Coinspeaker Solana Meme Coin Fartcoin Price Shoots 100%: What’s Behind The Rally?
Solana meme coin Fartcoin has seen a massive price rally in a very short period of time, surging 100% over the past week and more than 300% over the past month. With 22% gains in the last 24 hours, the FARTCOIN price is trading at an all-time high of $1.17 with its market cap crossing $1.16 billion. Also, the daily trading volume has surged 107% to $224.17 million.
From the lows of under $0.25, the FARTCOIN price has rallied pretty quickly above the $1 milestone. Blockchain analytics firm Santiment reported that the main driver behind FARTCOIN’s $1 billion market cap is its trading volume. The surge in volume reflects the levels of market activity that serve as an indicator of liquidity flowing into the market. The surge in the FARTCOIN trading volume along with rising prices hints at a bullish signal for the Solana meme coin.
Source: Santiment
Fartcoin’s other on-chain metrics have also been hinting at a strong upside. The Solana meme coin’s social dominance has surged to 1.01%, a metric that tracks the discussion rate around a digital asset in comparison to other cryptocurrencies.
An increase in social dominance signals growing market interest, while a decline indicates waning attention. The recent rise in this metric suggests that Fartcoin is gaining traction among investors and enthusiasts. If this trend persists going forward, demand for the Solana-based meme coin could increase, further supporting its price growth.
Source: Santiment Can FARTCOIN Price Reach $2 From Here?
Before this remarkable rally, the FARTCOIN price had seen strong selling pressure in early December. Between November 29 and December 4, FARTCOIN experienced a sharp 52.57% decline in price. The daily chart shows this correction was due to heightened selling pressure during that period.
The Bull Bear Power (BBP) indicator previously showed a negative reading, signaling bearish dominance. However, the BBP has since turned positive, suggesting that buyer strength now exceeds seller pressure.
Additionally, the chart highlights the absence of significant overhead resistance for FARTCOIN. If this bullish momentum continues, the meme coin’s price could potentially rise toward the $2 mark in the near term, which would push its market capitalization to $2 billion.
Source: TradingView Solana Meme Coins Drive Most Revenue
Solana-based meme coins contributed the most revenue for the network last month in November 2024. Solana’s decentralized applications (DApps) experienced significant growth in November, fueled by the memecoin launchpad Pump.fun and the blockchain’s expanding decentralized finance (DeFi) ecosystem.
According to research platform Syndica, Solana-based DApps generated $365 million in revenue during November. Notably, Pump.fun became the first Solana DApp to exceed $100 million in monthly revenue, marking a major milestone.
next
Solana Meme Coin Fartcoin Price Shoots 100%: What’s Behind The Rally?
