How and why did Solana-based FARTCOIN surge by 64% on the charts?

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  • 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

In the past day, FARTCOIN on Solana experienced a significant 64% increase. Following a 57% decline earlier, this sudden upswing has raised questions about whether this altcoin will continue its upward trajectory or not, causing speculation among investors.

With focus now on FARTCOIN’s recent growth, people are curious about the factors fueling this rapid rise, even amidst challenges faced by other memecoins operating on the Solana platform.

State of Solana-based memecoins

Over the past few weeks, Solana-backed meme tokens have seen a rollercoaster ride. Notably, FARTCOIN has shown extraordinary price fluctuations, skyrocketing by more than 7,900% only to correct sharply afterwards. Interestingly, this latest spike in value occurred following a prolonged period of decrease – A clear indication of growing speculative excitement.

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Compared to tokens like BONK and PENGU, which have only experienced growth of about 18.4% and 16.8%, respectively, suggesting a more modest upward trend; however, WIF has faced significant challenges, plunging by 38.2%, indicating a larger instability in the market overall.

So far, December and January have presented some tough times for the memecoin market. While coins like PNUT have shown significant growth with a 58.50% increase, the overall picture is one of unpredictable results. Factors such as decreased liquidity, fading enthusiasm, and cautious investment decisions might be responsible for these difficulties.

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2025-01-14 17:43