A popular crypto analyst is still optimistic about a new memecoin that’s already up nearly 50x in less than three months.
The pseudonymous trader known as Altcoin Sherpa says that he thinks the Solana (SOL)-based memecoin Fartcoin (FARTCOIN) will still go up, but he notes that he has some concerns.
“I decided to lower my size on this one yesterday and am going to be patient with Fartcoin from here on out. I still think it’s an amazing meme and it’s going to go much higher but I would like to see it chop around more and make sure it doesn’t suffer the same fate as the other big memes that just had perpetual futures on Binance. Virtual and aixbt are promising but I feel like that’s a bit different than this. Going to watch but will consider adding more later.”
Fartcoin is trading at $0.954 at time of writing. The 122nd-ranked crypto asset by market cap is down nearly 9% in the past 24 hours but up more than 3,750% since it launched in late October.
Altcoin Sherpa also outlines his strategy for investing in artificial intelligence (AI) tokens.
“Most all crypto AI is going to do pretty well this cycle; you just have to choose your horses. Concentration > spraying and praying and on-chain> [centralized exchange] coins as well, i.e. buy 5 good on-chain bags. Don’t buy 20 coins like FET, AR, WLD, etc.”
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