Memecoin Fartcoin skyrocketed by 113% over a 30-day period, briefly reaching a market cap of over $1 billion on December 18. This was despite the majority of the altcoin market experiencing a double-digit decline during the same period. Fartcoin, which has no utility, managed to stand out from the rest of the market following the Federal Reserve’s announcement of a 25-basis-point rate cut and signs that fewer cuts may occur in 2025 than previously expected.
Between 8:20 pm and 9:00 pm UTC on December 18, Fartcoin’s price increased by around 21% to $1.02, pushing its market cap to $1.02 billion. However, this surge was short-lived, as Fartcoin’s price dropped by approximately 16% hours later, trading at $0.83 with a market cap of $838.4 million. Dogwifhat (WIF) was the biggest loser among altcoins over the past 24 hours, dropping 16.92%, followed by Bonk (BONK) with a 15.24% decline and Theta Network (THETA) with a 14.84% fall.
Some investors found humor in Fartcoin’s rise to a $1 billion market cap, with one investor stating that “the funniest possible outcome is usually the most likely.” Fartcoin, which launched on October 24, has experienced significant volatility in its short history, reaching a market cap of $423 million on November 22 before retracing to $160 million by December 5.
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