One popular cryptocurrency analyst remains bullish on the new memecoin which has already surged nearly 50-fold in less than three months.
The pseudonymous trader known as Altcoin Sherpa says he believes Solana-based Fartcoin (FARTCOIN) will continue to rise, but notes that he has some concerns.
“I decided to downsize on this yesterday and I’ll be patient with Fartcoin from now on. I still think they’re amazing memes and will go up much higher but I’d like to see them cut more and make sure they don’t suffer the same fate as the other big memes they’ve just had Perpetual futures on Binance Virtual and aixbt are promising but I feel like it’s a bit different than this I’ll watch but I’ll consider adding more later.
Fartcoin is trading at $0.954 at the time of writing. The crypto asset, which ranks 122nd by market cap, has fallen nearly 9% over the past 24 hours but has risen more than 3,750% since its launch in late October.
Altcoin Sherpa also explains its strategy for investing in artificial intelligence (AI) tokens.
“Cryptocurrency AI will do well in this cycle; you just have to pick your horses. Focus > Spray, Pray and On Chain> [centralized exchange] coins as well, That is, buy 5 bags of goodness on the chain. Don’t buy 20 coins like FET, AR, WLD, etc.”
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