While cryptocurrency and stock markets are facing significant downturns this week, one memecoin is bucking the trend and experiencing a surge as of the latest updates.
Fartcoin (FARTCOIN) has seen a remarkable increase of 30% in the last 24 hours, reaching over $0.60 on April 8, based on data from a popular analytics site.
On April 7, this Solana-based memecoin hit a low point of $0.42 amidst a broader cryptocurrency market decline, which saw Bitcoin prices tumble below $75,000 to a five-month low.
However, since that dip, the token has rallied by more than 40%, making it one of the standout performers in the crypto space at this time.
A crypto trader known as “RookieXBT” shared with their 484,000 followers that the trading volume for Fartcoin was rising “while the world falls apart,” highlighting that “No other coin is doing this.”
The parody account “Not Jerome Powell” humorously noted that “hot air rises,” pointing out that Fartcoin was the only asset witnessing gains amid a sea of losses.
On April 7, global stock markets took a hit following Donald Trump’s announcement of extensive trade tariffs.
The S&P 500 dropped nearly 10% in the past week. Source: Google Finance
The Fartcoin token, which launched in October without any utility, has previously defied market trends by increasing in value when other assets were struggling.
For instance, Bitcoin fell by 6% on April 3, dropping from over $87,000 to around $81,500, with Fartcoin being one of the first to bounce back, skyrocketing by 36% the following day.
Furthermore, the token’s market capitalization topped $1 billion in December, despite a general downturn for altcoins.
Gold advocate Peter Schiff reacts to Fartcoin’s pricing. Source: X
Fartcoin reached its all-time high of $2.48 during the peak of the memecoin craze in mid-January, but has since decreased by 76% as the memecoin bubble began to deflate.
Other memecoins also show gains
A related Solana memecoin inspired by a comic book character, Fartboy (FARTBOY), has also seen a rise, gaining 60% to surpass $0.03 on April 8, as per data from an analysis platform.
Nonetheless, this coin is still down by 85% from its peak in mid-February.
Related: Memecoins 2.0: The market crashed, but the billion-dollar circus rolls on
Other memecoins outpacing the overall cryptocurrency market right now include SPX6900 (SPX), which is up 11.5%; Cheems Token (CHEEMS), which has seen a 10.5% increase; AI Companions (AIC), now up 10%; and Mog Coin (MOG), which has surged by 33% on the day.
Even established memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) have managed to outperform Bitcoin over the past 24 hours.
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