Fartcoin [FARTCOIN] Whales Are Engaging in a Frenzy of Trading Activity

On a daily time frame, Fartcoin [FARTCOIN] has experienced a massive surge in its trading volume as whale activity spiked.

On Monday, August 21, Fartcoin [FARTCOIN] experienced a massive surge in its trading volume on a daily time frame.

This uptick in activity was linked to increased engagement from whales, who are engaging more with the memecoin.

According to on-chain tracking platform EyeOnChain, a whale just spent $2 million to buy 1.81 million Fartcoin tokens in the past two hours.

After the purchase, the whale sat on a 1.81% profit.

On the other hand, Arkham Intelligence noted that another whale offloaded $4.7 million worth of Fartcoin.

According to the on-chain tracker, this whale acquired $2.4 million worth of Fartcoin at $0.2 and $0.3 two months ago.

Before the latest sale activity, the whale was holding $10.4 million in Fartcoin and now, after selling, holds $5.57 million worth of the memecoin.

This activity comes amid a positive order imbalance in the market.

According to data from ChainGlass, buyers are outpacing sellers.

This positive imbalance is evidenced by a negative Spot Netflow. This metric has held within negative territory over the past four days.

At press time, spot netflow sat at -$715.6k, reflecting a higher buying pressure with exchange outflows outpacing inflows.

These buyers have pushed the Relative Strength Index (RSI) to almost overbought territory.

At press time, Fartcoin’s RSI (14) on the 4-hour chart sat at 64, slipping slightly from 69. The downturn suggests buyer fatigue could soon set in.

However, despite the massive selling activity, buying pressure remains strong.

According to AMBCrypto’s analysis, the market sentiments are shifting from bullish to bearish.

As such, Fartcoin’s Weighted Sentiment has turned negative again after holding positive for three consecutive days. A drop here reflects growing concerns among investors as they anticipate a potential correction.

This shift is even more evident among Long/Short position holders. As of this writing, short positions have overtaken longs, with 55.26% of traders betting against the price. Only 44% remain on the long side.

When shorts dominate, it suggests that most investors are bearish and expect prices to decline in the near term.

This aligns with the broader market trend, where the broader crypto market cap has slipped by 0.27% in the past hour.

According to data from Coinalyze, the majority of traders entering the market are mostly shorting Fartcoin as they see an eventual decline.

This uptick in activity comes as Trading Volume shot up on Monday.

This increase in trading volume often signals heightened volatility or market activity.

Rising Trading Volume with bearish sentiments indicates that bears are attempting to retake the market.

If the bears have their way, Fartcoin will drop to $1.03.

A failure to hold this level will see a drop below $1.

However, if whales increase buying pressure and avert this bearishness, the memecoin could reclaim $1.2.