Investor and writer Brandon Bailo reported that on December 18, meme token traders were saving themselves from losses by buying Fartcoin (FARTCOIN).
On Wednesday evening in Moscow, the market for the leading meme-based cryptocurrencies by capitalization entered a bearish trend, and they sharply decreased in price by 6% or more. For example, the cost of the king of meme tokens Dogecoin (DOGE) fell 13%, the frog coin Pepe (PEPE) fell 14%, and the dog coin Shiba Inu (SHIB) lost 15%.
During the dump, investors who got rid of memecoins started buying Fartcoin. Thanks to this, the cryptocurrency rate jumped up by 39% and reached a historical maximum of $1,02. Then the asset value fell by 31%, but after that it went up again and now stands at $0,99.
Bailo finds it ironic that traders were saving themselves from losses by investing in “fart coins.” However, analyst Jess Colombo took the situation seriously and called Fartcoin a bubble, the size of which is now almost $1 billion. Accordingly, investors could suffer large financial losses if it bursts.
Hedge fund managers can raise billions of dollars and hire Ivy League teams, but they will still lose to 14-year-old imbeciles trading Fartcoin in their parents' basements, quipped Kevin O'Donnell, founder of financial technology company Liquidity Capital.
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