TL;DR
- FARTCOIN has been among the worst-performing meme coins in the last 24 hours.
- Contrary to the pullback, some analysts remain optimistic that another rally could be on the way.
No Longer Part of the Elite
Meme coins have the ability to witness substantial price increases in a short time, thus garnering the attention of investors and sometimes creating a Fear of Missing Out (FOMO) effect. Fartcoin (FARTCOIN) recently experienced such a bull run, with its valuation exploding by triple digits in a month. It reached a local top of over $0.95 on April 12, while its market capitalization neared the psychological level of $1 billion.
This rally placed the asset among the 100 biggest in the entire crypto market. However, the past 24 hours offered some pain to the bulls. FARTCOIN’s price declined by 17% to $0.75, while its market cap slipped to approximately $750 million. Thus, it dropped out of the elite club and as of this writing it is the 101th-largest in the sector.
The exact reason behind the sudden collapse remains unclear. However, one can speculate that it has some connection to the supposed sell-off coming from experienced and well-informed investors, widely known as “smart money.” According to Stalkchain, the meme coin was the most sold token by such industry participants in the last 24 hours.
Just a Temporary Dip?
Despite the significant price decrease in the last 24 hours, many market observers believe FARTCOIN has enough fuel to chart new gains in the short term. The popular X user Altcoin Sherpa expects the meme coin to bounce at around $0.70 and $0.60.
“I still think that this is going to go to higher levels in the future, though. Still heavily exposed with a big bag,” they added.
DevKhabib shared a similar thesis. The analyst envisioned a further dive to roughly $0.71 before a rebound to new peak levels.
Meanwhile, Lookonchain revealed that one mysterious whale who previously lost over $700,000 when dealing with FARTCOIN entered the ecosystem again. The large investor purchased 2.22 million tokens for almost $2 million.
Whale accumulation can sometimes signal insider knowledge or a calculated move. However, some X users commenting under Lookonchain’s post pointed to the investor’s past misstep with FARTCOIN, suggesting it might actually be smarter to bet against them this time.
The post Hype Over? FARTCOIN Exits Crypto’s Top 100 Club After a 17% Daily Decline appeared first on CryptoPotato.
