A meme coin has witnessed a whopping 4,000% increase in its value in just two months. Despite a recent downturn, a well-known crypto analyst continues to hold a positive outlook on this coin.
What Happened: An anonymous trader who goes by the name of Altcoin Sherpa is persistently accumulating the Solana-based meme coin, Fartcoin FARTCOIN/USD.
Altcoin Sherpa has been purchasing Fartcoin at approximately $0.80, with the goal of maintaining an average buying price of $0.80 or less.
Despite the coin’s recent 11% fall, the analyst remains optimistic, attributing his confidence to the coin’s strong meme potential.
"I'm filling a bit around $0.80ish, approaching my buys. Total buys = some at $1, more at $0.80, and I also moved some other buys to $0.65 in case they come. I want my average to be around $0.80 or lower though. Still think this is a good meme and I'm hopeful it doesn't pull a goat/act/etc after being listed," the crypto analyst shared on X.
However, Altcoin Sherpa did voice some concerns, saying the trade might be “a bit too consensus.” The trader also expressed uncertainty about Ethereum ETH/USD, advising caution for the time being.
Also Read: Forget Dogecoin And Shiba Inu — This Meme Coin Skyrockets After Coinbase Hints At Possible Listing
"Frankly I am a bit scared that this trade is a bit too consensus, to be honest. It's a fantastic meme and hits many incredible narratives but it seems almost ‘too' obvious. But still gonna fire and add," the analyst mentioned in the post.
Currently, Fartcoin is trading at $0.81 and is the 136th largest crypto asset by market cap. This memecoin, which was launched in late October, has experienced an impressive 4,000% increase in the past two months.
Why It Matters: The meteoric rise of Fartcoin underscores the growing popularity and influence of memecoins in the crypto market. Despite their often whimsical names and origins, these coins have demonstrated the potential for significant financial gains, attracting both casual and serious investors.
The bullish stance of Altcoin Sherpa, a respected figure in the crypto trading community, further validates the potential of memecoins like Fartcoin.
However, as with all investments, there is a degree of risk involved, and the recent dip in Fartcoin’s value serves as a reminder of the volatility inherent in the crypto market.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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