One of the most viewed meme token traders, sbfonchain.sol, has bought back. This time, the risk-taking wallet holder accumulated FARTCOIN, the most popular meme created by an artificial intelligence agent.
the wallet of sbfonchain.sol now contains FARTCOIN, a trending cross between memes and artificial intelligence agents. The asset, created from the insights of an AI model, has gained cult status in the last month and has hit a series of all-time highs.
The sbfonchain.sol wallet spent 19,103 SOL, averaging FARTCOIN in the last 24 hours. The accumulation had an average price of $1.17, for a total of 3.25M FARTCOIN. After the purchase, the token remained dormant for a few hours.
The purchase is relatively small compared to previous whale influxes. As of December 19, one whale bought $43.77 million worth of FARTCOIN, just before the token’s all-time high.
sbfonchain.sol wallet is known for its risky operations
The sbfonchain.sol wallet has become asset for the first time since November 27, taking positions on high-profile memes. Meanwhile, the wallet purchases and releases more obscure meme tokens. For some of the trades, the wallet was bought near the top.
In September, sbfonchain.sol also traded Moodeng (MOODENG) while the asset was trending. After that, the wallet holder flipped Chillguy (CHILLGUY) and then got rid of all his holdings.
The buyer’s approach is to accumulate large sums of tokens and then quickly make profits or reduce losses within hours. Previously, the wallet had spent $1.44 million on FARTCOIN, investing the asset shortly after.
The last FARTCOIN purchase had a similar timeline, as the wallet transferred all funds to the meme. The purchase was made just after the token fell from recent highs of $1.27 to $0.94. The wallet’s holdings are relatively minor, outside the list of the top 150 addresses, but the public profile is drawing more attention to the asset and the opportunity to buy the dip.
Shortly after the purchase, the wallet experienced a loss as holdings fell from $3.2 million to $3.097 million in valuation. Overall, the wallet’s performance over the past month has been somewhat disappointing, as previous exchanges on DogWifHat (WIF) incurred losses.
However, the previous losses did not seem to faze the wallet owner as the risky trades continued. The wallet is also careless in divesting holdings, such as in the case of crashing the MANYU token by directly liquidating all reserves.
The wallet first became notable for moving between meme tokens in May. He also attracted attention for his conceited name. So far there is no proposed evidence that the wallet belongs to Sam Bankman-Fried, the founder of the defunct FTX exchange.
Whale Buyer Enters Market as FARTCOIN Expands to New Malls
FARTCOIN started out as a non-serious asset, similar to GOAT and other AI-generated memes. As the asset grew its owner base, exchanges began to pay attention. The meme is found in more than 51,000 wallets.
At first glance, 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.
FARTCOIN later became a community-owned token, with no known clique or group of buyers. The broad community placed 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 list in KuCoin. The token was added to the dy/dx futures market a week ago. OKX began trading FARTCOIN on its perpetual futures market starting at 4 am UTC on December 20.
The token will gain a futures market alongside AI16Z. FARTCOIN has the advantage of becoming a cult meme, while also building on the AI agent narrative. Both categories are consensus options to create FOMO among buyers, capitalizing on the demand for irrational and cult memes on social media.
While the overall meme market slowed down, FARTCOIN took advantage of the moment to extend its rally and gain more attention. Recently, the token surpassed the $1 billion market cap barrier, surpassing GOAT and almost competing with the AI16Z token.
A step-by-step system to kick-start your Web3 career and land high-paying crypto jobs in 90 days.
