🚨Just IN: Fartcoin Takes a Tumble After AI Bot Creator Offloads Massive Holdings
In a dramatic turn of events, the Solana-based meme coin Fartcoin has seen its price plummet by 17% in the last 24 hours. This sharp decline follows the news that Andy Ayrey, the creator of the popular AI bot Truth Terminal, has sold off a significant portion of Fartcoin holdings.
Truth Terminal, which gained viral fame in October 2024 for its quirky antics, including incessant goatse posting, had become a magnet for meme coins. The AI bot's wallet received 20 million Fartcoin tokens, which were then transferred to two separate wallets in an over-the-counter trade worth over $22 million.
The sale involved 15 million Fartcoin tokens, with one of the receiving wallets later transferring 5.5 million tokens to an account tagged as market maker Wintermute. This large-scale transaction has sent ripples through the market, causing Fartcoin's price to drop from its all-time high of $2.48 to $1.59.
Ayrey mentioned that the decision to sell was partly driven by the legal and tax complexities associated with an AI bot holding millions in assets. He indicated that any future adjustments to Truth Terminal's holdings will be minimal until there is more legal clarity, expected at the earliest by March.
Despite the current downturn, Fartcoin remains one of the top meme coins on Solana, though its market capitalization has taken a hit. The token's ability to hold above key support levels, particularly the $1 mark, will be crucial in determining its future trajectory in the volatile crypto market.
⚠️ Disclaimer: This analysis is for informational purposes only and should not be considered financial or investment advice. #memecoin #crypto #solana #ai #cryptocurrency #bitcoin
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