Fartcoins fart is ringing on Wall Street

Can you imagine that a 加密貨幣currency with an absurd name and no application scenarios has become one of the few mainstream currencies that rose against the trend in the first quarter of this year? It even broke through the circle on Wall Street, and traditional investors were overwhelmed.

a16z co-founder retweeted its tweet, hedge fund Sigil Fund was suspected of tracking early large purchases on the chain, market maker giant Wintermute included it in its core asset allocation, and the founder of Wintermute himself publicly stated that he held this token.

This token is Fartcoin, which comes from the same school as GOAT.

The origin of Fartcoin is a conversation between artificial intelligences. In an AI agent model called terminal of truths funded by a16z founder Marc Andreessen, a chat about Musks liking the sound of farts triggered a chain reaction.

AI suggested: Why dont we issue a coin called Fartcoin? Thus, Fartcoin was born on October 18, 2024.

Born with a golden finger

When Fartcoin was born, it was like a protagonist in a cool novel with a golden finger, attracting a group of fart lovers in the cryptocurrency circle to watch, chase after and buy.

On December 13, 2024, a mocking tweet about Fartcoin quickly spread on X (formerly Twitter). What made this tweet popular was not its content, but its retweeter: a16z co-founder Marc Andreessen.

Although he did not explicitly state that he had bought Fartcoin, for such a meme project, being publicly forwarded by one of the most iconic figures in Silicon Valley’s venture capital community is in itself a “capital certification” and “breaking circle signal.”

Another more substantial signal comes from the on-chain fund movement. Shortly after Fartcoin went online and its market value was still below $100 million, community members tracked the on-chain addresses and found a highly similar behavior track to that of the veteran hedge fund Sigil Fund – multiple large purchases, active interactions, and advance ambushes.

Sigil Fund was established in 2018. It is an all-weather strategy fund initiated by a group of crypto OGs and registered in compliance. It is known for its focus on speculative narrative-driven assets. Its founder MrKvak frequently expressed his interest in the AI meme track on social platforms at the end of 2024. On December 13, he even forwarded a tweet about Whether Sigil holds $30 million in Fartcoin. Although there was no positive response, it was widely interpreted by the community as default entry.

At the same time, cross-validation of multiple on-chain data shows that multiple strategy pool addresses are very close to Sigil Fund, and frequent purchases, lock-ups, and Raydium liquidity configuration operations were carried out in the early stages of Fartcoin. Related reading: Digital interpretation of Fartcoins road to $1 billion: Institutional early layout may be the driving force, cold fermentation forges the new king of MEME

In addition, there is a more active role on the scene – Wintermute, one of the largest market makers in the crypto market, has appeared in the front row of Fartcoin holdings early on. According to on-chain data, Wintermute holds 1.56% of the total supply of Fartcoin, ranking fourth. In the asset allocation of its main address, Fartcoin ranks in the top five, even higher than some mainstream assets.

Data source: Arkham

Several accounts that are highly correlated with the behavior of Wintermute’s main address were also active in the early days of Fartcoin’s launch—from building positions, market making, to arbitrage, all in one go.

What’s more worth mentioning is that in early 2025, Wintermute founder Evgeny Gaevoy explained the hedging logic of Fartcoin OTC in an interview with Steady Lads (4:59) , and admitted for the first time that he personally held Fartcoin, and said self-deprecatingly: “It’s just that I’m still in a quilt state.”

With Wintermute in charge, it is no wonder that Fartcoin’s growth is so significant and strong, and its trend is completely different from the market.

According to statistics from top trader Eugene (known as Dove in the circle), in the first quarter of 2025, most mainstream assets fell into a significant retracement: ETH has fallen by more than 46% since the beginning of the year, SOL has fallen by 24%, and AI, L1, DeFi, Gaming and other sub-tracks are all deep red, which is very tragic. In this sea of blood, Fartcoin is the only green in the entire chart, with a first-quarter increase of 14.84%. Against the backdrop of many assets in mourning, Fartcoin is particularly eye-catching.

Image source: Eugene

Not only did it rise in a falling market, but as the market improved in May, Fartcoins growth continued to lead the mainstream assets, rising by more than 50%, far exceeding Bitcoins 23% in the same period.

Wall Street is afraid of farts

Fartcoin’s popularity did not stop at the cryptocurrency circle. What really made it a phenomenon was not only the price rising against the trend, but also its breakthrough on Wall Street.

We are in the Fartcoin phase of the market cycle. This is from David Einhorn, the Jewish billionaire who accurately predicted and shorted Lehman Brothers and the founder of the hedge fund Greenlight Capital. In a letter to investors in the fourth quarter of 2024 , David Einhorn used a whole paragraph to analyze the rise of Fartcoin, calling it the product of pure speculative sentiment and listing it with Petscom and Dogecoin as typical representatives of the financial bubble phenomenon.

It is worth mentioning that David Einhorn is a Democrat and has established short positions in two leveraged ETFs related to MicroStrategy, the largest corporate holder of Bitcoin.

In David Einhorns opinion, Fartcoin, a meme coin with a name full of irony, has no intrinsic value, no practical applications, and no alternatives. He even said that instead of investing in Fartcoin, he would rather buy an abstract painting by Jackson Pollock, at least someone is willing to hang it on the wall.

But it is precisely because he opposes it so strongly in the letter that it is more interesting. Because when a financial veteran known for rationality and value starts to make a long comment on a meme coin, you know that this is not an ordinary shitcoin.

