Fartcoin increased by 17%: How long will the upward trend last?

* The participation of new users and purchases in the spot market have pushed the price of FARTCOIN higher.

• The buying sentiment in the derivatives market remains strong; however, there is a difference that exists.

Fartcoin [FARTCOIN] is still one of the strongest moving cryptocurrencies in the past 24 hours as this memecoin increased by over 17%.

Many factors in the market indicate the reasons for this happening and the potential for the asset to continue recording additional profits in upcoming trading sessions.

Many users invest in memecoin

According to data from Nansen, many users have invested in this memecoin.

As of now, a total of 451 new users have purchased FARTCOIN in the recent period, bringing the total number of users holding this asset to over 89,000.

Source: Coinglass

Analysis shows that new users, combined with spot traders, have pushed the total FARTCOIN purchases to a value of 2.95 million USD in the past 24 hours.

The recent surge in attracting new users and significant buying activity has driven the value of FARTCOIN higher.

However, the derivatives market has also contributed to this movement and may affect the price decline.

The derivatives market can affect the movement of FARTCOIN

Along with spot traders, most derivatives traders in the market are holding long positions, betting on a price increase.

The Funding rate, for example, shows which side is paying the premium, indicating that bullish investors are doing so at a rate of 0.0453%.

Source: Coinglass

This index is noteworthy because the Funding Rate has remained positive since April 26 — two consecutive days — and continues to rise, indicating strong bullish sentiment.

Similarly, Open Interest (OI), which shows the current number of unsettled derivatives contracts, rose 11.23% to $617.94 million, likely due to long-term investors dominating the market.

However, there is one point to note: The Funding OI Weighted rate has decreased significantly.

Source: Coinglass

The Funding OI Weighted rate has decreased from 0.1185% to 0.0067%, a much lower level.

Although this decline remains within a positive range, indicating that FARTCOIN is still trending upwards in the derivatives market, the buying volume in the market is noticeably decreasing. This drop in volume could affect the market's movement in the future.

The performance of Memecoin is high

The performance of memecoin in the market has been very impressive over the past 30 days, as buying volume continues to grow.

The volume over the past 30 days has increased by 16.15% to 6.988 billion USD, along with a rise in market capitalization of 11.96% to 58 billion USD.

Source: CoinMarketCap

When the market capitalization and volume increase together, this indicates a growing interest in memecoins, with FARTCOIN being the focal point as a leading Token.

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