Crypto markets tanked Monday after traders spooked by President Trump's trade war quickly sold off risk assets. But one token is rising above the chaos: the Solana-based meme coin, Fartcoin.
The asset has jumped by about 10% over the past 24 hours, CoinGecko data shows, and was recently trading hands for close to $0.49. At one point on Monday morning Eastern Time, it was trading nearly as high as $0.55.
At its current price, Fartcoin is one of the rare cryptocurrencies showing gains over the last day amid widespread declines.
The meme coin's price bump comes even as other, well-established meme coins—such as Elon Musk's favorite, Dogecoin—have taken a hit: The original meme coin was recently priced at $0.145 after dropping by nearly 10% in a day.
In fact, most major meme coins—including Pepe, Shiba Inu, and Official Trump—are in the red right now.
U.S. equities tanked last week after President Trump announced 10% baseline tariffs on all trading partners, and a higher rate on other major economies such as China, the European Union, and Vietnam. The dollar dropped, and even gold—a well-established "safe-haven" asset—is down Monday.
Bitcoin and other major cryptocurrencies soon followed suit, despite holding steady on Friday as stocks tanked. The biggest digital coin by market cap plunged when Asia markets opened.
Meme coins are cryptocurrencies that are often based on internet jokes, culture, and prominent figures. They are known for their major price movements in what is already a volatile asset class, and made headlines after crypto-friendly President Trump launched his own meme token, TRUMP, just days ahead of his inauguration.
As stocks crash and major cryptocurrencies get battered, Fartcoin's sudden rise could be a sign of the unpredictability yet to come. Monday's surge is already confusing and delighting investors and analysts alike across social media.
"Literally everything is down, even treasuries and gold. Bitcoin and Ether both in gutter. Can someone explain this?" Bloomberg Senior ETF Analyst Eric Balchunas wrote on X.
"Hot air rises," several users replied.
Edited by Andrew Hayward
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