like Fartcoin.

Image: Shutterstock

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output: Fartcoin (FARTCOIN/USD), one of Solana's (SOL/USD) premier meme coins, is experiencing a remarkable surge with a 16% single-day gain.

As excitement mounts for the upcoming crypto summit, traders are speculating that the meme coin market could witness another explosive run.

Prominent trader Unipcs highlighted that Fartcoin is still down 92% from its $2.7 billion all-time high last month, yet it continues to command a strong presence in the meme coin domain. Recognizing this as a high-risk/high-reward venture, he has opted for a substantial low-leverage position, anticipating a potential bull run.

"I'm not really leveraged, but I'm holding a decent-sized bag of Fartcoin. Still down 92% from the highs but it has a lot of mindshare in the meme coin space. This area is a decent one overall for consolidation/support. Let's see what happens."

I'm not really leveraged but I'm holding a decent sized bag of Fartcoin. Still down 92% from the highs but it has a lot of mindshare in the meme coin space. This area is a decent one overall for consolidation/support. Let's see what happens.

— trader_c99 (Unipcs) (@Unipcs) September 6, 2023

Altcoin Sherpa shared a similar sentiment