While crypto and stock markets are deep in the red this week, one memecoin is defying the trend and surging at the time of writing. Fartcoin (FARTCOIN) has surged a whopping 30% over the past 24 hours, topping $0.60 on April 8, according to CoinGecko. On April 7, the Solana-based memecoin hit a low of $0.42 amid the broader crypto market slump, which saw Bitcoin (BTC) prices fall below $75,000 to a five-month low. However, since then the token has gained more than 40% and is one of the crypto market’s top performers at the moment. Crypto trader “RookieXBT” told their 484,000 followers that Fartcoin volume was increasing “while the world falls apart,” adding, “No other coin is doing this.” The financial parody account “Not Jerome Powell” quipped, “hot air rises,” noting that every asset was down aside from Fartcoin. Stock markets across the globe slumped on April 7 in reaction to Donald Trump’s sweeping trade tariffs. S&P 500 tanked almost 10% over the past week.
Source: Google FinanceThe Fartcoin token, which launched in October with no utility, has defied the markets several times before by bouncing upward when other assets have tanked. Bitcoin dumped 6% on April 3 in a fall from above $87,000 to around $81,500.
Fartcoin was one of the first to recover, surging 36% the following day. Additionally, the token saw its market capitalization top $1 billion in December during a wider slump for altcoins. Goldbug Peter Schiff responds to Fartcoin prices.
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Author / Journalist: Cointelegraph by Martin Young
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