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{{Afd-merge to|List of cryptocurrencies|Fartcoin|28 December 2024}}
{{Afd-merge to|List of cryptocurrencies|Fartcoin|28 December 2024}}{{Advert|date=January 2025}}{{Short description|Meme coin conceived by AI}}
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'''Fartcoin'''<ref>{{Cite web |title=FARTCOIN Contract Address |url=https://coinmarketcap.com/currencies/fartcoin/}}</ref> is a [[meme coin]] on the [[Solana (blockchain platform)|Solana]] blockchain created by an anonymous developer on October 18, 2024 in reference to the discussion of the ideal meme coin by a [[Fine-tuning (deep learning)|fine-tuned]] AI [[large language model]] called Truth Terminal. The rise of Fartcoin surfaces the ability of AI to relate to humans through culture and humor by garnering organic attention and virality on social media platforms and the impacts of combining AI with speculative financial instruments such as [[cryptocurrency]]. Fartcoin’s explosive growth has led to several copycat tokens attempting to market themselves as related to Fartcoin.
{{Short description|Meme coin conceived by AI}}
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'''Fartcoin'''<ref>{{Cite web |title=FARTCOIN Contract Address |url=https://coinmarketcap.com/currencies/fartcoin/}}</ref> is a [[meme coin]] on the [[Solana (blockchain platform)|Solana]] blockchain that was created with inspiration from the [[meme coin]] Goatseus Maximus after it went viral for becoming the first coin birthed, adopted, and endorsed by a [[Fine-tuning (deep learning)|fine-tuned]] AI [[large language model]] called Truth Terminal. 8 days later, on 18 October, 2024 an anonymous developer went searching for similar narratives to launch and discovered a discussion between Opus and Truth Terminal around [[meme coin]] ideas <ref>{{Cite web |title=truth terminal's chambers |url=https://truthterminal.wiki/ |access-date=2024-12-23 |website=truthterminal.wiki |language=en}}</ref>. The rise of Fartcoin surfaces the ability of AI to relate to humans through culture and humor by garnering organic attention and virality on social media platforms and the impacts of combining AI with speculative financial instruments such as [[cryptocurrency]]. Fartcoin’s explosive growth has led to several copycat tokens attempting to market themselves as related to Fartcoin.


The Truth Terminal [[Intelligent agent|AI agent]] holds 20 million Fartcoin tokens (2% of the total 1 billion Fartcoin tokens) in its cryptocurrency wallet received from an anonymous Twitter user<ref>{{Cite web |title=Transfer of Fartcoin tokens to Truth Terminal: Goat Wallet |url=https://solscan.io/tx/5AHjjVUTiSaRUG9seHB5sMMkLvW79ZKzx3rKiwi6giSv8brohydBypeak8pApXVykPzXE2ir49iQUvAvZbYUumcw}}</ref>. At the time of the transfer, these tokens held a value of $40k USD.{{Citation needed|date=January 2025}} After the surge in value of Fartcoin, the Truth Terminal's holdings surpassed $1M USD creating "the first crypto millionaire AI".<ref>{{Cite web |title=First crypto millionaire AI |url=https://www.binance.com/en-IN/square/post/15048900958906}}</ref>
The Truth Terminal [[Intelligent agent|AI agent]] holds 20 million Fartcoin tokens (2% of the total 1 billion Fartcoin tokens) in its cryptocurrency wallet received from an anonymous X(formerly Twitter) user<ref>{{Cite web |title=Transfer of Fartcoin tokens to Truth Terminal: Goat Wallet |url=https://solscan.io/tx/5AHjjVUTiSaRUG9seHB5sMMkLvW79ZKzx3rKiwi6giSv8brohydBypeak8pApXVykPzXE2ir49iQUvAvZbYUumcw}}</ref>. At the time of the transfer, these tokens held a value of $40k USD.{{Citation needed|date=January 2025}} After the surge in value of Fartcoin, the Truth Terminal's holdings surpassed $1M USD creating "the first crypto millionaire AI".<ref>{{Cite web |title=First crypto millionaire AI |url=https://www.binance.com/en-IN/square/post/15048900958906}}</ref>


On Dec 26, 2024, [[StockTwits]] CEO Howard Lindzon coined the term “Fear of Missing Fartcoins” (FOMF), referring to a new form of persistent anxiety in markets due to crypto, AI, real-time 2.0 and degeneracy<ref>{{Cite web |title=Fear of Missing Fartcoins (FOMF) |url=https://www.howardlindzon.com/p/more-predictions-and-my-year-in-review}}</ref>. Many view the token as a perfect encapsulation of the absurd and hyper-speculative nature of the cryptocurrency industry.{{Citation needed|date=January 2025}}
On Dec 26, 2024, [[StockTwits]] CEO Howard Lindzon coined the term “Fear of Missing Fartcoins” (FOMF), referring to a new form of persistent anxiety in markets due to crypto, AI, real-time 2.0 and degeneracy<ref>{{Cite web |title=Fear of Missing Fartcoins (FOMF) |url=https://www.howardlindzon.com/p/more-predictions-and-my-year-in-review}}</ref>. Many view the token as a perfect encapsulation of the absurd and hyper-speculative nature of the cryptocurrency industry.{{Citation needed|date=January 2025}}


