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Simon Chandler
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Simon Chandler
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Fartcoin has surged by 36% today, with its rally to $1.39 earlier this morning setting a new all-time high for the Solana-based AI meme coin.
It has since retreated slightly to $1.35, yet this still represents a massive 660% increase in the past month, with Fartcoin quickly becoming one of the best meme tokens to buy right now.
Yet as strong as Fartcoin looks right now, its indicators are all suggesting that it has entered strongly overbought territory, with the coin down by 7% since reaching its new ATH earlier today.
Investors may therefore wish to hold off before jumping into the token, which has the momentum to become a serious rival to Pepe, Shiba Inu and Dogecoin.
AI Meme Coin Fartcoin Breaks Records With New ATH – What’s Next?
The product of a generative AI model called Truth Terminal, Fartcoin has been on a rampage since launching in the middle of October.
Its indicators have been riding high more or less constantly since listing, and today its RSI (purple) has risen above 80.
This is normally a sign of overbuying, implying that the token needs to correct in the next few days.
Its 30-period average (orange) supports this view, given that it has raced well ahead of the 200-period average (blue).
Yet what’s interesting about FARTCOIN’s ascent to a new ATH today is that it has happened with a trading volume ($154 million) that is actually lower than it was on December 20 ($286 million), when it reached a then-record high of $1.27.
One way of interpreting this is to suggest that Fartcoin has plenty of room left to rally, especially when its volume remains so low in comparison with more established tokens.
In fact, Fartcoin still isn’t available for spot trading on the biggest exchanges in the world, with Coinbase, Kraken, Binance or Crypto.com (among others) yet to list the coin.
This implies that, even if the token dips in the immediate future, listing announcements will send it flying even higher soon enough.
And what’s particularly bullish about Fartcoin, aside from its exploding popularity, is that it has a total supply of only 1 billion.
This is relatively small for a meme token, with Dogecoin haven’t a potentially infinite supply, for example.
As such, the next few weeks and months could see its price absolutely rocket, with the coin looking like it’s in price discovery mode.
It could rise as high as $2 in the next few weeks, and $3 by Q2.
Alternative Meme Tokens for Big Gains
The risk with Fartcoin, of course, is that its status as a pure meme token could mean that it plummets after whales and other traders lose interest in it.
Because of this risk, some traders may already prefer to look for the next big thing, with presales one way of identifying up-and-coming tokens before they break.
And one promising presale coin at the moment is Meme Index (MEMEX), which has already raised more than $1.4 million in its recently launched offering.
As its name suggests, Meme Index offers investors the chance to invest in any of four decentralized meme token indexes.
These indexes will track different kinds of meme coins with different risk profiles, with the Titan index tracking established tokens such as Dogecoin, Shiba Inu and Pepe.
There are also MidCap, Moonshot and Frenzy indexes, each tracking increasingly volatile kinds of tokens.
What’s game-changing about these indexes is that they provide investors with the chance to spread their risk across multiple coins, something which in the longer term may help them make bigger profits.
Given that meme tokens have been one of the biggest stories of 2024, Meme Index could attract thousands of investors looking to get involved in the space without taking on too much risk.
As its native token, MEMEX will be open to staking and it will also confer governance rights, with holders able to vote on new indexes.
Investors can join Meme Index’s presale can do so by going to its official website and linking their crypto wallets.
MEMEX is currently selling at $0.0148639, although this price will rise in two days.
It will continue to rise for the duration of its sale, while its early promise and its fundamentals suggest that it could rally much higher once it lists on exchanges.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
