- FARTCOIN’s 64% hike followed a 57% drop, sparking fresh speculation on its momentum
- Rising Futures Open Interest indicated renewed market confidence in FARTCOIN’s upward movement
Solana’s FARTCOIN noted a 64% surge in the last 24 hours. This reversal came to be after it had previously dropped by 57% on the charts. This unexpected rally has sparked speculation about whether the altcoin can maintain its upward momentum or not.
As attention shifts to FARTCOIN’s performance, many are questioning what has driven this sudden surge, especially in the face of broader struggles within the Solana-based memecoin space.
State of Solana-based memecoins
The last few weeks have been a volatile period for Solana-based memecoins. FARTCOIN, in particular, has demonstrated dramatic price action, surging by over 7,900% before experiencing a sharp correction. In fact, its latest rapid rally came after a period of significant decline – A sign of heightened speculative interest.
Source: TradingView
In comparison, other tokens such as BONK and PENGU have seen relatively modest gains of 18.39% and 16.83%, respectively, signaling less aggressive upward momentum. On the contrary, the likes of WIF have struggled, with its decline of 38.20% showcasing the broader instability in the market.
December and January so far have been challenging months for the memecoin space. With tokens like PNUT posting impressive 58.50% gains, the overall landscape is one of inconsistent performances. Factors such as reduced liquidity, waning hype, and investor caution likely contributed to these struggles.