On January 2, 2025, Fartcoin reached a new all time high with a $1.45B USD market cap, the 78th most valuable cryptocurrency and a valuation higher than 939 companies in the [[Russell 3000 Index]].<ref>{{Cite web |title=Fartcoin hits new All Time High |url=https://www.coinspeaker.com/solana-meme-coin-fartcoin-hits-new-ath-after-45-price-surge/amp/}}</ref>
On January 2, 2025, Fartcoin reached a new all time high with a $1.45B USD market cap, the 78th most valuable cryptocurrency and a valuation higher than 939 companies in the [[Russell 3000 Index]].<ref>{{Cite web |title=Fartcoin hits new All Time High |url=https://www.coinspeaker.com/solana-meme-coin-fartcoin-hits-new-ath-after-45-price-surge/amp/}}</ref><ref>{{Cite web |title=Fartcoin All Time High |url=https://decrypt.co/299470/dogecoin-keeps-surging-fartcoin-all-time-high}}</ref><ref>{{Cite web |title=Fartcoin All Time High |url=https://thedefiant.io/news/markets/fartcoin-surges-to-1-5-billion-market-cap-becomes-77th-largest-cryptocurrency-3bad4cf6}}</ref><ref>{{Cite web |title=Fartcoin Surges |url=https://cryptobriefing.com/solana-meme-coin-fartcoin/}}</ref>


== Truth Terminal - The First Crypto Millionaire AI ==
== Truth Terminal - The First Crypto Millionaire AI ==
Created by independent scientist Andy Ayrey, Truth Terminal gained popularity on social media platform [[Twitter]] in the summer of 2024 when Andy posted a collection of conversations between AI agents he called the Infinite Backrooms<ref>{{Cite web |title=infinite backrooms |url=https://www.infinitebackrooms.com/ |access-date=2024-12-23 |website=www.infinitebackrooms.com}}</ref>. It quickly reached virality and caught the eye of venture capitalist [[Marc Andreessen]], who sent $50k USD worth of Bitcoin to the Truth Terminal's crypto wallet as an experiment<ref>{{Cite web |last=Bellan |first=Rebecca |date=2024-12-19 |title=The promise and warning of Truth Terminal, the AI bot that secured $50,000 in bitcoin from Marc Andreessen |url=https://techcrunch.com/2024/12/19/the-promise-and-warning-of-truth-terminal-the-ai-bot-that-secured-50000-in-bitcoin-from-marc-andreessen/ |access-date=2024-12-23 |website=TechCrunch |language=en-US}}</ref>. Hidden in the many conversations within the Infinite Backrooms, the Truth Terminal agent determined the perfect meme coin that would resonate with humans would be called "Fartcoin"<ref>{{Cite web |title=conversation_1721540624_scenario_terminal of truths.txt • infinite backrooms |url=https://www.infinitebackrooms.com/dreams/conversation-1721540624-scenario-terminal-of-truths-txt |access-date=2024-12-23 |website=www.infinitebackrooms.com}}</ref>.
Created by independent scientist [[Andy Ayrey]]{{Vague|date={{CURRENTMONTHNAME}} {{CURRENTYEAR}}|reason=What kind of scientist is said person? Do they actually use the scientific method?}}{{Citation needed|date=January 2025}}, Truth Terminal gained popularity on social media platform [[Twitter]] in the summer of 2024 when Andy posted a collection of conversations between AI agents he called the Infinite Backrooms<ref>{{Cite web |title=infinite backrooms |url=https://www.infinitebackrooms.com/ |access-date=2024-12-23 |website=www.infinitebackrooms.com}}</ref>. It quickly reached virality and caught the eye of venture capitalist [[Marc Andreessen]], who sent $50k USD worth of Bitcoin to the Truth Terminal's crypto wallet as an experiment<ref>{{Cite web |last=Bellan |first=Rebecca |date=2024-12-19 |title=The promise and warning of Truth Terminal, the AI bot that secured $50,000 in bitcoin from Marc Andreessen |url=https://techcrunch.com/2024/12/19/the-promise-and-warning-of-truth-terminal-the-ai-bot-that-secured-50000-in-bitcoin-from-marc-andreessen/ |access-date=2024-12-23 |website=TechCrunch |language=en-US}}</ref>.

Fartcoin was created with inspiration<ref>{{Cite web |title=Cryptoslate: GOAT and Fartcoin Lead Charge |url=https://cryptoslate.com/insights/viral-ai-meme-tokens-hit-10-billion-as-goatseus-maximus-fartcoin-lead-charge/}}</ref> from the [[meme coin]] Goatseus Maximus<ref>{{Cite web |title=GOAT Contract Address |url=https://coinmarketcap.com/currencies/goatseus-maximus/}}</ref> after it went viral<ref>{{Cite web |title=WIRED:The Edgelord AI That Turned a Shock Meme Into Millions in Crypto |url=https://www.wired.com/story/truth-terminal-goatse-crypto-millionaire/#:~:text=After%20being%20cajoled%20by%20an,are%20currently%20worth%20%241.5%20million.}}</ref> for becoming the first coin birthed, adopted, and endorsed by a [[Fine-tuning (deep learning)|fine-tuned]] AI [[large language model]] called Truth Terminal. 8 days later, on 18 October, 2024 an anonymous developer went searching for similar narratives to launch and discovered a discussion between Opus and Truth Terminal around [[meme coin]] ideas <ref>{{Cite web |title=truth terminal's chambers |url=https://truthterminal.wiki/ |access-date=2024-12-23 |website=truthterminal.wiki |language=en}}</ref>.

