Despite the altcoin hemorrhaging, Fartcoin briefly touched the $1B market cap
Solana-based memecoin Fartcoin has gained 113% in the past 30 days to briefly pass $1 billion in market capitalization on Dec. 18 — despite much of the altcoin market experiencing double-digit intraday declines.
Fartcoin — a memecoin with no utility — emerged as the broader crypto market rumbled after the Fed announced a 25-basis-point rate cut, which in 2016 With indications that 2025 could see fewer reductions than previously expected.
Between 8:20 a.m. and 9:00 p.m. UTC on December 18, the price of Fartcoin was the highlight of the altcoin market, gaining roughly 21% to $1.02, pushing the market cap to $1.02 billion, according to CoinMarketCap data. basis.
The procession did not last long. Hours after surpassing $1 billion, Fartcoin has recovered roughly 16%, now trading at $0.83 on a market cap of $838.4 million.
‘A potentially funny result' says the investor
The biggest altcoin losers in the last 24 hours were Dogwhiphat (YFF), down 16.92%, Bonk (BONK), down 15.24%, and Theta Network (THETA), down 14.84%.
Some were light-hearted about Fartcoin's rise to a $1 billion market cap.
Investors are “fleeing safety to Fartcoins,” says investor Brandon Bailo in a December 18, 2010, article that says “the most ridiculous outcome is often possible.”
Fartcoin is currently trading at $0.83 at press time. Source: CoinMarketCap
“Fartcoin briefly hits $1 billion market cap as investors flee riskier assets, seek safety,” investment research firm Hedgeye wrote in a December 18 post.
“Hedge fund managers raise billions and hire teams of Ivy League grads,” Liquidity Capital's founder X wrote in a December 18 post.
Fartcoin has been trading for 2 months
Fartcoin launched on October 24th and, in nearly two months of trading, was highly volatile, before reaching a market cap of $423 million on November 22, before reaching a market cap of $160 million by December 5.
In a December 18 X post, Unlimited Funds founder Bob Elliott said, “If Fartcoin goes parabolic, perhaps monetary policy is far from ‘too restrictive'.”
Related: 2025 ‘Demand Shock' Will Drive Bitcoin Price Up – Signum
Meanwhile, Bone Feed Wealth President Douglas A. “The Fed can't own Bitcoin, but they haven't said anything about Fartcoin,” Bentforth told XPost.
On December 9, Syncracy Capital founder Daniel Cheng said that traders may have more time to take advantage of buying opportunities in this cycle.
“There will be volatility in the month, but the returns could be a ‘buy the dip' situation for longer than everyone expects,” said Daniel Cheng, founder of Syncracy Capital.
Magazine: 5 real use cases of useless memecoins
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