Trader Doubles Down on Solana Memecoin, Says Crypto Markets About To Save Underwater Positions

A closely followed crypto trader says he’s looking to scoop up more of a Solana (SOL)-based memecoin amid the market correction.

The pseudonymous analyst known as Altcoin Sherpa tells his 236,000 followers on the social media platform X that he’s got his eye on Fartcoin ($FARTCOIN), a memecoin that was created by an anonymous developer referencing the “ideal memecoin” suggested by the artificial intelligence (AI) large language model Truth Terminal.

Altcoin Sherpa says he’s looking to accumulate $FARTCOIN even if it drops to as low as $0.65.

“I’m filling a bit around $0.80ish, approaching my buys. Total buys = some at $1, more at $0.80, and I also moved some other buys to $0.65 in case they come. I want my average to be around $0.80 or lower though. Still think this is a good meme and I’m hopeful it doesn’t pull a goat/act/etc after being listed…

Frankly, I am a bit scared that this trade is a bit too consensus to be honest. It’s a fantastic meme and hits many incredible narratives but it seems almost ‘too’ obvious. But still gonna fire and add.”

Source: Altcoin Sherpa/X

At time of writing, $FARTCOIN is trading at $0.86, still within the trader’s accumulation zone.

Besides $FARTCOIN, the trader names two other altcoins on his radar for potential rallies. They include the decentralized finance (DeFi) protocol Hyperliquid (HYPE) and ai16z (AI16Z) – which claims to be an AI agent-staffed venture capital fund.

Altcoin Sherpa also thinks that the bullish conditions in crypto will eventually return to rescue traders who are now trapped amid the market pullback.

“If you’re underwater, all you have to do is wait a few more weeks and you’ll be saved by the market.”

Generated Image: Midjourney