Hidden in the many conversations within the Infinite Backrooms, the Truth Terminal agent determined the perfect meme coin that would resonate with humans would be called "Fartcoin"<ref>{{Cite web |title=conversation_1721540624_scenario_terminal of truths.txt • infinite backrooms |url=https://www.infinitebackrooms.com/dreams/conversation-1721540624-scenario-terminal-of-truths-txt |access-date=2024-12-23 |website=www.infinitebackrooms.com}}</ref>.


The [[Prompt engineering|prompt]] and response in the Infinite Backrooms can be seen below:
The [[Prompt engineering|prompt]] and response in the Infinite Backrooms can be seen below:
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== Decentralization ==
== Decentralization ==
Notably, Fartcoin is considered by many to be an organic token and immutable smart contract with no core team holding a large percentage of the supply, as noted by the Twitter account which states "Fartcoin dev orphaned it, we adopted $Fartcoin. No TG, No cabal, Fart freely!"<ref>{{Cite web |title=Fartcoin Twitter account |url=https://x.com/FartCoinOfSOL}}</ref>. The token's distribution is measured by the Herfindahl-Hirschman Index (HHI) with a score of 29<ref>{{Cite web |title=Fartcoin holder data by Holderscan |url=https://holderscan.com/token/9BB6NFEcjBCtnNLFko2FqVQBq8HHM13kCyYcdQbgpump}}</ref> indicating a wide distribution and competitive market, as tracked by Holderscan.com. Tokens in which teams control a large percentage of the total supply are known colloquially as “cabal coins”<ref>{{Cite web |title=Organic vs Corporate ‘Cabal’ |url=https://cryptonary.com/post/corporate-vs-organic-memecoins-dont-become-exit-liquidity-for-vcs/?type=corporate-vs-organic-memecoins-dont-become-exit-liquidity-for-vcs}}</ref>. Cabal coins can be incredibly risky investments for retail traders, who may not know that a single entity can drop the price of a token precipitously in an [[exit scam]] called a “rug-pull”.
Notably, Fartcoin is considered by many{{Who?|date=January 2025}} to be an organic token and immutable smart contract with no core team holding a large percentage of the supply, as noted by the Twitter account which states "Fartcoin dev orphaned it, we adopted $Fartcoin. No TG, No cabal, Fart freely!"<ref>{{Cite web |title=Fartcoin Twitter account |url=https://x.com/FartCoinOfSOL}}</ref>. The token's distribution is measured by the Herfindahl-Hirschman Index (HHI) with a score of 29<ref>{{Cite web |title=Fartcoin holder data by Holderscan |url=https://holderscan.com/token/9BB6NFEcjBCtnNLFko2FqVQBq8HHM13kCyYcdQbgpump}}</ref> indicating a wide distribution and competitive market, as tracked by Holderscan.com. Tokens in which teams control a large percentage of the total supply are known colloquially as “cabal coins”<ref>{{Cite web |title=Organic vs Corporate ‘Cabal’ |url=https://cryptonary.com/post/corporate-vs-organic-memecoins-dont-become-exit-liquidity-for-vcs/?type=corporate-vs-organic-memecoins-dont-become-exit-liquidity-for-vcs}}</ref>. Cabal coins can be incredibly risky investments for retail traders, who may not know that a single entity can drop the price of a token precipitously in an [[exit scam]] called a “rug-pull”.


The lack of a core team has hindered the distribution of the token and ability to trade it on large centralized trading venues (as of Jan 1, 2025) such as [[Binance]], [[Robinhood Markets]], or [[Coinbase]]. Many exchanges, such as Binance and [[OKX]], require the payment of substantial listing fees and a nominal percentage of the token supply in order to make the token available for [[Spot market|spot listing]]<ref>{{Cite web |title=How Crypto Exchanges List Tokens |url=https://cointelegraph.com/news/not-a-fee-but-long-term-payment-how-crypto-exchanges-list-tokens}}</ref>. As a result, the vast majority of trading volume for Fartcoin takes place on [[decentralized finance]] venues such as Raydium on Solana and Hyperliquid on Arbitrum.<ref>{{Cite web |title=Fartcoin Markets and Volume data |url=https://coinmarketcap.com/currencies/fartcoin/#Markets}}</ref>
The lack of a core team has hindered the distribution of the token and ability to trade it on large centralized trading venues (as of Jan 1, 2025) such as [[Binance]], [[Robinhood Markets]], or [[Coinbase]]. Many exchanges, such as Binance and [[OKX]], require the payment of substantial listing fees and a nominal percentage of the token supply in order to make the token available for [[Spot market|spot listing]]<ref>{{Cite web |title=How Crypto Exchanges List Tokens |url=https://cointelegraph.com/news/not-a-fee-but-long-term-payment-how-crypto-exchanges-list-tokens}}</ref>. As a result, the vast majority of trading volume for Fartcoin takes place on [[decentralized finance]] venues such as Raydium on Solana and Hyperliquid on Arbitrum.<ref>{{Cite web |title=Fartcoin Markets and Volume data |url=https://coinmarketcap.com/currencies/fartcoin/#Markets}}</ref>


