Fartcoin Offshoot Mocking Trump, Musk Shoots Up 52%—What In The World Is Going On?

A silly-sounding memecoin poking fun at President Donald Trump and tech mogul Elon Musk blasted off Tuesday, dwarfing gains in mainstream coins.

What happened: Elon Trump Fart (ETF500) surged 52% in the last 24 hours, reaching levels not seen in over five weeks.

The Solana SOL/USD-based coin's trading volume surpassed $1 million after an 87% jump, while its market capitalization hit $8.75 million.

In comparison, Bitcoin BTC/USD and Ethereum ETH/USD mustered modest gains of 2.27% and 2.39%, respectively.

The memecoin is a derivative project of the over $500 million-valued Fartcoin (FARTCOIN), which was also one of the day’s top gainers.

According to CoinGecko, ETF500 was created in response to an X post referencing a potential Fartcoin ETF by Douglas A. Boneparth, president at Bona Fide Wealth.

A client just called and asked me if there's going to be a Fartcoin ETF this year.

Have a great weekend.
— Douglas A. Boneparth (@dougboneparth) January 3, 2025

The coin soared to a high of $0.04341 after its launch in January but has since plummeted nearly 80%.

Price Action: At the time of writing, ETF500 was exchanging hands at $0.008577, up 52% in the last 24 hours, according to CoinGecko. Year-to-date, the cryptocurrency has gained 20%.

Benzinga Note: Investing in meme coins and cryptocurrencies is highly speculative and involves significant risk. Meme coins often lack intrinsic value and are driven by market sentiment, social media trends, and speculative trading.

Photo by Igor Faun on Shutterstock

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