Fartcoin Soars as Whales Pile In
fartcoin, a rapidly rising Solana meme coin, has seen a importent boost this week.The coin, known as FARTCOIN, hit a peak of $1.2770 on Thursday. This is its highest point since January 26. it’s one of the best-performing meme coins this year, with a 500% increase from its March lows.
Data from Nansen reveals that large investors, or whales, have been buying Fartcoin. In the past 24 hours, they bought tokens worth millions. Six transactions were over $1 million each.
Fartcoin’s surge also saw a rise in futures open interest, reaching a record $612 million. This shows growing demand in the derivatives market. The coin’s eight-hour funding rate has been positive since april 18, indicating more traders are holding long positions.
On the eight-hour chart, Fartcoin rose from $0.2140 in March to $1.2768. It’s above the 50-period moving average,suggesting a bullish trend. However, a rising wedge pattern and a sideways Average Directional Index hint at a possible reversal. The Percentage Price Oscillator also shows a bearish divergence. These signs suggest a potential bearish turn in May.