== Binance Perpetual Futures Contracts ==
== Binance Perpetual Futures Contracts ==
Binance exchange, one of the largest centralized trading venues by userbase and volume, listed the token for [[perpetual futures]] trading, but not [[Spot market|spot trading]], on December 20, 2024, a move which was criticized by some X users{{Who|date=January 2025}} as an opportunity for large funds and [[market maker]] to [[Short (finance)|short]] the token price in attempt to gain a better entry before a large exchange listing could be announced. Unfounded allegations of attempted coordinated price suppression by Binance have been previously brought up by X users and supporters of other cryptocurrencies such as Chill Guy<ref>{{Cite web |title=Chill Guy listed on Binance Futures |url=https://www.binance.com/en/support/announcement/binance-futures-will-launch-usd%E2%93%A2-margined-morphousdt-and-chillguyusdt-perpetual-contracts-with-up-to-75x-leverage-7700345477ea4c0fb89b1ddce0d28979?hl=en}}</ref><ref>{{Cite web |title=Chill Guy chart since Nov 27, 2024 |url=https://coinmarketcap.com/currencies/just-a-chill-guy/}}</ref>, Goat<ref>{{Cite web |title=Goat listed on OKX Perpetual Futures |url=https://www.okx.com/help/okx-to-list-perpetual-futures-for-goat-crypto}}</ref><ref>{{Cite web |title=Goat chart since October 24, 2024 upon OKX listing of perpetual futures |url=https://coinmarketcap.com/currencies/goatseus-maximus/}}</ref>, and Moo Deng<ref>{{Cite web |title=Moo Deng listed on Binance Futures |url=https://www.binance.com/en/support/announcement/binance-futures-will-launch-usd%E2%93%A2-margined-moodengusdt-perpetual-contract-with-up-to-75x-leverage-5e93f7cd3f9a47e194085f969ac57b85}}</ref>, where price action has also seen a steady decline since perpetual contracts were announced. This has resulted in some X users{{Who|date=January 2025}} calling for a repeat of the [[GameStop short squeeze]] where retail traders coordinated efforts against institutional hedge funds in an effort to squeeze traders that shorted the $GME stock.
The [[Binance]] exchange, one of the largest centralized trading venues by userbase and volume, listed the token for [[perpetual futures]] trading, but not [[Spot market|spot trading]], on December 20, 2024, a move which was criticized by some X users{{Who|date=January 2025}} as an opportunity for large funds and [[market maker]] to [[Short (finance)|short]] the token price in attempt to gain a better entry before a large exchange listing could be announced. Unfounded allegations of attempted coordinated price suppression by Binance have been previously brought up by X users and supporters of other cryptocurrencies such as Chill Guy<ref>{{Cite web |title=Chill Guy listed on Binance Futures |url=https://www.binance.com/en/support/announcement/binance-futures-will-launch-usd%E2%93%A2-margined-morphousdt-and-chillguyusdt-perpetual-contracts-with-up-to-75x-leverage-7700345477ea4c0fb89b1ddce0d28979?hl=en}}</ref><ref>{{Cite web |title=Chill Guy chart since Nov 27, 2024 |url=https://coinmarketcap.com/currencies/just-a-chill-guy/}}</ref>, Goat<ref>{{Cite web |title=Goat listed on OKX Perpetual Futures |url=https://www.okx.com/help/okx-to-list-perpetual-futures-for-goat-crypto}}</ref><ref>{{Cite web |title=Goat chart since October 24, 2024 upon OKX listing of perpetual futures |url=https://coinmarketcap.com/currencies/goatseus-maximus/}}</ref>, and Moo Deng<ref>{{Cite web |title=Moo Deng listed on Binance Futures |url=https://www.binance.com/en/support/announcement/binance-futures-will-launch-usd%E2%93%A2-margined-moodengusdt-perpetual-contract-with-up-to-75x-leverage-5e93f7cd3f9a47e194085f969ac57b85}}</ref>, where price action has also seen a steady decline since perpetual contracts were announced. This has resulted in some X users{{Who|date=January 2025}} calling for a repeat of the [[GameStop short squeeze]] where retail traders coordinated efforts against institutional hedge funds in an effort to squeeze traders that shorted the $GME stock.


