• FARTCOIN is bucking market trends, exploding with triple-digit gains this month!
• Are whales cashing out and threatening the climb to $1? Let’s take a look.

Fartcoin [FARTCOIN] is still riding high as a top weekly performer! While it’s not seeing quite the crazy triple-digit gains anymore, it’s still holding strong with double-digit growth. This slight slowdown might be because some big investors are taking profits, especially after FARTCOIN bounced back to $0.98 on April 11th.

And guess what? On-chain data from Lookonchain backs this up! It looks like some big whale wallets have sold off around 8.5 million FARTCOIN tokens in the last couple of days. At the current price, that’s a pretty hefty $8.33 million worth of tokens hitting the market.

Now, Fartcoin is getting close to that big psychological milestone – the $1 mark! But these large sell-offs we’re seeing could actually slow down the rally. It might create some strong resistance, making it harder to break through, especially in that $0.80 to $0.98 range.

But can this memecoin pull off another surprise and beat the market again?

Diving Deeper: Technicals and On-Chain Insights

Looking at the monthly chart, FARTCOIN has absolutely exploded with a massive 239.14% surge! That’s made it the absolute king of gains this month.

Amazingly, this memecoin has dodged most of the big market dips. It seems like when there’s a lot of fear and uncertainty (we call it FUD in crypto!), money might be flowing out of safer bets and into riskier, high-potential coins like FARTCOIN. This gives FARTCOIN a real edge over other coins right now.

But it’s not just hype! Even the underlying stuff looks strong. Adoption is going through the roof! The number of wallets holding FARTCOIN has shot up by 146.20% since the start of the year, now reaching a whopping 408,377.

And get this – Digging deeper, the number of wallets holding more than 10,000 FARTCOIN – we call them the “hodler” crew – has bounced back to levels we last saw in late March, with 5,125 of these beefy wallets right now. That means, at a minimum, they’re sitting on a massive 51.25 million FARTCOIN tokens!

But hold on a minute! Even with all this good news, we need to be a bit careful. Those whale sell-offs we talked about, combined with something called the RSI (it’s like a speedometer for price momentum) flashing “overbought” – it suggests FARTCOIN might be getting a little ahead of itself technically. Is it rising too fast, too soon? Maybe.

Is FARTCOIN Too Hot to Handle? Overbought vs. Overvalued – Here’s the Difference

Let’s talk about something called the MVRV ratio (Market Value to Realized Value). Basically, it compares the current price to the average price everyone paid for it way back when. If this ratio goes above 3.0, it’s often a red flag that things are getting seriously overvalued.

Right now, FARTCOIN’s MVRV ratio is around 1.50. That’s actually a good sign! Unlike previous market peaks where this ratio shot way over 3 near the $1 mark, it means FARTCOIN isn’t technically in “overvalued” territory just yet.

Source: Glassnode

However, just because it’s not overvalued doesn’t mean we’re in the clear. FARTCOIN could still see a technical pullback.

Think about this: over 85% of all FARTCOIN out there is currently in profit! That’s the highest level since back in that January rally. Plus, we’re seeing something called LTH NUPL (Long-Term Holder Net Unrealized Profit/Loss) staying high, suggesting we’re in a “euphoria” phase. All this basically means long-term investors might be tempted to cash in some of their gains.

But here’s the good news: because FARTCOIN doesn’t look overvalued, it shows people still really believe in it. This means any dip we see might not last too long, and the potential for more gains in the future is still definitely there.

So, when you put it all together – FARTCOIN’s strong base, its ability to attract cash during market panics, and that MVRV ratio saying it’s not overhyped – it paints a picture of a pretty interesting opportunity!

Bottom line? That $1 target everyone’s watching? It could be closer than anyone thinks.