cryptopolitan.com
One of the most widely watched meme token traders, sbfonchain.sol, is back to buying. This time, the risk-taking wallet holder accumulated FARTCOIN, the hottest meme created by an AI agent.
The wallet of sbfonchain.sol now contains FARTCOIN, a trending crossover between memes and AI agents. The asset, created based on the ideas of an AI model, has acquired cult status in the past month, reaching a series of all-time highs.
The sbfonchain.sol wallet spent 19,103 SOL, averaging into FARTCOIN in the past 24 hours. The accumulation was at an average price of $1.17, for a total of 3.25M FARTCOIN. After the purchase, the token remained inactive for a few hours.
The purchase is relatively small in comparison to previous bigger whale inflows. As of December 19, one whale purchased $43.77M of FARTCOIN, just before the token’s all-time high.
The sbfonchain.sol wallet is known for risky trades
The wallet of sbfonchain.sol has become active for the first time since November 27, taking positions in high-profile memes. In the interim, the wallet buys and flips more obscure meme tokens. For some of the trades, the wallet bought in near the top.
In September, sbfonchain.sol also traded Moodeng (MOODENG) while the asset was trending. After that, the wallet holder flipped Chillguy (CHILLGUY), later divesting all holdings.
The buyer’s approach is to roll into hot tokens with large sums, then take profit or cut losses quickly within hours. Previously, the wallet had spent $1.44M on FARTCOIN, flipping the asset soon after that.
The latest purchase of FARTCOIN had a similar timeline, as the wallet rolled over all funds into the meme. The purchase was made right after the token dipped from recent highs of $1.27 down to $0.94. The wallet’s holdings are relatively minor, outside the list of top 150 addresses, but the public profile is drawing more attention to the asset and to the opportunity of buying the dip.
Soon after the purchase, the wallet experienced a loss, as the holdings sank from $3.2M to $3.097M in valuation. Overall, the wallet’s performance in the past month has been somewhat underwhelming, as previous flips on DogWifHat (WIF) incurred losses.
The previous losses, however, did not seem to faze the wallet owner, as the risky trades continued. The wallet is also not careful with divesting the holdings, as in the case of crashing the MANYU token by directly liquidating all reserves.
The wallet was first noted for moving between meme tokens in May. It also gained attention because of its vanity name. There is so far no evidence proposed that the wallet belongs to Sam Bankman-Fried, the founder of the defunct FTX exchange.
Whale buyer enters the market as FARTCOIN expands to new trading hubs
FARTCOIN started out as an unserious asset, similar to GOAT and other AI-generated memes. As the asset grew its owner base, exchanges started to pay attention. The meme is held in more than 51K wallets.
At first sight, FARTCOIN has a relatively wide distribution, although some of the wallets may be connected and control a larger portion of the supply. The token was also one of the largest holdings in the Truth Terminal wallet.
Later, FARTCOIN became a community-owned token, with no known cabal or group of buyers. The wide community put FARTCOIN at the top of all Solana projects based on the number of unique addresses and wallets.
The recent purchase by sbfonchain.sol came a day after FARTCOIN was listed on KuCoin. The token was added to the dy/dx futures market a week ago. OKX started trading FARTCOIN on its perpetual futures market starting at 4 AM UTC on December 20.
The token will gain a futures market along with AI16Z. FARTCOIN has the advantage of turning into a cult meme, while also riding the AI agent narrative. Both categories are the consensus choices for creating FOMO among buyers, tapping into the demand for irrational memes and social media cults.
While the overall meme market slowed down, FARTCOIN used the moment to extend its rally and gain more attention. Recently, the token broke above the $1B market cap barrier, surpassing GOAT and almost competing with the AI16Z token.
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