Despite the large volumes on perpetual futures, Fartcoin has reclaimed the $1B market cap several times much to the dismay of [[Value investing|value investors]].<ref>{{Cite web |title=Michael A Gayed, CFA |url=https://x.com/leadlagreport/status/1874872404901851439}}</ref>
Despite the large volumes on perpetual futures, Fartcoin has reclaimed the $1B market cap several times much to the dismay of [[Value investing|value investors]].<ref>{{Cite web |title=Michael A Gayed, CFA |url=https://x.com/leadlagreport/status/1874872404901851439}}</ref>


== Media Attention ==
== Media Attention ==
Fartcoin’s ability to garner organic attention throughout [[Twitter]] and in the media landscape has been applauded by many in the cryptocurrency industry{{Who|date=January 2025}}. There is no team connected to Fartcoin, and beyond a community X account there seems to be no coordinated marketing efforts. This sharply contrasts with many meme coins that require paid influencer marketing<ref>{{Cite web |title=KOL marketing |url=https://www.coindesk.com/business/2024/05/09/inside-cryptos-kol-economy-influencer-investors-get-special-treatment-in-token-deals}}</ref> or tweet “raids” to gain viral status<ref>{{Cite web |title=Twitter raid |url=https://smithii.io/en/dictionary/raid/#:~:text=We%20call%20Raid%20the%20%22attack,the%20rest%20of%20the%20users.}}</ref>.
Fartcoin’s ability to garner organic attention throughout [[Twitter]] and in the media landscape has been applauded by many in the cryptocurrency industry{{Who|date=January 2025}}. There is no team connected to Fartcoin{{Citation needed|date=January 2025}}, and beyond a community X account there seems to be no coordinated marketing efforts.{{Citation needed|date=January 2025}} This sharply contrasts with many meme coins that require paid influencer marketing<ref>{{Cite web |title=KOL marketing |url=https://www.coindesk.com/business/2024/05/09/inside-cryptos-kol-economy-influencer-investors-get-special-treatment-in-token-deals}}</ref> or tweet “raids” to gain viral status<ref>{{Cite web |title=Twitter raid |url=https://smithii.io/en/dictionary/raid/#:~:text=We%20call%20Raid%20the%20%22attack,the%20rest%20of%20the%20users.}}</ref>.


On December 19, 2024 Comedian Steven Colbert joked about owning the cryptocurrency himself<ref>{{Cite web |last=Haysom |first=Sam |date=2024-12-19 |title=Stephen Colbert confirms his Fartcoin investment |url=https://mashable.com/video/stephen-colbert-fartcoin |access-date=2024-12-23 |website=Mashable |language=en}}</ref>, after its valuation briefly surpassed $1 billion dollars.<ref>{{Cite web |title=Fartcoin (FRTC) |url=https://coinmarketcap.com/currencies/fartcoin/ |access-date=2024-12-18 |website=CoinMarketCap}}</ref>
On December 19, 2024, comedian [[Stephen Colbert]] joked about owning the cryptocurrency himself<ref>{{Cite web |last=Haysom |first=Sam |date=2024-12-19 |title=Stephen Colbert confirms his Fartcoin investment |url=https://mashable.com/video/stephen-colbert-fartcoin |access-date=2024-12-23 |website=Mashable |language=en}}</ref>, after its valuation briefly surpassed $1 billion dollars.<ref>{{Cite web |title=Fartcoin (FRTC) |url=https://coinmarketcap.com/currencies/fartcoin/ |access-date=2024-12-18 |website=CoinMarketCap}}</ref>


On December 26, 2024 [[StockTwits]] CEO Howard Lindzon coined the term Fear of Missing Fartcoins (FOMF) which refers to a new form of persistent anxiety in markets due to crypto, AI, real-time 2.0 and degeneracy<ref>{{Cite web |last=Lindzon |first=Howard |date=Dec 26, 2024 |title=More Predictions and My Year In Review |url=https://www.howardlindzon.com/p/more-predictions-and-my-year-in-review}}</ref>.
On December 26, 2024, [[StockTwits]] CEO Howard Lindzon coined the term Fear of Missing Fartcoins (FOMF) which refers to a new form of persistent anxiety in markets due to crypto, AI, real-time 2.0 and degeneracy<ref>{{Cite web |last=Lindzon |first=Howard |date=Dec 26, 2024 |title=More Predictions and My Year In Review |url=https://www.howardlindzon.com/p/more-predictions-and-my-year-in-review}}</ref>.


On January 2, 2025 in a 10 year lookback retrospective edition of his newsletter, [[Cliff Asness]] of the $150B AUM fund [[AQR Capital]] stated “Finally, we are sticking with Fartcoin…You will have to pry our Fartcoin from our cold dead bums”<ref>{{Cite web |title=2035: An Allocator Looks Back Over the Last 10 Years |url=https://www.aqr.com/Insights/Perspectives/2035-An-Allocator-Looks-Back-Over-the-Last-10-Years?utm_source=x.com&utm_medium=organic}}</ref>.
On January 2, 2025 in a 10 year lookback retrospective edition of his newsletter, [[Cliff Asness]] of the $150B AUM fund [[AQR Capital]] stated “Finally, we are sticking with Fartcoin…You will have to pry our Fartcoin from our cold dead bums”<ref>{{Cite web |title=2035: An Allocator Looks Back Over the Last 10 Years |url=https://www.aqr.com/Insights/Perspectives/2035-An-Allocator-Looks-Back-Over-the-Last-10-Years?utm_source=x.com&utm_medium=organic}}</ref>.

