Fartcoin [FARTCOIN] plunged over 12% in a day, significantly underperforming the broader crypto market’s 4% decline. The memecoin broke below a critical four-month support level at $0.2145, with technical indicators and leveraged short positions accelerating the drop. On-chain data further suggests waning holder confidence, as the number of addresses has stagnated.
The memecoin Fartcoin [FARTCOIN] fell more than 12% in the last 24 hours amid a wider market downturn. While the overall memecoin sector slipped 2%, FARTCOIN’s decline was notably steeper despite its association with the AI narrative.
On the charts, the coin breached a key support level at $0.2145 that had held since October. This breakdown confirmed a bearish trend continuation, with the price now approaching its October low of $0.0933.
Derivative positioning reinforced the weakness, as per CoinGlass data. The Long/Short Accounts metric showed 54.25% of accounts were positioned short versus 45.75% long.
Leveraged short orders played a key role in accelerating the price decline. Analysis showed cumulative short liquidation leverage across all exchanges was about $4 million, over four times the $802,000 in long leverage.
Most of this short pressure originated on the Hyperliquid [HYPE] exchange. A significant volume of 50X leverage short orders was added around the $0.17 to $0.18 price zone.
On-chain metrics indicate holders are losing confidence in the memecoin. The number of holders declined slightly from a high and has remained flat throughout February.
This lack of growth suggests diminishing trader interest. The combined pressure from technical breakdowns, leveraged shorts, and stagnant holder growth paints a bearish picture for FARTCOIN.
