It's not news that crazy things happen in the cryptocurrency space. But if someone told you a coin named Fartcoin (FARTCOIN) would run into a billion-dollar valuation and hit new highs every week, you might still scratch your head, trying to make sense of it all.
What happened: The Solana SOL/USD-based coin, having the most frivolous of names, soared 21% to become the market's third-best-performing cryptocurrency in the last 24 hours.
The coin hit an all-time high of $1.45 on Thursday before a slight correction. At its peak, FARTCOIN was worth more than Nasdaq-listed Papa John’s International Inc. PZZA.
It boasted a market capitalization of $1.32 billion at the time of writing, with trading volumes jumping 228% in the last 24 hours.
FARTCOIN outshone mainstream cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD, which gained just 2.19% and 2.32%, respectively.
The meme coin has triggered polarizing opinions in the cryptocurrency space.
"Pharma Bro" Martin Shkreli said the coin was worth nothing and would go to zero.
Meanwhile, a widely followed trader who goes by the pseudonym of Altcoin Sherpa has been on a FARTCOIN accumulating spree, attributing his confidence to the coin's strong meme potential.
Price Action: At the time of writing, FARTCOIN was exchanging hands at $1.36, up 21.6% in the last 24 hours, according to CoinMarketCap.
Photo Courtesy: file404 On Shutterstock.com
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