sbfonchain.sol, one of the most widely viewed token traders, is back buying. This time, the risk-taking wallet holder has accumulated FARTCOIN, the most famous meme created by an AI agent.
sbfonchain.sol wallet is now on FARTCOIN, a popular cross between memes and AI agents. The asset, which was built on the ideas of an AI model, has gained prominence in the past month, hitting a series of all-time highs.
The sbfonchain.sol wallet spent 19,103 sols, on average FARTCOIN over the past 24 hours. The accumulation was at an average price of $1.17, for a total of 3.25 million FARTCOIN. After the purchase, the token remained inactive for a few hours.
The purchase is relatively small compared to previous larger whale inflows. As of December 19, one whale had purchased $43.77 million worth of FARTCOIN, just before the coin’s all-time high.
sbfonchain.sol wallet is known for risky trading.
The sbfonchain.sol wallet became active for the first time since November 27, occupying positions in high-profile memes. In the meantime, the wallet is buying and flipping more obscure tokens. For some trades, the wallet was bought near the top.
In September, sbfonchain.sol also traded Moodeng (MOODENG) while the asset was trending. The wallet owner then flipped Chillguy (CHILLGUY), and later divested all of his holdings.
The recent FARTCOIN purchase had a similar timeline, with the wallet converting all of its funds into meme. The purchase was made right after the token dropped from its recent highs of $1.27 to $0.94. The wallet’s holdings are relatively small, outside the top 150 addresses, but the overall profile is drawing more attention to the asset and an opportunity to buy on the dip.
Shortly after the purchase, the portfolio suffered a loss, with the value of the holdings dropping from $3.2 million to $3.097 million in valuation. Overall, the portfolio’s performance over the past month has been somewhat disappointing, with previous DogWifHat (WIF) rallies causing losses.
However, the previous losses do not seem to bother the wallet owner, as risky trades continue. The wallet is also not keen on divesting holdings, as in the case of the MANYU token crash by liquidating all reserves directly.
The wallet was first noticed moving tokens in May. It also gained attention due to its vanity name. There is no evidence yet to suggest that the wallet is owned by Sam Bankman-Fried, the founder of the now-defunct FTX exchange.
Whale Buyers Enter the Market as FARTCOIN Expands into New Trading Hubs
FARTCOIN started out as a non-serious asset, similar to GOAT and other AI-generated memes. As the asset’s owner base grew, exchanges began to take notice. The meme is present in over 51,000 wallets.
At first glance, FARTCOIN has a relatively wide distribution, although some wallets may be connected and control a larger portion of the supply. The token was also one of the largest holdings in the Truth Terminal wallet.
Later, FARTCOIN became a community-owned token, with no known gang or group of buyers. The broad community places FARTCOIN at the top of all Solana based on the number of unique wallets.
The latest purchase by sbfonchain.sol came a day after its listing on KuCoin. The token was added to the dy/dx futures market a week ago. OKX began trading FARTCOIN on the perpetual futures market starting at 4am UTC on December 20.
The token will have a futures market alongside AI16Z. FARTCOIN has the advantage of becoming a cult meme, while also benefiting from the AI agent narrative. Both categories are the consensus picks for creating FOMO among buyers, tapping into the demand for irrational memes and social media cults.
While the meme market in general has slowed down, FARTCOIN has taken advantage of this moment to extend its rally and attract more attention. Recently, the token crossed the $1 billion market cap barrier, surpassing GOAT and almost competing with AI16Z token.
