FARTCOIN fell more than 16% in the past 24 hours, with its weekly decline widening to 34%, and a cumulative drop of 58% over the past 30 days. CoinMarketCap data shows that the meme coin sector as a whole fell 6.57% during the same period, with its total market capitalization dropping to $26.84 billion. Major meme coins such as DOGE, SHIB, PEPE, and TRUMP also weakened.
Trading volume increased, but selling pressure was heavier.
While the price fell, FARTCOIN's intraday trading volume actually increased by over 50%, reaching approximately $331 million. The article states that within the Pumpfun ecosystem, FARTCOIN is one of the tokens with the most significant selling volume, indicating that funds are withdrawing faster than the sector average.
Derivatives data also shows a decline in market risk appetite. Open interest in FARTCOIN fell from $129 million to $86.84 million, indicating that some leveraged positions are exiting the market.
- Daily trading volume was approximately US$331 million.
- Open interest fell to $86.84 million.
- The total market capitalization of the meme cryptocurrency has dropped to $26.84 billion.
Multiple liquidations occurred in one phase.
In the futures market, over $3.5 million in FARTCOIN long positions were liquidated, while approximately $354,000 in short positions were liquidated. The liquidations were primarily concentrated on Bybit, followed by Binance. Daily trading volume related to Bybit was approximately $108 million.
The fact that long positions were liquidated significantly higher than short positions usually means that positions that chased the rise were quickly squeezed out during the decline, and also reflects the lack of confidence in the short-term market for a rebound.
A defensive position appeared around $0.10.
The article notes that FARTCOIN has been trending downwards since May 11th, and the decline accelerated further after breaking below $0.1430. The brief rebound following the previous decline has been largely erased, and sellers have regained control.
Meanwhile, community activity surrounding FARTCOIN is also declining. The number of active posts has dropped from 1,438 since May 27 to 555. For meme coins that heavily rely on community sentiment, this is generally detrimental to price recovery.
However, the article also mentions that FARTCOIN started to find some support around $0.10, indicating that some traders are trying to hold this level. Whether this level can form effective support still depends on whether the broader crypto market stops falling and stabilizes.
