Why Fartcoin Is Gaining: Whale Buying Spree Explained
After dipping to a low of $0.64, Fartcoin (FARTCOIN) found support at $0.70 and briefly climbed to $0.75 before settling at $0.72 at press time. This marks a 15.03% rise in the last 24 hours, while its market capitalization also grew by 13%, reaching $729 million.
The recovery appears to be driven by aggressive whale accumulation. Blockchain data firm Nansen reported that since September 29, whales have consistently bought more tokens than they’ve sold. On October 5 alone, large holders acquired 15.14 million Fartcoin while offloading just 4.48 million, resulting in a net accumulation of over 10 million tokens.
Top holders have increased their balances by 33.57%, now controlling 684.7 million tokens. Simultaneously, whale exchange deposits dropped by 5.16%, suggesting fewer sell-offs.
Supporting this trend, Spot Netflow data from CoinGlass revealed continued negative flows, with a recent figure of -$968.5k—down from -$1.6 million the day prior. This implies tokens are being withdrawn from exchanges, a typical signal of accumulation.
Derivatives trading also surged. Futures volume jumped 14.12% to $1.11 billion, while Open Interest rose 16.19% to $659 million. However, sentiment remains mixed. The Long/Short Ratio fell to 0.97, hinting at a bearish bias, though OKX’s platform showed more optimism with a ratio of 2.82.
Indicators suggest potential volatility. The Stochastic RSI surged to 94, signaling overbought conditions, while the Relative Strength Index hit 51—entering bullish territory.
According to AMBCrypto, “If demand from whales holds steady, Fartcoin could reclaim $0.79 and potentially target the $1 mark.” However, if momentum fades, a drop to $0.64 may be next.
