Fartcoin Smart Trader Bets Heavily As Open Interest Hits Record High
Highlights
- Fartcoin smart trader's recent accumulation ignites optimism amid an ongoing bull run.
- Fartcoin price is up over 170% over the month and 30% over the week.
- The Solana meme coin's futures OI hit a new high, topping $600 million.
The renowned meme crypto Fartcoin has recently secured a hotspot on crypto traders’ and investors’ radars, embarking on a bull run with over 170% monthly gains and 30% weekly. Recent market data indicated that a smart trader has made heavy bets on the Solana meme crypto amid this bull run. Therefore, broader market sentiments about the token’s long-term price prospects remain bullish. A peculiar surge in the meme token’s Open Interest (OI), as it hit a new high, has solidified bullishness in the interim.
Fartcoin Smart Trader Bets Heavily Again, What’s Happening?
According to the tracker Loononchain on X, a Fartcoin smart trader who earlier made $5 million has once again made bets on the same token. As per the data, this smart crypto trader spent 563K USDT to buy 488K tokens intraday. In turn, this trader now holds $2.48 million worth of the Solana meme coin.
Previous data shows that the same trader entered the token’s market when its market cap was $32 million, making the abovementioned $5 million profit. However, as of press time, the Solana meme coin‘s market cap rested at $1.17 billion, underlining remarkable growth.
For context, smart traders are experienced investors in the market, known for their profit-booking strategies. Thus, the meme coin accumulation gained significant traction, suggesting that a sustained bull run and more gains lie ahead.
As of press time, Fartcoin price soared nearly 14% intraday and exchanged hands at $1.17. The Solana meme coin’s weekly and monthly charts showcased gains of 30% and 178%, respectively.
Open Interest Hits Record High
Besides, Coinglass data signaled that the meme coin’s futures OI recently topped the $600 million mark, surging nearly 12% in just a day. On the other hand, even the token’s derivatives market volume soared 32% to $1.89 billion. These statistics underlined heightened market interest in the token, further carving out a bullish future for price action.
Not long ago, the meme coin was even trading below the $1 price level. Now, CoinGape has reported that Fartcoin price in April could reach as high as $50, an optimistic but not impossible price target, given the recent bullish metrics.
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