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Whale Dumps WIF and BONK to Increase Fartcoin Position to $9.3 Million, Fueling Speculation of Additional Gains
In a move that has sent shockwaves throughout the cryptocurrency market, a whale has dumped WIF and BONK in favor of Fartcoin, pumping the AI memecoin’s value by 52% on Christmas Eve.
According to blockchain data analytics firm LookOnChain, the large player exchanged $1.03 million worth of WIF and $833K worth of BONK for Fartcoin. This has resulted in a staggering long position of $9.3 million, further fueling speculation that the AI memecoin is set to experience additional gains.
So, why did this whale choose Fartcoin over other AI tokens? The answer may lie in its recent dominance of AI agent mindshare. According to Cookie.fun data, Fartcoin has topped AI agent mindshare at 22%, surpassing other popular AI tokens like AIXBT and Virtual.
This surge in popularity has also led to a strong price performance, with the coin rallying nearly 350% in December alone. The recent endorsement by Truth Terminal, an AI agent, has further boosted its appeal.
The whale’s move has had a profound impact on Fartcoin’s value, erasing early losses and pushing it close to hitting range-highs near $1.4. However, if the price were to experience rejection at this level and drop to the mid-range or range-lows, this could present an attractive buying opportunity.
The data suggests that bullish market sentiment is still prevalent, with derivatives showing a significant spike in trading volume (up 120%) and open interest (OI) reaching 45% over the past 24 hours. This further underscores the massive speculative trading activity seen in the Futures market, which contributed to the Christmas Eve rally.
As of now, the short-term sentiment remains bullish, with longs far outpacing shorts based on data from Coinglass.
Source: ambcrypto.com