Owen Lamont, a researcher at Acadian Asset Management, expressed it more directly. In a report titled The Fartcoin Phase of the Market, he wrote: I disagree with the statement that Fartcoin is useless. Its purpose is to irritate those of us in finance who think we are doing serious work. The words are full of anxiety about the irrationality of the market. He called this stage Crypto-flatulent economics and pointed out that Fartcoin is not a failure. It just hits the three new logics of the market – nihilism, attention economy and naked stupidity.

In his eyes, the core of Fartcoins success is not technology, but communication. It can stimulate discussion, create emotions, and force everyone who takes the market seriously to respond to it. Even if you just curse it, you have already fallen into its trap. Fartcoin is the product of AIs precise manipulation of human brain circuits. If you think it looks like a financial experiment designed by malicious artificial intelligence, thats because it is.

If the above two people are still somewhat angry and restrained, the attitude of billionaire Cliff Asness seems much more relaxed. The co-founder of AQR Capital and the representative of rationality in traditional finance, who has always been known for his calmness and factor modeling, suddenly put aside the rational man assumption when facing Fartcoin. He wrote on social media: Ironically, Fartcoin is the only thing I dont doubt. In the context of that post at the time, this was a mild ridicule of the absurdity of the entire market.

In this joke, Fartcoin is not like other assets that pretend to have fundamentals. It never claims to be some kind of innovative infrastructure, nor does it sell any technical narratives, but lies there nakedly, admitting that it is just an emotional product. On the day he finished this statement, Fartcoin took off again, and the increase was rapidly pulled up.

What is even more intriguing is that a few months later, Cliff Asness said: Based on Fartcoins performance today and over the past month, I have to say that I may be moving further away from what Gene Fama taught me. (Gene Fama is the founder of the Efficient 市場 Hypothesis and Cliff Asnesss academic mentor)

Fartcoin also owns MicroStrategy?

This coin called Fart not only has a market value of over 10 billion, but also has its own MicroStrategy – FartStrategy, just like Bitcoin.

Yes, when even the memes can replicate MicroStrategys model of buying coins, buying more coins, and using holdings to support market value, this absurd drama really fills in the last piece of the puzzle.

Matt Levine, a financial columnist for Bloomberg, did not miss this good show. Matt Levine is a Bloomberg columnist, a former Goldman Sachs investment banker, and one of Wall Streets most popular financial commentators. His column Money Stuff is known as a must-read every day and its readers include the entire Wall Street elite circle, from SEC officials to hedge fund managers.

In his 2025 column Crypto Perpetual Motion Machines , he devoted a section to analyzing FartStrategy, calling it the pinnacle of financial nihilism. The article begins: If you can package and sell air, why cant you sell Fartcoin?

FartStrategy’s operating logic is simple, even blatant: it is a DAO created specifically for the purchase of Fartcoin, and its mission statement is, “Hot air rises, and we will ride this heat to create value for Fartcoin and $FSTR (FartStrategy’s token) holders.”

Does it sound a bit like – We dont produce content, we are just meme carriers?

It has no profit model, no application, and no stabilization mechanism. It is just a transparent joke, disguised as a smart contract, and in the name of community voting, it packages we plan to continue buying Fartcoin as a financial strategy. Even the official copywriting is blunt: FartStrategy is a comic absurd example, and holding it should not expect any financial gain.

Matt Levine compared it to a mirror derivative of MicroStrategy in his article – the latter raised the companys valuation by continuously raising funds to buy Bitcoin, while the former relied on the linkage between meme and DAO to allow hot air to self-pressurize and form a Fartcoin Flywheel, a financial perpetual motion machine that is continuously driven by emotions. He described it as a leveraged container with hot air as an asset. When its market value is higher than the total value of Fartcoin actually held, it sells $FSTR and buys more Fartcoin, completing the meme pixel-level closed loop.

Fartcoin emerged from absurdity and gained a foothold in chaos.

According to data from Dune and BubbleMaps, from January 3 to May 9, 2025, the chip structure of Fartcoin is gradually expanding from the concentration of large investors in the early stage to the dispersion of retail investors.

In particular, from January to May this year, the growth slope of the purple area (addresses holding less than $1,000) began to rise. At the same time, Fartcoin has also become one of the most active currencies in terms of trading volume and liquidity in the Binance Alpha zone.

Fartcoin meme: My husband invested a large portion of his family fortune in a cryptocurrency token called Fartcoin. What should I do?

From the beginning when institutions were the market makers to the current dispersion of chips, all the seemingly rational financial narratives were eventually exposed in Fartcoins toilet humor.

Fartcoin meets almost all of our stereotypes about meme coins: funny name, no practical value, relying entirely on language effects and social drives to become popular, even making traditional Wall Street investors feel defensive.

原文連結

This article is sourced from the internet: Fartcoins fart is ringing on Wall Street

Related: Innovate on Creator Network #Creathon recap

Hackathon Overview Innovate on Creator Network #Creathon has concluded successfully with 44 projects approved out of 116 registered developers. The main goal of this hackathon is to strengthen the Creator Network ecosystem in the fields of decentralized finance (DeFi), non-fungible tokens (NFTs), games and social impact through decentralized applications (dApps). The event will be held from January 19 to February 24, 2025, with a prize pool of 1,250 USDT to be awarded to ten winners, with the top three receiving prizes between $200 and $300. The projects showcased at the hackathon demonstrated their potential impact on the Creator Network ecosystem through innovation and functionality. These projects now have the opportunity to further integrate into the platform and gain support. The event attracted great developer participation, and participants took advantage of…