Fartcoin [FARTCOIN] crashed by more than 16% in the past 24 hours as memecoins lost a big chunk of their market caps. Over the past week, FARTCOIN was down 34% and 58% in the last 30 days.
The broader memecoin sector declined by more than 6.57%, bringing its market cap to $26.84 billion, according to CoinMarketCap.
Even the bigger memecoins like Dogecoin [DOGE], Shiba Inu [SHIB], Pepe [PEPE], and Official Trump [TRUMP] did not escape the decline. However, their drawdowns were not in double digits as of press time.
FARTCOIN daily trading volume
Apart from a broader memecoin market weakness, FARTCOIN’s daily trading volume increased by more than 50% to around $331 million.
According to data from CoinGlass, the memecoin’s volume has been surging since the end of May, when it was $86 million. Since volume is directly correlated to price, the rise in volume as price fell suggested that FARTCOIN was being sold.
Even from a broader perspective, FARTCOIN was being sold more than any other top memecoin. It was among the most sold tokens by volume in the Pumpfun Ecosystem.
Such data meant that FARTCOIN dumping was hitting peak levels as interest dipped. In fact, the Open Interest (OI) dropped from $129 million to $86.84 million.
Moreover, the Futures market wiped out more than $3.50 million in FARTCOIN longs. Only $354K in shorts was liquidated. The largest liquidations were on Bybit, which had a daily volume of $108 million, followed by Binance.
What’s next for price action?
On the charts, bears continued to gain confidence in taking the price further down. According to the MACD, the strength of sellers has returned, as evidenced by the bars turning deeply red from a previously faint coloring.
The slight recovery seen after the crash on the 10th of October to around $0.48 has been fully corrected. Since the 11th of May, FARTCOIN has been trading downwards, with acceleration increasing after breaking below $0.1430.
On top of that, active posts in FARTCOIN have deteriorated by about three times since the 27th of May. The number has declined from 1,438 to 555.
Such a decline indicates that its social sentiment is also in a downward spiral, yet it is one of the most fundamental drivers of memecoins.
Memecoins are usually driven by community unless they have utility.
However, FARTCOIN is starting to see rejection around $0.10, which could signal a potential rebound. Traders are showing defense for this level, but that remains to be confirmed.
Still, that depends on the broader crypto market recovering from the current weakness.
Final Summary
- FARTCOIN leads the memecoin sector with a daily loss of 16% as sell volume explodes and OI and social sentiment decline.
- FARTCOIN has fully traded back to the crash on the 10th of October low of around $0.10, but the ongoing session is showing signs of resistance against dropping further.
