A crypto analyst, known as Altcoin Sherpa, is doubling down on a memecoin called Fartcoin (FARTCOIN) that’s seen a massive 4,000% increase in just two months. Despite the huge gains, he’s cautiously optimistic.
Still Buying the Dip?
Sherpa, who boasts a large following on X (formerly Twitter), revealed he’s continuing to buy FARTCOIN, aiming for an average purchase price around $0.80. He acknowledges the risk, stating that the coin’s popularity might be a warning sign. Currently trading at around $0.81, FARTCOIN is down slightly in the last 24 hours but remains significantly up since its launch in late October.
The Catch: Too Much Hype?
Sherpa expressed concern that FARTCOIN’s success is almost too obvious, suggesting a potential risk of a sudden price drop. He admits the memecoin has strong narratives driving its growth but worries about the level of consensus around it. Despite his apprehension, he plans to continue buying.
Ethereum’s Uncertain Future
The analyst also shared his mixed feelings about Ethereum (ETH), noting its crucial role in the altcoin market. He’s waiting for clearer signals from Bitcoin (BTC) before making any significant moves with ETH, suggesting a period of patience is needed.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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