Source: Cointelegraph Original: "{title}"
Despite significant declines in both the cryptocurrency and stock markets this week, a meme coin has surged against the trend, showing exceptionally strong performance.
According to CoinGecko, Fartcoin (FARTCOIN) skyrocketed by 30% in the past 24 hours, with prices surpassing $0.60 as of April 8.
On April 7, this Solana-based meme coin briefly fell to $0.42, coinciding with a downturn in the overall crypto market, where Bitcoin (BTC) dropped below $75,000, marking a five-month low.
However, the token subsequently rose over 40%, becoming one of the best-performing coins in the current crypto market.
Crypto trader "RookieXBT" stated to his 484,000 followers that Fartcoin's trading volume continued to increase "while the world was collapsing," adding, "No other coin is doing this."
Financial satire account "Not Jerome Powell" quipped, "Hot air rises," pointing out that other assets were declining except for Fartcoin.
Global stock markets saw a significant drop on April 7 due to Donald Trump's trade tariff policies.
In the past week, the S&P 500 index fell nearly 10%. Source: Google Finance
Since its launch in October last year, Fartcoin has had no real utility but has repeatedly surged against the trend, bouncing back during other asset declines.
For example, on April 3, Bitcoin fell from over $87,000 to about $81,500, a drop of 6%. However, Fartcoin was one of the first crypto assets to recover, surging 36% the next day.
Additionally, in December last year, when other altcoins were generally declining, Fartcoin's market cap surpassed $1 billion.
Goldbug Peter Schiff responded to Fartcoin's price. Source: X
Fartcoin reached an all-time high of $2.48 during the meme coin frenzy in mid-January. However, following the burst of the meme coin bubble, it has since fallen 76% from that level.
Other meme coins are also on the rise.
Another Solana-based meme coin related to Fartcoin, called Fartboy (FARTBOY), is also increasing; according to CoinGecko, Fartboy rose 60% on April 8, surpassing $0.03. However, this meme coin has also dropped 85% from its peak in mid-February.
Currently, other meme coins outperforming the overall crypto market include SPX6900 (SPX), up 11.5%; Cheems Token (CHEEMS), up 10.5%; AI Companions (AIC), currently up 10%; and Mog Coin (MOG), which rose 33% that day.
Even the veteran meme coin representatives Dogecoin (DOGE) and Shiba Inu (SHIB) have outperformed Bitcoin in the past 24 hours.
Related: The U.S. will launch its first XRP-based ETF, planned to be listed on the NYSE Arca.
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