Fartcoin, the meme coin with a cult-like following, saw a sharp decline of over 8% in the past 24 hours, slipping to $1.09 on Tuesday afternoon. This marks its steepest single-day decline in nearly three weeks, erasing roughly $100 million from its total market capitalization and casting doubt on its year-long upward trajectory.
The dip in Fartcoin’s price comes in tandem with a broader cooldown across the crypto market, as Bitcoin and other large-cap assets experience a mild pullback. Now down nearly 28% from its late-June high of $1.51, Fartcoin finds itself flirting with psychological support at the $1.00 mark—a level that could dictate the token’s short-term direction.
According to CoinMarketCap, daily trading volume sits at approximately $238 million, consistent with last week’s average, while CoinGecko data shows an 8.9% slide. With 999.9 million tokens in circulation, Fartcoin’s live market cap stands at $1.09 billion, placing it as the 64th-largest cryptocurrency by market size.
Market sentiment is turning cautious. Chart analysts point to a descending trend line—first established in mid-June—that has repeatedly stifled every recovery attempt. “Trading just at the diagonal resistance, best place to trap breakout traders and early shorters,” noted AltCryptoGems in a fresh technical update.
Adding intrigue, on-chain data from Lookonchain revealed two wallets collectively spent $8.7 million in USDC to buy 7.2 million FARTCOIN on July 6, at an average price of $1.21. This may indicate that some large holders view the pullback as a buying opportunity.
Meanwhile, the Fartcoin development team confirmed that its long-awaited staking portal is set to enter public testing later this quarter. If successful, the move could reduce circulating supply and add new use cases for holders willing to lock tokens for passive income.
Still, derivatives markets are showing restraint. Open interest in perpetual futures has dropped by 12% since Friday, while funding rates on the largest trading pair remain flat, suggesting traders are taking a wait-and-see approach.
If Fartcoin loses the $1.00 support, technicians see the June swing low at $0.87 as the next key level. However, if price holds above $1.00, it keeps the medium-term trend intact—and any future exchange-listing news could reignite bullish momentum.
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