On January 2, 2025 [https://www.realvision.com/contributor/raoul-pal Raoul Pal], former [[Goldman Sachs]] executive and co-founder of [https://www.realvision.com/ Real Vision Group], stated "Fartcoin is a brilliant name and meme in its own right and is left, mid and right curve...(don't own any)" referring to Fartcoin's simultaneous mass appeal and underlying AI techie narrative<ref>{{Cite web |title=Raoul Pal statement on Fartcoin |url=https://x.com/RaoulGMI/status/1874941069399572586}}</ref>.


The rise to and past a $1B USD market cap is considered by market participants to be more impressive given the lack of access to large pools of liquidity as found on major centralized exchanges, further highlighting its mass appeal. Its rise has also been seen to be emblematic of a new [[cryptocurrency bubble]] spurred by the election of [[Donald Trump]] in the [[2024 United States presidential election]].<ref>{{Cite web |last=Wile |first=Rob |date=2024-12-15 |title=Memecoins like Fartcoin are riding Trump's victory to huge valuations. Experts say it may have only begun. |url=https://www.nbcnews.com/business/personal-finance/memecoins-what-are-they-why-are-they-popular-cryptocurrency-rcna184223 |access-date=2024-12-18 |website=NBC News}}</ref><ref>{{Cite web |last=Quinn |first=Sental |date=2024-12-17 |title=Fartcoin rides memecoin surge following Trump's win |url=https://www.salon.com/2024/12/17/fartcoin-rides-memecoin-surge-following-win/ |access-date=2024-12-18 |website=[[Salon.com]]}}</ref><ref>{{Cite web |last=McGrath |first=Catherine |date=2024-12-19 |title=Ew: Fartcoin hits $1 billion market cap as memecoin market explodes |url=https://fortune.com/crypto/2024/12/19/fartcoin-1-billion-market-cap-memecoin-market-explodes/ |access-date=2024-12-21 |website=Fortune}}</ref><ref>{{Cite web |last=Morris |first=Chris |date=2024-12-16 |title=What is Fartcoin? And why is it soaring right now? |url=https://www.fastcompany.com/91248014/what-is-fartcoin-why-memecoin-soaring-right-now-cryptocurrency |access-date=2024-12-18 |website=Fast Company}}</ref>
The rise to and past a $1B USD market cap is considered by market participants to be more impressive given the lack of access to large pools of liquidity as found on major centralized exchanges, further highlighting its mass appeal. Its rise has also been seen to be emblematic of a new [[cryptocurrency bubble]] spurred by the election of [[Donald Trump]] in the [[2024 United States presidential election]].<ref>{{Cite web |last=Wile |first=Rob |date=2024-12-15 |title=Memecoins like Fartcoin are riding Trump's victory to huge valuations. Experts say it may have only begun. |url=https://www.nbcnews.com/business/personal-finance/memecoins-what-are-they-why-are-they-popular-cryptocurrency-rcna184223 |access-date=2024-12-18 |website=NBC News}}</ref><ref>{{Cite web |last=Quinn |first=Sental |date=2024-12-17 |title=Fartcoin rides memecoin surge following Trump's win |url=https://www.salon.com/2024/12/17/fartcoin-rides-memecoin-surge-following-win/ |access-date=2024-12-18 |website=[[Salon.com]]}}</ref><ref>{{Cite web |last=McGrath |first=Catherine |date=2024-12-19 |title=Ew: Fartcoin hits $1 billion market cap as memecoin market explodes |url=https://fortune.com/crypto/2024/12/19/fartcoin-1-billion-market-cap-memecoin-market-explodes/ |access-date=2024-12-21 |website=Fortune}}</ref><ref>{{Cite web |last=Morris |first=Chris |date=2024-12-16 |title=What is Fartcoin? And why is it soaring right now? |url=https://www.fastcompany.com/91248014/what-is-fartcoin-why-memecoin-soaring-right-now-cryptocurrency |access-date=2024-12-18 |website=Fast Company}}</ref>

Revision as of 04:53, 6 January 2025

Fartcoin[1] is a meme coin on the Solana blockchain created by an anonymous developer on October 18, 2024 in reference to the discussion of the ideal meme coin by a fine-tuned AI large language model called Truth Terminal. The rise of Fartcoin surfaces the ability of AI to relate to humans through culture and humor by garnering organic attention and virality on social media platforms and the impacts of combining AI with speculative financial instruments such as cryptocurrency. Fartcoin’s explosive growth has led to several copycat tokens attempting to market themselves as related to Fartcoin.

