Cryptocurrency Switch: Whales Opt for FARTCOIN Over Bitcoin; Unveiling the Motives Behind This Baffling Decision
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**Fartcoin [FARTCOIN] is on a roll in the memecoin market, surging by 15.4% and trading at $1.26.
Its market cap clocked in at $1.25 billion, propelling it into the top 20 memecoins by market value, according to CoinMarketCap.
Big Spenders Going All-In on FARTCOIN and HYPE**
The rally can be attributed to whales going high-stakes with their investments. Stalkchain's data shows that Fartcoin was the preferred token among shrewd investors, reflecting growing confidence in decentralized exchanges [DEXs].
To put it in perspective, a single whale dropped a whopping $40.42M USDC. Out of this, $8.78M was invested in 7.6M FARTCOIN at $1.15 per token. The rest was spent on 715,917 HYPE tokens at around $41.16 each.
Source: Onchain Lens
This whale emptied their pockets of SOL, BTC, and ETH, taking a hit of $2.17M to pile into memecoins. Such bold moves, even after a prior 18% dip, suggest faith in a rebound.
With big money backing FARTCOIN, the memecoin might be entering a new accumulation phase.
Insight: Institutional investors are increasing their trust in DEXs, as indicated by Fartcoin's growing popularity among shrewd investors.
Price Action Stays Within the Channel
Technically, the FARTCOIN/USDT chart displays a strong upward trend in the form of a rising channel. As it rebounded off the $1.15 -1.20 mid-range support, it exhibits regular higher highs and higher lows, demonstrating the bulls' dominance.
However, the $1.60-$1.70 resistance wall remains intact. Breaking through this could pave the way for a journey to $2.16, where the channel's upper trendline aligns with the next supply cluster.
Miss the mark, and a correction might take FARTCOIN back towards $1.15 -1.20 or even lower.
Source: Trading View
The chart shows that the bulls have defended the trendline so far, but the next leg up depends on surpassing $1.50 with strong volume.
Until then, we might see FARTCOIN consolidating within this range.
Insight: While FARTCOIN exhibits bullish technical indicators, investors and traders are advised to watch for a breakout above $1.50 backed by strong volume to gain confidence in the long-term upside.
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- The investment in Fartcoin (FARTCOIN) by whales is propelling it into the top 20 memecoins by market value, indicating growing confidence among investors in decentralized exchanges (DEXs).
- Crypto technology continues to attract big money, as a single whale invested $40.42M USDC, leaving SOL, BTC, and ETH for Fartcoin and HYPE tokens.
- The rising trend of Fartcoin (FARTCOIN) on the FARTCOIN/USDT chart suggests an accumulation phase, with the bulls dominating the market. However, the resistance at $1.60-$1.70 could potentially hamper further growth.
- For a bullish breakout and increased confidence in the long-term upside, it is crucial for Fartcoin (FARTCOIN) to surpass $1.50 with strong volume.
- The technology and finance aspects of investing in Bitcoin (BTC) and Ethereum (ETH) areчаllenged by the rapid growth and bold moves in the memecoins market, such as Fartcoin (FARTCOIN).
