April – A month marked by extreme market volatility – develops an intensification of American -Chinese tensions and a large sale on the global markets that have led to the sale of panic of almost all asset classes.
In the middle of chaos, one of the most improbable winners emerged from the strange depth of the cryptography market: Fartcoin (PET).
The same, based in Solana, joined almost 90% in last week and around 300% in the last month, leaving traditional assets – and a large part of the cryptography market – far behind.
In comparison, Bitcoin (BTC) – The most important and most established cryptocurrency – was almost flat during the week and month, while more risky altcoins like Ether (ETH), Solana (ground) and XRP are in red. Meanwhile, the Nasdaq 100 index, rich in technology, slipped by around 2% in last week and is down almost 5% during the month, as the increase in bond yields and geopolitical tensions weighs on risk assets.
He even outclassed gold, which recently reached a high level of all time on safety demand, earning 6.5% in a week and up 12% in a month.
“Fartcoin’s absurd outperformance is the perfect metaphor for this market,” said Kirill Kretov, commercial automation expert at Coinpanel, in a message on Telegram. “A joke wrapped in volatility, where the climbing of American-Chinese prices is trade” rational “a fantasy.”
What the rise of Fartcoin means for cryptos
By design, Memcoins are cryptocurrencies that occupy an extreme corner of the cryptography market. Unlike more established digital currencies, they have neither utility nor rarity. These tokens, like Fartcoin, are shamelessly speculative, mainly motivated by the media of social media, online communities and the momentum of short -term traders.
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Launched in October, Fartcoin quickly acquired importance as one of the tokens propagated by Truth Terminal, an agent of autonomous artificial intelligence (AI) created by Andy Ayrey, and became a viral blow in the middle of the speculative cryptocurrency wave led by Launchpad Pump.fun. Popularized by slogans of the joke community like “Hot Air Rises” and “billions must fart”, the market capitalization of the token has gone from zero to a little less than 2.5 billion dollars in mid-January.
Then everything collapsed with the cryptography market while the inauguration of Donald Trump, and the launch of the Trump token marked the peak of speculative foam. PET, in the same way as other small risky cryptocurrencies, dropped from 90% to a market value of 200 million dollars by March. But, since then, he has led to and staged an amazing return, becoming one of the best tokens in the digital active sector.
What makes Fartcoin’s stupid rally is that he is completely deviated from other speculative memecoins. Since Fartcoin has already quadrupled price, other prominent tokens such as Dogecoin (Doge), Pepectoin (Pepe), Dogwifhat (WIF) and Trump have wounded near their stockings.
“I have never seen such relative force during macro uncertainty and no sign of animal spirits for altcoins,” said Smiley Capital, a pseudonym crypto trader, who won a substantial audience for his blunt comment. “It takes a special type of delay associated with a conviction to simply cut in an asset called Fartcoin while the world economy implodes.”
Surreformance of the token could also be an early signal of the feeling of risk of return to the markets – at least among the merchants of crypto – after the extreme fear of last week, speculated Smiley Capital.
“It is also a barometer and a precursor for wider risk assets,” he said. “This is a statement that most of you are not yet ready to hear, or even to grasp.”
It remains to be seen that the unpredictable and absurd nature of the new financial order is underlined by the rise of Fartcoin or simply another chapter of the same market.
But the superb rally of Fartcoin, outperforming most of the asset classes, recalls that virality often prevails over the fundamentals on the current market, whatever its absurd.
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