Cryptocurrency analyst Altcoin Sherpa continues to maintain a positive outlook on the Solana-based memecoin Fartcoin (FARTCOIN) and continues to buy the altcoin, which has gained 4,000% in value over the past two months. Sherpa told his 236,500 followers on social media platform X that he is continuing to buy Fartcoin. “I spread my purchases across different levels and try to keep my average price below $0.80,” the analyst said.
Sherpa stated that he concentrated his purchases for Fartcoin at $1, $0.80 and $0.65 levels and stated that he aimed to reduce the average cost below $0.80 with these purchases. At the time of writing, Fartcoin was trading at $0.81. Launched at the end of October, this memecoin gained 4,000% in a short time. However, there was an 11% loss in the last 24 hours and is currently ranked 136th in terms of market value.
Sherpa commented on Fartcoin’s popularity: “It stands out as a great meme and targets a lot of positive narratives, but I still feel like it’s a bit too obvious of an opportunity. I’m increasing my buys despite that.” The analyst’s views highlight the risks, as well as the potential gains, of Fartcoin.
Uncertainty Regarding Ethereum Continues
Altcoin Sherpa is taking a cautious approach to Ethereum (ETH). The analyst noted that if Bitcoin (BTC) breaks the important price levels of $93,267, Ethereum could also lose value. Sherpa made a statement saying, “ETH could be the key to the altcoin season, but there is no clear signal at the moment. If BTC breaks the critical levels, ETH will fall further. It is necessary to be patient.”
At a time when memecoin popularity is rapidly increasing in the cryptocurrency market, experts warn investors that these assets can experience sudden value gains as well as sharp price drops. Fartcoin’s performance in the last two months, while attracting attention, also creates risks related to fluctuations. Investors are advised to carefully evaluate such risks.