Do you smell that? If you do, it is probably because Fartcoin is the only cryptocurrency in the top 100 by market capitalization to turn a profit on June 5th. The memecoin gained nearly 10% in value during its daily high, completely defying the broader market trend.
Bitcoin and Ethereum have seen losses of 4% and 7.36%, respectively. While other altcoins like XRP, Solana, and Cardano have suffered decreases of up to 9% in the day.
The smelly token is doing well even against other memecoins — as Dogecoin, Shiba Inu, and Pudgy Penguins have seen losses as high as 11% on June 5th.
Full Blast: The Forces Behind Fartcoin’s Surge
The sudden upward movement does not mean $FARTCOIN will continue its ascension. However, it does give us an insight into how the asset reacts in the charts.
For starters, the reason for this unexpected increase is that, today, Coinbase announced that Fartcoin was added to its listing roadmap — meaning that Coinbase plans to officially list Fartcoin in the near future.
This boost of optimism has led investors to flock towards Fartcoin, betting on further gains once it officially hits Coinbase.
Fartcoin has now reversed some of its losses seen from June 1st to June 4th, and also reclaimed the psychological $1.00 zone. The memecoin is currently trading at $1.04 — with a total market capitalization of $1.03 billion.
As of right now, the token trades around 62% under its ATH in January. Whether bulls will continue to drive the price upward or not remains to be seen, given the extreme volatility in the memecoin market and challenging market conditions.
However, the fact of the matter is that, while the rest of the market stinks, Fartcoin is proving it has enough gas to keep pumping.
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