FARTCOIN (Fartcoin) rose 17.68% in 24 hours

Gate News Bot news, July 17, according to CoinMarketCap data, as of the time of posting, FARTCOIN is currently priced at $1.43, with a 17.68% rise in the last 24 hours, reaching a high of $1.44 and a low of $1.18. The 24-hour volume has reached $467 million. The current market capitalization is approximately $1.426 billion, an increase of $214 million compared to yesterday. Currently, FARTCOIN ranks 63rd in the global Crypto Assets market capitalization.

Fartcoin is a cryptocurrency project with the slogan "PRESS F TO FART", and its contract address is 9BB6NFEcjBCtnNLFko2FqVQBq8HHM13kCyYcdQbgpump. The project claims to "disrupt the cryptocurrency field with a fart" and emphasizes the concept of "no consortium, free farting". Currently, FARTCOIN has been listed for trading on certain CEXs and Axiom. The project team states that FARTCOIN is a meme coin purely for entertainment purposes, has no intrinsic value, and should not be expected to yield financial returns.

Important news about FARTCOIN recently:

1️⃣ Frequent large transactions, market sentiment fluctuations intensify Recently, the FARTCOIN market has seen several large transactions. One investor sold FARTCOIN in a short period to obtain 3.9 million USDC, incurring a loss of about $631,000. Another trader sold 1.07 million FARTCOIN, valued at approximately $1.13 million, and turned to purchase other tokens. These large transactions reflect the instability of market sentiment, which may lead to increased price volatility in the short term.

2️⃣ Some investors have made significant profits, which may trigger a following effect A trader made 10,509 SOL (approximately $1.57 million) by selling 1.459 million FARTCOIN, realizing a profit of $963,000 compared to the purchase cost three months ago. This significant profit case may attract more investors to pay attention to FARTCOIN, potentially boosting short-term demand and price.

3️⃣ Increased large short positions, market divergence widens Renowned trader @qwatio increased his FARTCOIN short position to 18.58 million USD, using 25x leverage, with an opening price of 1.2543 USD. Another trader known as "Insider Bro" also recently opened a FARTCOIN short position, using 10x leverage to build a position of 1.622 million FARTCOIN, with an opening price of 1.27 USD. The increase in these large short positions indicates a widening market divergence, which may exacerbate price volatility.

From a technical perspective, FARTCOIN has recently shown positive signals. The price chart has formed an inside bar bullish pattern, and if it breaks through the resistance level of $1.538, the price is expected to rise further. At the same time, open interest has significantly increased to $754 million, ranking second among Meme coins, indicating strong speculative interest in the market for FARTCOIN. However, considering its nature as a meme coin, price fluctuations may be quite volatile.

This message is not intended as investment advice; investors should be aware of market volatility risks.