Solana meme coin Fartcoin (FARTCOIN) finally reached a $1 billion market capitalization today. This development came after the cryptocurrency’s price increased by 100% in the last seven days and $18.30 % within the past 24 hours.
Interestingly, the hike also ensured that FARTCOIN’s price hit $1. Can the meme coin sustain the momentum, or is there a correction around the corner?
Fartcoin Hits the Huge Milestone Amid Rising Dominance
Three days ago, BeInCrypto predicted, using several indicators, that FARTCOIN could reach $1 billion in the short term. In the analysis, we also mentioned how a quick run to $1 is possible. While both scenarios have come to pass, this on-chain analysis reveals how it happened and what could be next for the token.
According to Santiment, one of the key factors that drove FARTCOIN’s billion-dollar market cap is its volume. The volume shows the level of buying and selling in the market and acts as a measure of liquidity flowing into a cryptocurrency.
From a price perspective, rising volume coupled with an increasing price is a strong bullish indicator. Currently, Fartcoin’s trading volume has reached a new all-time high of $199.59 million.
Fartcoin Volume. Source: Santiment
This, combined with its double-digit price surge, indicates significant bullish momentum. If this trend persists, the token could continue its rally and achieve higher valuations in the near future.
Additionally, Fartcoin’s social dominance has risen to 1.01%. This metric measures the volume of discussions around a cryptocurrency compared to others in the top 100.
An increase in social dominance indicates growing market attention for the asset, whereas a decrease signals declining interest. Thus, the recent uptick suggests that Fartcoin is attracting more attention. If this trend holds, demand for the Solana-based meme coin could rise, potentially driving its price higher.
Fartcoin Social Dominance. Source: Santiment FARTCOIN Price Prediction: $2 May Appear
Between November 29 and December 4, FARTCOIN’s price dropped by 52.57%. Based on the daily chart, the meme coin faced this correction due to increased selling pressure at that time.
As seen below, the Bull Bear Power (BBP) shows a negative reading at that time, which indicates that bears had the upper hand. But as of this writing, the BBP reading has turned positive, indicating that the strength of buyers (bulls) has outpaced sellers.
The chart also reveals that FARTCOIN does not have any major overhead resistance. If this remains the same, the meme coin’s value might climb toward $2 in the short term.
Fartcoin Daily Analysis. Source: TradingView
If that happens, Fartcoin could reach a $2 billion market capitalization. However, if profit-taking rises, this prediction might be invalidated. In that scenario, the price might tank to $0.41.