A crypto whale has sold his entire Dogwifhat (WIF) holdings for Fartcoin (FARTCOIN) tokens. On-chain Lens spotted the new development today and shared it on the X social media.
The blockchain analytics platform identified the whale as a trader who bought 368,147 Dogwifhat tokens for 1,299 Solana coins worth $145,000 on February 19, 2024.
According to the on-chain metrics tracker today, the trader sold all his WIF holdings worth $1.09 million and bought 1,687,606 FARTCOIN tokens. On-chain analysis shows that the trader made a $952,000 profit in WIF.
The transfer signals that investors are now capitalizing on the gains from popular meme coins and investing funds in emerging meme coins.
Traders flock to increase holdings in FARTCOIN
The trader’s activity shows that big investors are strategically increasing their holdings in Fartcoin as a way of balancing their key assets with emerging altcoins.
FARTCOIN currently seems to be on track following its price ascend by double-digits in the last 30 days. The meme coin is trending because of increasing investor confidence and less selling pressure.
The altcoin’s price trajectory shows buyers are in control, with the price of Fartcoin now hovering at $0.6563, up 27.2% in the last 24 hours.
Fartcoin, a meme coin operating on top of the Solana blockchain, surged to a new all-time high of $0.6748 today Friday morning, outperforming the previous ATH reached on Wednesday.
At the time of writing, Fartcoin price witnessed a 158.1% rise in the last seven days and an increase of 288.0% in the last 30 days. The uptick happens amid a wider gain in AI tokens, specifically AI meme coins, a group that has soared over 20% in the past 24 hours. Artificial intelligence-based meme coins currently outperform the broader crypto market, which has a 7% gain over yesterday.
FARTCOIN’s origin comes from the famous AI agent “Terminal of Truths, an artificial intelligence agent that has gained popularity for posting “not-safe-for-work” tweets on X. The agent’s fame also emerged due to its close relationship with Venture capital investor Marc Andreessen, who, in the past, offered a grant worth $50,000 in Bitcoin to the agent.
What next for Fartcoin?
Fartcoin has surged to a whopping $653.91 million market cap, up 22.32% in the past 24 hours, fueled by new interest and meme coin craze.
FARTCOIN was created as a joke. In the sense of fun, the creators used the playful token to give rewards to users for sharing flatulence-related memes. Its features, especially FARTCOIN’s every transaction prompting a digital fart sound, attracted niche interest. The token’s popularity also rose following the tremendous growth of meme coin trading and positive sentiments from crypto personalities mentioning it on social media.
In late November, Fartcoin developed a strong uptrend movement, witnessing a surge of 257% within a week and even recorded a 58% rise in a single day. The use of the phrase “hot air rises” among crypto traders and users has helped magnify this upward momentum, signifying the meme coin’s potential for a greater surge.
