Fartcoin Price Plunges: Whale Sell-Off Sparks Fears
Fartcoin Price Plunges: Whale Sell-Off Sparks Fears
The memecoin FARTCOIN experienced a significant price drop following a major sell-off by large investors (whales). After a failed breakout attempt at $1.27, the price plummeted to a low of $1.04, raising concerns about further declines.
Key Takeaways
- Millions in FARTCOIN were dumped by whales, creating bearish sentiment.
- The price risks falling below $1 unless bullish momentum returns.
Whale Exodus
Data from Lookonchain reveals a significant loss for one whale who purchased 4.53 million USDC worth of FARTCOIN three days prior, only to sell the entire holding for $3.9 million—a $631,000 loss. Another whale offloaded 1.59 million FARTCOIN for $1.71 million, immediately reinvesting in other memecoins such as SPX6900, Bonk, and Pudgy Penguins.
This shift signals a lack of confidence in FARTCOIN's short-term prospects among major holders.
Retail Investors Follow Suit
The sell-off wasn't limited to whales. Data from Coinalyze shows a negative buy-sell delta for six consecutive days, indicating a consistent outflow of FARTCOIN. At the time of writing, sell volume ($2.35 million) slightly exceeded buy volume ($2.2 million), resulting in a negative delta of $129,000.
Santiment data confirms this bearish sentiment, showing negative weighted sentiment for five consecutive days.
Technical Analysis: Bearish Momentum
Our analysis shows strong selling pressure from both whales and retail investors. The Relative Vigor Index (RVI) is declining (0.034), while the signal line is rising (0.11), confirming downward momentum. The Directional Movement Index (DMI) shows the Positive Index (+DI) at 17, below the neutral threshold.
If this bearish trend continues, FARTCOIN could break below the $1 support level and fall to $0.938. However, a rebound toward $1.20 remains possible if the $1 support holds and buying pressure increases.
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