Meme coins like Fartcoin and a few others are packed with new gains today, with the crypto market attempting recovery with the Christmas buzz. The Fartcoin price has surged 60% over the 24 hours, making it one of the most profitable cryptos. Let’s discuss why this is pumping so hard today.
Fartcoin Price Soars 60% Amid Whale Activity
Fartcoin is among the newly launched cryptos that have won over investors. The token entered the market in late October and continued a bullish approach till it created the ATH at $1.30 just a week ago. Interestingly, the ATH volatility and the Bitcoin price crash dropped the token’s stats, putting it in a major downtrend. However, that has changed since the Christmas Santa rally enthusiasm hit the token, causing the Fartcoin price to rise 60% within a day. With that, it currently trades at $1.20 with a market capitalization of $1.28B. Interestingly, whales pumped the demand for the token as they bought the dip, creating buying pressure.
Lookonchain, a crypto analytics page, revealed that a crypto whale exchanged its popular meme coins, including WIF and BONK tokens, for Fartcoin. According to the post, the whale exchanged 500K WIF ($1.03M) and 25B BONK ($833k) for the 1.72M Fartcoin, which is shocking for many. This is a trading strategy where investors follow the profits. In this case, the whale realized the profit in Fartcoin compared to WIF and BONK, which has slowed down on the charts.
A whale exchanged $WIF and $Bonk positions for $Fartcoin!
8 hours ago, the whale exchanged 500K $WIF($1.03M) and 25B $Bonk($833K) for 1.72M $Fartcoin.
This whale currently holds 7.55M $Fartcoin($9.36M).
Address:https://t.co/8Ki6fOi8FEhttps://t.co/Ulmsz2gdxJ… pic.twitter.com/dQ4VPlW8s8
— Lookonchain (@lookonchain) December 25, 2024
Nevertheless, the Fartcoin began to pump as the trading activity increased. The CoinmarketCap stats confirm a 29% increase in trading volume to $276.2M, confirming investors’ interest.
Fartcoin Price Chart: Can It Hit $2 Next?
Investors are eyeing further rallies as the Fartcoin gains momentum, especially with the upcoming altcoin season. Interestingly, the moving average is in the buying zone in most timeframes. Additionally MACD is supporting the buying sentiments, which confirms the current uptrend. However, with the RSI getting near the overbuying zone, there is a certain risk around the trend reversal.
Many other technical factors indicate a possible reversal or temporary correction in the Fartcoin price chart. With that, Fartcoin achieving $2 is less likely with the current sentiments but could rise higher until the trends reverse. A few crypto analysts have even presented the possibility of complete retrieval to $0.3-$0.4, as the charts indicate triple tops.
What’s In There For You?
After hitting the ATH just a week ago, the Fartcoin price today is attempting another rally under the Christmas buzz. It currently stands just 7% away from achieving the target of $1.30. With that, there is strong buying pressure on the token, which is leading the current rally. However, technical indicators indicate corrections in the future. With RSI and few technical indicators hinting at the overbuying conditions, it is often a sign of trend reversal. Regardless, there are trading opportunities for the short term, but they require extreme caution and further analysis.
The post Is Christmas Buzz Boosts Fartcoin Price by 60%? appeared first on CoinGape.