Fartcoin, a Solana-based memecoin with no utility, stunned the crypto community by surging 435% over the past 30 days.

On Dec. 18, it briefly crossed the $1 billion market cap mark, a surprising feat as most altcoins faced double-digit losses.

A Solana (SOL)-based memecoin with no utility, Fartcoin (PRT), has left the crypto community bewildered with a 435% price increase over the last 30 days. On Dec. 18, it briefly touched the $1 billion market capitalization level.

This surprising development comes as most altcoins have faced double-digit losses. However, Fartcoin has emerged as an outlier amid this downturn.

Between 8:20 pm and 9:00 pm UTC on Dec. 18, its price surged 21% to $1.02, bringing its market cap to $1.02 billion. As per CoinMarketCap data, Fartcoin is currently valued at $1.27, showing a 38% increase in the last 24 hours.

The sudden rise of Fartcoin, which lacks any utility, sharply contrasts with the performance of other altcoins. While major cryptocurrencies like Dogwifhat, Bonk, and Theta Network have incurred double-digit losses, Fartcoin’s surge stands out.

Brandon Beylo amusingly noted on X (formerly Twitter), “The funniest possible outcome is usually the most likely,” suggesting that investors are buying Fartcoin for “safety.” At the same time, investment firm Hedgeye added, “Fartcoin briefly hits $1 billion as investors flee risk assets.”

Launched on Oct. 24, Fartcoin has already seen wild volatility, reaching a $423 million market cap by Nov. 22 before falling to $160 million on Dec. 5. Its current surge further highlights its growing appeal despite the lack of utility.

As the broader crypto market faces difficulties, Fartcoin’s unexpected rise epitomizes the unpredictable and often humorous nature of the cryptocurrency world.