fartcoin fartcoin/usd today saw a 4% gain defying the broader market downturn, outperforming major meme coins like dogecoin doge/usd and shiba inu shib/usd.
Fartcoin (FRTCOIN) outperformed the broader market decline today with a 4% increase. Major meme coins such as Dogecoin (Crypto: DOGE) and Shiba Inu (Crypto: SHIB) were also trading in green.
What happened: Notable trader UNIPC revealed his Fartcoin holdings had unrealized PNL of $4.49 million, which dropped by $1.17 million in three days and $2.64 million in three weeks.
Despite the sharp decline, UNIPC remains committed, believing Fartcoin is oversold and bearish sentiment overextended.
The trader emphasized the emotional and financial fluctuations behind the large PNL and highlighted the importance of belief in sticking to the thesis despite setbacks.
He also pointed out the timing of Coinbase's (NASDAQ: COIN) listing announcement, which could be a catalyst for Robinhood (NYSE: HOOD) next.
Kadense Pengu noted that Fartcoin retraced 50% from local highs after an 8x rally, returning to $0.93, which could be a retest level and buying opportunity.
Recent Coinbase listings mark a major milestone, potentially leading to more CEX listings, increasing retail accessibility and expanding meme appeal.
Altcoin Sherpa confirmed the undeniable performance and indicated a long outlook.
More Crypto Online predicted that a potential next rally is in play, targeting a range of $1.10-$1.428 as the first key resistance area.
Why it matters: Fartcoin's Coinbase roadmap listing increased legitimacy and investor interest.
The exchange stated this move was part of efforts to enhance transparency by sharing assets under consideration.
This news triggered a 52.6% increase in 24-hour trading volume.
Coinglass data shows open interest in meme coins suddenly surged (2.2%) post-news. Derivative trading volumes in meme coins increased by 31.4%.
View more: Top 5 Crypto Influencers to Follow in 2023
Benzinga's View: Fartcoin's price action indicates it is facing some short-term selling pressure but has strong interest among meme coins.
Its outperformance compared to other meme coins may be attributed to its limited supply and recent influx of traders following the Coinbase listing.
The Center for Economic and Policy Research estimates about half of American workers can perform jobs from home. This includes workers in administrative support, management, and computer and mathematical professions.
During the coronavirus pandemic, working from home became increasingly important as many lost jobs and sought new opportunities.
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In other news, the Biden administration plans to impose new sanctions on Russia in response to Alexei Navalny's poisoning. Sanctions are expected to target Russian officials and entities involved in the incident.
Navalny, a prominent critic of President Vladimir Putin, was poisoned with a nerve agent in August 2020 during a flight from Tomsk to Moscow. He fell ill during the flight.
After several days in a coma, Navalny was evacuated to a hospital in Novosibirsk and then transferred to Germany for treatment. He remained in a coma for five months and underwent multiple surgeries before being released from the hospital in April 2021.
Navalny returned to Russia in April 2021, where he was immediately arrested upon arrival.
