Memecoin meltdown! FARTCOIN falls 40% after Fed news: What now?
The post Memecoin meltdown! FARTCOIN falls 40% after Fed news: What now? appeared on BitcoinEthereumNews.com. Key Takeaways FARTCOIN’s price crashed in the last 24 hours. Among the factors leading to this change were whales and Smart Money sales. Still, leveraged shorts peaked. On the 26th of August, the crypto market crashed, led in part by memecoins, DeFi and AI tokens. Fartcoin [FARTCOIN] dropped the hardest, plummeting about 19% at the time of writing, per CoinMarketCap. On a monthly scale, the decline was over 40%. This meant that the memecoin wiped all the profits gained last week after the Fed’s positive news on rates cut. The sentiment has been slightly shifting for FARTCOIN since the hints from the Hyperliquid-linked wallet that exchanged it for Useless Coin [USELESS]. Here’s a more detailed view of why the memecoin crashed. Why is FARTCOIN dropping? Whales were increasingly withdrawing capital from the memecoin. During this drop, a whale sold more than 1.6 Million FARTCOIN for $1.27 million. The whale realized a loss of $1.14 million after closing trades on the memecoin and Hyperliquid [HYPE]. Source: Lookonchain FARTCOIN was also the most liquidated asset by Smart Money over the last 24 hours. The total sells by these DEX traders had surpassed 21 as of press time. Other notable memecoins in this category were Popcat [POPCAT] and YZY Money [YZY]. Also, daily trading volume dropped to $252.85 million. The volume drop was reflected in its on-chain weakness. Per CMC TLDR, Fartcoin’s network growth was down by more than 99% since the 28th of July, when price was at $1.40. Generally, memecoins on Solana [SOL] blockchain were bleeding. Binance sellers accelerating the drop Binance exchange accounted for the highest number of Futures trades, about 1.76 million. The crash in price was accelerated by the leveraged shorts seen on Binance. Also, more than $5.80M longs were liquidated on the day. The aggregated OI-Weighted Funding…
The post Memecoin meltdown! FARTCOIN falls 40% after Fed news: What now? appeared on BitcoinEthereumNews.com.
Key Takeaways FARTCOIN’s price crashed in the last 24 hours. Among the factors leading to this change were whales and Smart Money sales. Still, leveraged shorts peaked. On the 26th of August, the crypto market crashed, led in part by memecoins, DeFi and AI tokens. Fartcoin [FARTCOIN] dropped the hardest, plummeting about 19% at the time of writing, per CoinMarketCap. On a monthly scale, the decline was over 40%. This meant that the memecoin wiped all the profits gained last week after the Fed’s positive news on rates cut. The sentiment has been slightly shifting for FARTCOIN since the hints from the Hyperliquid-linked wallet that exchanged it for Useless Coin [USELESS]. Here’s a more detailed view of why the memecoin crashed. Why is FARTCOIN dropping? Whales were increasingly withdrawing capital from the memecoin. During this drop, a whale sold more than 1.6 Million FARTCOIN for $1.27 million. The whale realized a loss of $1.14 million after closing trades on the memecoin and Hyperliquid [HYPE]. Source: Lookonchain FARTCOIN was also the most liquidated asset by Smart Money over the last 24 hours. The total sells by these DEX traders had surpassed 21 as of press time. Other notable memecoins in this category were Popcat [POPCAT] and YZY Money [YZY]. Also, daily trading volume dropped to $252.85 million. The volume drop was reflected in its on-chain weakness. Per CMC TLDR, Fartcoin’s network growth was down by more than 99% since the 28th of July, when price was at $1.40. Generally, memecoins on Solana [SOL] blockchain were bleeding. Binance sellers accelerating the drop Binance exchange accounted for the highest number of Futures trades, about 1.76 million. The crash in price was accelerated by the leveraged shorts seen on Binance. Also, more than $5.80M longs were liquidated on the day. The aggregated OI-Weighted Funding…
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