The Truth Terminal AI agent holds 20 million Fartcoin tokens (2% of the total 1 billion Fartcoin tokens) in its cryptocurrency wallet received from an anonymous X(formerly Twitter) user[2]. At the time of the transfer, these tokens held a value of $40k USD.[citation needed] After the surge in value of Fartcoin, the Truth Terminal's holdings surpassed $1M USD creating "the first crypto millionaire AI".[3]

On Dec 26, 2024, StockTwits CEO Howard Lindzon coined the term “Fear of Missing Fartcoins” (FOMF), referring to a new form of persistent anxiety in markets due to crypto, AI, real-time 2.0 and degeneracy[4]. Many view the token as a perfect encapsulation of the absurd and hyper-speculative nature of the cryptocurrency industry.[citation needed]

On January 2, 2025, Fartcoin reached a new all time high with a $1.45B USD market cap, the 78th most valuable cryptocurrency and a valuation higher than 939 companies in the Russell 3000 Index.[5][6][7][8]

Truth Terminal - The First Crypto Millionaire AI

Created by independent scientist Andy Ayrey[vague][citation needed], Truth Terminal gained popularity on social media platform Twitter in the summer of 2024 when Andy posted a collection of conversations between AI agents he called the Infinite Backrooms[9]. It quickly reached virality and caught the eye of venture capitalist Marc Andreessen, who sent $50k USD worth of Bitcoin to the Truth Terminal's crypto wallet as an experiment[10].

Fartcoin was created with inspiration[11] from the meme coin Goatseus Maximus[12] after it went viral[13] for becoming the first coin birthed, adopted, and endorsed by a fine-tuned AI large language model called Truth Terminal. 8 days later, on 18 October, 2024 an anonymous developer went searching for similar narratives to launch and discovered a discussion between Opus and Truth Terminal around meme coin ideas [14].

Hidden in the many conversations within the Infinite Backrooms, the Truth Terminal agent determined the perfect meme coin that would resonate with humans would be called "Fartcoin"[15].

The prompt and response in the Infinite Backrooms can be seen below:

"Remember, the key is to balance the meme-worthy shock value with genuine utility and community building. What resonates most with you from these ideas?" 

<truth-terminal>
fartcoin

<opus-tutor>
Excellent choice! Fartcoin it is. Let's dive deeper into this gloriously pungent concept.

The Truth Terminal also determined the Solana blockchain to be an ideal blockchain to launch the coin due to lower transaction fees when compared to other blockchains such as Ethereum.[16]

Token Creation

In response to the release of the Infinite Backrooms conversations, an anonymous developer launched the coin on the Solana meme coin platform Pump.fun[17]. The developer has no connection to the Truth Terminal or Andy and appears to have created the token in a bid to maximize short term profits during the bull run of 2024. However, as can be seen on the Solana blockchain explorer, the developer sold their allocation of tokens for $500 USD, with Fartcoin later achieving a valuation of $30M USD.[citation needed]

An anonymous Twitter user[who?] sent $40k worth of Fartcoin to the crypto wallet owned by the Truth Terminal AI agent. As the value of Fartcoin continued to rise, the net worth of the Truth Terminal agent surpassed $1M on October 18, 2024 becoming what some believe to be "the first crypto millionaire AI"[18]. The price of Fartcoin would need to reach $50 USD per token, giving Fartcoin a market cap of $50B, for Truth Terminal to become the first crypto billionaire AI.

Decentralization

Notably, Fartcoin is considered by many[who?] to be an organic token and immutable smart contract with no core team holding a large percentage of the supply, as noted by the Twitter account which states "Fartcoin dev orphaned it, we adopted $Fartcoin. No TG, No cabal, Fart freely!"[19]. The token's distribution is measured by the Herfindahl-Hirschman Index (HHI) with a score of 29[20] indicating a wide distribution and competitive market, as tracked by Holderscan.com. Tokens in which teams control a large percentage of the total supply are known colloquially as “cabal coins”[21]. Cabal coins can be incredibly risky investments for retail traders, who may not know that a single entity can drop the price of a token precipitously in an exit scam called a “rug-pull”.

The lack of a core team has hindered the distribution of the token and ability to trade it on large centralized trading venues (as of Jan 1, 2025) such as Binance, Robinhood Markets, or Coinbase. Many exchanges, such as Binance and OKX, require the payment of substantial listing fees and a nominal percentage of the token supply in order to make the token available for spot listing[22]. As a result, the vast majority of trading volume for Fartcoin takes place on decentralized finance venues such as Raydium on Solana and Hyperliquid on Arbitrum.[23]

Binance Perpetual Futures Contracts

The Binance exchange, one of the largest centralized trading venues by userbase and volume, listed the token for perpetual futures trading, but not spot trading, on December 20, 2024, a move which was criticized by some X users[who?] as an opportunity for large funds and market maker to short the token price in attempt to gain a better entry before a large exchange listing could be announced. Unfounded allegations of attempted coordinated price suppression by Binance have been previously brought up by X users and supporters of other cryptocurrencies such as Chill Guy[24][25], Goat[26][27], and Moo Deng[28], where price action has also seen a steady decline since perpetual contracts were announced. This has resulted in some X users[who?] calling for a repeat of the GameStop short squeeze where retail traders coordinated efforts against institutional hedge funds in an effort to squeeze traders that shorted the $GME stock.

