Solana Meme Coin Fartcoin Price Shoots 100%: What’s Behind The Rally?

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As a seasoned crypto investor with over a decade of experience in this volatile market, I must say that the meteoric rise of Fartcoin, or $FART as it’s known in crypto circles, has caught my attention. Having witnessed countless bull and bear cycles, I can tell you that the 300% surge over the past month is nothing short of breathtaking.

In a brief span, the humorously named meme coin, Fartcoin on the Solana blockchain, has experienced an extraordinary price surge. Over the last week alone, it’s soared by 100%, and over the past month, that increase is more than tripled (300%). In the last 24 hours, its value has climbed by 22%, reaching a record high of $1.17. This has pushed its market capitalization above $1.16 billion. Additionally, the daily trading volume has skyrocketed by 107% to reach $224.17 million.

As a crypto investor, I’ve witnessed an extraordinary rise in the price of FARTCOIN, which was previously trading below $0.25, now breaching the $1 milestone. According to blockchain analytics firm Santiment, this remarkable surge in FARTCOIN’s market cap to $1 billion is primarily attributed to its escalating trading volume. This spike in activity serves as a strong indicator of increased liquidity pouring into the market. The concurrent rise in FARTCOIN’s trading volume and price trend suggests a bullish signal for this Solana meme coin, hinting at potentially promising returns.

Source: Santiment

Fartcoin’s other on-chain metrics have also been hinting at a strong upside. The Solana meme coin’s social dominance has surged to 1.01%, a metric that tracks the discussion rate around a digital asset in comparison to other cryptocurrencies.

A boost in social dominance means rising market curiosity, while a decrease signals dwindling interest. The fact that this measure has been on the rise lately suggests that Fartcoin is catching the attention of investors and enthusiasts alike. If this trend continues, it’s possible that demand for the meme coin built on Solana could grow, potentially fueling its price increase as well.

Source: Santiment

Can FARTCOIN Price Reach $2 From Here?

Prior to an impressive surge, the FARTCOIN’s value had faced significant downward trends starting from early December. Over the seven days between November 29 and December 4, FARTCOIN underwent a substantial 52.57% drop in its value. The daily chart indicates that this downturn was primarily influenced by intense selling activity during that timeframe.

Earlier, the Bull-Bear Power (BBP) index indicated a downtrend, suggesting that sellers were stronger than buyers. But lately, the BBP has flipped to a positive value, implying that buying power is now overtaking selling pressure.

As a researcher examining the data, I’ve noticed an interesting trend: The graph indicates that FARTCOIN seems to lack substantial resistance levels at present. If this bullish trend persists, it’s plausible that the meme coin could ascend towards the $2 price point in the imminent future. This upward movement would consequently boost its market capitalization to a staggering $2 billion.

Source: TradingView

Solana Meme Coins Drive Most Revenue

In November 2024, meme coins built on the Solana network generated the highest revenue for the network. This growth was driven by a surge in usage of Solana’s decentralized applications (DApps), particularly Pump.fun, a memecoin launchpad, and the broader expansion of its decentralized finance (DeFi) ecosystem.

Based on data from Syndica, it’s been found that Decentralized Applications (DApps) built on the Solana platform earned approximately $365 million in income during the month of November. It’s worth mentioning that Pump.fun became the first Solana DApp to surpass $100 million in monthly earnings, which is a significant achievement and a notable milestone.

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2024-12-19 19:27