Fartcoin Surges 17% Amid Growing User Adoption and Derivative Activity
29.04.2025 01:33
Fartcoin has experienced a notable 17% rally, driven by an influx of new users and increased spot market purchases. Data from Nansen indicates that 451 new users have raised the total holders to over 89,000, contributing to a surge in buying activity valued at $2.95 million in the past 24 hours. The derivative market also shows strong bullish sentiment, with traders mainly on long positions and a recent rise in the Funding Rate to 0.0453% over consecutive days. Additionally, the Open Interest has increased by 11.23% to $617.94 million, suggesting robust market participation. However, a decline in the OI Weighted Funding Rate from 0.1185% to 0.0067% raises concerns about a potential reduction in derivative buying volume. The overall performance of the memecoin sector remains impressive as increased volume has driven market capitalization up by 11.96% to $58 billion over the last thirty days. As such, while Fartcoin's current rally is supported by both spot and derivatives trading, a decrease in buying momentum might challenge its ability to sustain the momentum in the short term.
FARTCOIN's price is likely to remain under bullish pressure in the short term due to significant new user adoption and robust spot market purchases. The strong sentiment from the derivatives market, evidenced by high long positions and a positive Funding Rate, further supports this view. However, the noticeable drop in the OI Weighted Funding Rate signals a potential softening of buying volume, which could temper the rally if the trend continues. Over the long term, sustained user engagement and a balance between spot and derivatives trading will be key to maintaining price momentum.
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