Utility-less Fartcoin Market Cap Hits $1B Briefly
Solana-based meme coin Fartcoin defied market trends with a 113% gain over the past 30 days, briefly surpassing a $1 billion market cap on 18 December.
Amidst the sea of red ink in markets today there remains one shining store of value in the green:
Fartcoin, who's market cap just hit $1 billion.
The safe haven asset of the future... pic.twitter.com/T64SHWqO8J
— Charlie Bilello (@charliebilello) December 18, 2024
This surge came despite a broader altcoin slump triggered by the Fed's 25-basis-point rate cut and indications of fewer cuts in 2025.
Fartcoin, a memecoin with no utility, stood out during the market turbulence.
Between 8:20 pm and 9:00 pm UTC on 18 December, its price spiked 21% to $1.02, pushing its market cap to $1.02 billion, according to CoinMarketCap.
However, the rally was short-lived, with Fartcoin retracing 16% to $0.83 and a market cap of $838.4 million shortly after.
As of now, it trades at $0.9441, with a market cap of $943.99 million.
Investors Make Light of Fartcoin's Brief $1B Market Cap
Fartcoin’s brief ascent to a $1 billion market cap sparked lighthearted reactions across the investment community.
Investor Brandon Beylo quipped in a post on X (formerly known as Twitter) that investors are "fleeing to safety in Fartcoin."
Markets selling off hard today.
Investors fleeing to safety in Fartcoin.
The funniest possible outcome is usually the most likely. pic.twitter.com/71LoUiUYBX
— Brandon Beylo (@marketplunger1) December 18, 2024
Hedgeye, an investment research firm, joined in the humour.
BREAKING: Fartcoin briefly hits $1 billion in market cap as investors flee risk assets, seek safety.
— Hedgeye (@Hedgeye) December 18, 2024
Meanwhile, Liquidity Capital’s founder also weighed in with their perspective.
Hedge fund managers will raise billions and hire teams of Ivy League grads just to underperform degen 14 year olds trading Fartcoin in their mom’s basements pic.twitter.com/sYNWgxClQG
— litquidity (@litcapital) December 17, 2024
Fartcoin Only Has Barely Two Months Under Its Belt
Since its launch on 24 October, Fartcoin has demonstrated notable volatility, surging to a $423 million market cap on 22 November before plunging to $160 million by 5 December.
Unlimited Funds co-founder Bob Elliot noted:
“If Fartcoin is going parabolic, maybe monetary policy is far from "very restrictive.”
If Fartcoin is going parabolic, maybe monetary policy is far from “very restrictive.”
— Bob Elliott (@BobEUnlimited) December 18, 2024
Amidst its unpredictable performance, Bone Fide Wealth President Douglas A. Bentforth humourously noted that the Federal Reserve made no mention of Fartcoin.
The Fed cannot own bitcoin, but they said nothing about Fartcoin.
— Douglas A. Boneparth (@dougboneparth) December 18, 2024
Syncracy Capital co-founder Daniel Cheung added a pragmatic perspective, suggesting traders may still find opportunities to capitalise on price swings during this cycle:
“There will be intra-month volatility, but the pullbacks likely will be a "buy the dip" scenario for much longer than everyone expects.”
So does this brief milestone signal resilience against the altcoin downturn, or is it the beginning of a more significant unraveling?
