Fartcoin: Difference between revisions
EveSturwin (talk | contribs) |
EveSturwin (talk | contribs) |
||
| Line 26: | Line 26: | ||
Notably, Fartcoin is considered by many to be an organic token with no core team holding a large percentage of the supply. As of December 23, 2024, the lack of a core team has hindered the distribution of the token and ability to buy it on large centralized exchanges such as Binance and Coinbase. Many exchanges, such as Binance, 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. As a result, the vast majority of trading volume for Fartcoin is done on Decentralized Exchanges such as Raydium on Solana and Hyperliquid on Arbitrum. |
Notably, Fartcoin is considered by many to be an organic token with no core team holding a large percentage of the supply. As of December 23, 2024, the lack of a core team has hindered the distribution of the token and ability to buy it on large centralized exchanges such as Binance and Coinbase. Many exchanges, such as Binance, 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. As a result, the vast majority of trading volume for Fartcoin is done on Decentralized Exchanges such as Raydium on Solana and Hyperliquid on Arbitrum. |
||
== Binance Perpetual Contracts == |
|||
Binance listed the token for Perpetuals trading on December 20, 2024, a move which was criticized by many as an opportunity for large funds and market makers to short the token price in attempt to gain a better entry before a large exchange listing could be announced. Allegations of attempted coordinated price suppression by Binance have been previously brought up by supporters of other cryptocurrencies such as Chill Guy and Moo Deng, where price action has also seen a steady decline since perpetual contracts were anounced. |
Binance listed the token for Perpetuals trading on December 20, 2024, a move which was criticized by many as an opportunity for large funds and market makers to short the token price in attempt to gain a better entry before a large exchange listing could be announced. Allegations of attempted coordinated price suppression by Binance have been previously brought up by supporters of other cryptocurrencies such as Chill Guy and Moo Deng, where price action has also seen a steady decline since perpetual contracts were anounced. |
||
Revision as of 10:43, 23 December 2024
An editor has nominated this article for deletion. You are welcome to participate in the deletion discussion, which will decide whether or not to retain it. |
Fartcoin is a meme coin on the Solana blockchain that was created on 18 October, 2024 by an anonymous developer in reference to the discussion of the ideal meme coin by a jailbroken AI LLM called Truth Terminal[1]. 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.
Truth Terminal
Created by independent scientist Andy Ayrey, Truth Terminal gained popularity on X in the summer of 2024 when Andy posted a collection of conversations between AI agents he called the Infinite Backrooms[2]. 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[3]. 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"[4].
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 gas fees when compared to other blockchains such as Ethereum.
Token Creation
In response to the release of the Infinite Backrooms conversations, an anonymous developer launched a version of the coin on the Solana meme coin launch pad pump.fun[5]. The developer themselves has no connection to the Truth Terminal or Andy and appears to have created dozens of meme coins on the platform in a bid to maximize short term profits during the bull run of 2024. However, as can be see on the Solana blockchain explorer, after the initial developer of the project sold their allocation of tokens for $500 USD[6] many AI enthusiasts noticed the creation of the coin and invested[7] propelling it to a valuation of $30M USD. One contributor in particular, going by the X username of himgajria, sent $40k USD of Fartcoin tokens to the Truth Terminal wallet[8]. 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"[9]. This news spawned the creation of several derivative coins and a new category of meme coins called Sentient Memes, which claim or appear to have a connection to AI. On the opposite side of the spectrum, Static Memes are those with no connection to AI such as the cryptocurrencyies Pepe, WIF, and Bonk.
Decentralization
Notably, Fartcoin is considered by many to be an organic token with no core team holding a large percentage of the supply. As of December 23, 2024, the lack of a core team has hindered the distribution of the token and ability to buy it on large centralized exchanges such as Binance and Coinbase. Many exchanges, such as Binance, 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. As a result, the vast majority of trading volume for Fartcoin is done on Decentralized Exchanges such as Raydium on Solana and Hyperliquid on Arbitrum.
Binance Perpetual Contracts
Binance listed the token for Perpetuals trading on December 20, 2024, a move which was criticized by many as an opportunity for large funds and market makers to short the token price in attempt to gain a better entry before a large exchange listing could be announced. Allegations of attempted coordinated price suppression by Binance have been previously brought up by supporters of other cryptocurrencies such as Chill Guy and Moo Deng, where price action has also seen a steady decline since perpetual contracts were anounced.
Media Attention
Fartcoin’s ability to garner organic attention throughout X and in the media landscape has been applauded by many in the cryptocurrency industry. 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 to gain viral status.
Comedian Steven Colbert joked about owning the cryptocurrency himself on December 19th[10], after its valuation briefly surpassed $1 billion dollars.[11] Its rise has been seen by many to be emblematic of a new cryptocurrency bubble spurred by the election of Donald Trump in the 2024 United States presidential election.[12][13][14][15]
References
- ^ "truth terminal's chambers". truthterminal.wiki. Retrieved 2024-12-23.
- ^ "infinite backrooms". www.infinitebackrooms.com. Retrieved 2024-12-23.
- ^ 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.
- ^ "conversation_1721540624_scenario_terminal of truths.txt • infinite backrooms". www.infinitebackrooms.com. Retrieved 2024-12-23.
- ^ "Fartcoin (Fartcoin ) - Pump". pump.fun. Retrieved 2024-12-23.
- ^ solscan.io. "Account HyYNVYmnFmi87NsQqWzLJhUTPBKQUfgfhdbBa554nMFF | Solscan". solscan.io. Retrieved 2024-12-23.
- ^ "Users learn of the Fartcoin connection to Truth Terminal".
- ^ "User sends Fartcoin to Truth Terminal".
- ^ "Truth Terminal Becomes the First AI Crypto Millionaire". Binance Square. Retrieved 2024-12-23.
- ^ Haysom, Sam (2024-12-19). "Stephen Colbert confirms his Fartcoin investment". Mashable. Retrieved 2024-12-23.
- ^ "Fartcoin (FRTC)". CoinMarketCap. Retrieved 2024-12-18.
- ^ 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.
- ^ Quinn, Sental (2024-12-17). "Fartcoin rides memecoin surge following Trump's win". Salon.com. Retrieved 2024-12-18.
- ^ McGrath, Catherine (2024-12-19). "Ew: Fartcoin hits $1 billion market cap as memecoin market explodes". Fortune. Retrieved 2024-12-21.
- ^ Morris, Chris (2024-12-16). "What is Fartcoin? And why is it soaring right now?". Fast Company. Retrieved 2024-12-18.
 | This article relating to cryptocurrencies is a stub. You can help Wikipedia by expanding it. |