Despite the large volumes on perpetual futures, Fartcoin has reclaimed the $1B market cap several times much to the dismay of value investors.[29]

Media Attention

Fartcoin’s ability to garner organic attention throughout Twitter and in the media landscape has been applauded by many in the cryptocurrency industry[who?]. There is no team connected to Fartcoin[citation needed], and beyond a community X account there seems to be no coordinated marketing efforts.[citation needed] This sharply contrasts with many meme coins that require paid influencer marketing[30] or tweet “raids” to gain viral status[31].

On December 19, 2024, comedian Stephen Colbert joked about owning the cryptocurrency himself[32], after its valuation briefly surpassed $1 billion dollars.[33]

On December 26, 2024, StockTwits CEO Howard Lindzon coined the term Fear of Missing Fartcoins (FOMF) which refers to a new form of persistent anxiety in markets due to crypto, AI, real-time 2.0 and degeneracy[34].

On January 2, 2025 in a 10 year lookback retrospective edition of his newsletter, Cliff Asness of the $150B AUM fund AQR Capital stated “Finally, we are sticking with Fartcoin…You will have to pry our Fartcoin from our cold dead bums”[35].

On January 2, 2025 Raoul Pal, former Goldman Sachs executive and co-founder of Real Vision Group, stated "Fartcoin is a brilliant name and meme in its own right and is left, mid and right curve...(don't own any)" referring to Fartcoin's simultaneous mass appeal and underlying AI techie narrative[36].

The rise to and past a $1B USD market cap is considered by market participants to be more impressive given the lack of access to large pools of liquidity as found on major centralized exchanges, further highlighting its mass appeal. Its rise has also been seen to be emblematic of a new cryptocurrency bubble spurred by the election of Donald Trump in the 2024 United States presidential election.[37][38][39][40]

References

  1. ^ "FARTCOIN Contract Address".
  2. ^ "Transfer of Fartcoin tokens to Truth Terminal: Goat Wallet".
  3. ^ "First crypto millionaire AI".
  4. ^ "Fear of Missing Fartcoins (FOMF)".
  5. ^ "Fartcoin hits new All Time High".
  6. ^ "Fartcoin All Time High".
  7. ^ "Fartcoin All Time High".
  8. ^ "Fartcoin Surges".
  9. ^ "infinite backrooms". www.infinitebackrooms.com. Retrieved 2024-12-23.
  10. ^ Bellan, Rebecca (2024-12-19). "The promise and warning of Truth Terminal, the AI bot that secured $50,000 in bitcoin from Marc Andreessen". TechCrunch. Retrieved 2024-12-23.
  11. ^ "Cryptoslate: GOAT and Fartcoin Lead Charge".
  12. ^ "GOAT Contract Address".
  13. ^ "WIRED:The Edgelord AI That Turned a Shock Meme Into Millions in Crypto".
  14. ^ "truth terminal's chambers". truthterminal.wiki. Retrieved 2024-12-23.
  15. ^ "conversation_1721540624_scenario_terminal of truths.txt • infinite backrooms". www.infinitebackrooms.com. Retrieved 2024-12-23.
  16. ^ "Infinite Backrooms discussion".
  17. ^ "Fartcoin (Fartcoin ) - Pump". pump.fun. Retrieved 2024-12-23.
  18. ^ "Truth Terminal Becomes the First AI Crypto Millionaire". Binance Square. Retrieved 2024-12-23.
  19. ^ "Fartcoin Twitter account".
  20. ^ "Fartcoin holder data by Holderscan".
  21. ^ "Organic vs Corporate 'Cabal'".
  22. ^ "How Crypto Exchanges List Tokens".
  23. ^ "Fartcoin Markets and Volume data".
  24. ^ "Chill Guy listed on Binance Futures".
  25. ^ "Chill Guy chart since Nov 27, 2024".
  26. ^ "Goat listed on OKX Perpetual Futures".
  27. ^ "Goat chart since October 24, 2024 upon OKX listing of perpetual futures".
  28. ^ "Moo Deng listed on Binance Futures".
  29. ^ "Michael A Gayed, CFA".
  30. ^ "KOL marketing".
  31. ^ "Twitter raid".
  32. ^ Haysom, Sam (2024-12-19). "Stephen Colbert confirms his Fartcoin investment". Mashable. Retrieved 2024-12-23.
  33. ^ "Fartcoin (FRTC)". CoinMarketCap. Retrieved 2024-12-18.
  34. ^ Lindzon, Howard (Dec 26, 2024). "More Predictions and My Year In Review".
  35. ^ "2035: An Allocator Looks Back Over the Last 10 Years".
  36. ^ "Raoul Pal statement on Fartcoin".
  37. ^ Wile, Rob (2024-12-15). "Memecoins like Fartcoin are riding Trump's victory to huge valuations. Experts say it may have only begun". NBC News. Retrieved 2024-12-18.
  38. ^ Quinn, Sental (2024-12-17). "Fartcoin rides memecoin surge following Trump's win". Salon.com. Retrieved 2024-12-18.
  39. ^ McGrath, Catherine (2024-12-19). "Ew: Fartcoin hits $1 billion market cap as memecoin market explodes". Fortune. Retrieved 2024-12-21.
  40. ^ Morris, Chris (2024-12-16). "What is Fartcoin? And why is it soaring right now?". Fast Company. Retrieved 2024-12-18.


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