Solana Meme Coin Fartcoin Surges 100% in Price Over One Week
Solana meme coin Fartcoin has experienced a significant price increase, rising 100% in the past week and over 300% in the past month. Currently, FARTCOIN is trading at an all-time high of $1.17, with a market cap exceeding $1.16 billion. Daily trading volume has increased by 107% to $224.17 million.
From lows below $0.25, FARTCOIN's rapid ascent above $1 has been attributed to its trading volume, which indicates liquidity entering the market. Analytics firm Santiment noted that the surge in trading volume signals a bullish outlook for Fartcoin.
- Source: Santiment
Other on-chain metrics indicate potential for further growth. Fartcoin's social dominance has risen to 1.01%, reflecting increased discussion and interest among investors. A sustained increase in this metric could lead to higher demand and price appreciation for the Solana-based meme coin.
- Source: Santiment
Can FARTCOIN Price Reach $2?
Prior to this rally, FARTCOIN faced selling pressure, declining 52.57% between November 29 and December 4. The Bull Bear Power (BBP) indicator has shifted from negative to positive, indicating stronger buyer activity than seller pressure.
The absence of significant overhead resistance suggests that continued bullish momentum could push FARTCOIN towards the $2 mark, potentially increasing its market capitalization to $2 billion.
- Source: TradingView
Revenue from Solana Meme Coins
Solana-based meme coins generated the highest revenue for the network in November 2024. Solana's decentralized applications (DApps) saw substantial growth, driven by the memecoin launchpad Pump.fun and the expanding DeFi ecosystem.
Research platform Syndica reported that Solana DApps generated $365 million in revenue during November, with Pump.fun becoming the first Solana DApp to surpass $100 million in monthly revenue.