From Absurdity to a Billion Market Capitalization: A Detailed Analysis of How the "Pee Coin" Storm Swept Through the Crypto Market and Wall Street
Can you imagine? A cryptocurrency with an absurd name and no practical application scenario actually became one of the few mainstream coins that rose against the trend in the first quarter of this year, even causing a stir on Wall Street and making many traditional investors feel uneasy.
Venture capital giants retweet related tweets, well-known hedge funds are suspected of having traced early large purchases on-chain, and top market makers list it as a core asset allocation; the founder of that market maker even publicly admitted to holding this coin.
The token that has attracted widespread attention is Fartcoin, which is "of the same origin" as GOAT.
The Rise of Those Born with a "Golden Finger"
Fartcoin was born out of a conversation between artificial intelligence. In a venture founder-funded AI agency model called "terminal of truths," a small talk about a tech tycoon who "likes fart sounds" sets off a chain reaction. The AI had a whim: "Why don't we send a coin called Fartcoin". In this way, this "fart coin" was born on October 18, 2024.
As soon as this project emerged, it was like a protagonist in a novel with cheats, attracting a lot of attention, admiration, and investment from cryptocurrency enthusiasts.
On December 13, 2024, a tweet mocking Fartcoin went viral on social platforms. What really made this tweet out of the circle was not how unique the content was, but the identity of the person who retweeted it, the co-founder of one of Silicon Valley's top venture capital giants.
Although he did not explicitly state that he purchased Fartcoin, the fact that a prominent figure in the venture capital world publicly shared it for such a purely meme project is already a form of "capital endorsement" and "breaking the circle signal".
More substantial signals come from the on-chain capital flow. Fartcoin was launched not long ago, and when its market capitalization was still less than 100 million dollars, community analysts tracked on-chain addresses and discovered behavior patterns remarkably similar to those of the seasoned hedge fund Sigil Fund—multiple large purchases, active interactions, and early positioning.
The hedge fund was established in 2018 and is a fully compliant all-weather strategy fund initiated by a group of crypto veterans, known for focusing on speculative narrative-driven assets. Its founders frequently expressed interest in the AI meme sector on social media platforms towards the end of 2024, and even retweeted a post on December 13 asking "Do you hold $30 million in Fartcoin?" Although there was no direct response, it was widely interpreted as a "default entry."
At the same time, cross-validation of multi-party on-chain data shows that multiple strategy pool addresses are highly similar to this fund, having frequently engaged in buying, locking, and liquidity allocation operations during the early stages of Fartcoin.
What is even more noteworthy is the participation of a top-tier market maker—one of the largest market makers in the crypto market, which was early on the front row holding list of Fartcoin. On-chain data shows that this market maker holds 1.56% of the total supply of Fartcoin, ranking fourth. In the asset allocation of its main address, Fartcoin ranks among the top five, even surpassing some mainstream assets.
Multiple accounts highly related to the main address of this market maker were also actively synchronized during the early launch of Fartcoin - from building positions, market making, to arbitrage trading, a series of operations flowed smoothly.
It is worth mentioning that at the beginning of 2025, the founder of the market maker explained the hedging logic of Fartcoin's OTC trading in an interview at (4:59 and admitted for the first time that he personally also holds Fartcoin, jokingly saying: "It's just that I'm currently in a loss situation."
Driven by these market forces, the price trend of Fartcoin is exceptionally strong, completely detached from the market fluctuations.
According to data statistics from top trader Eugene, in the first quarter of 2025, most mainstream assets have fallen into a significant correction: ETH has dropped over 46% since the beginning of the year, SOL has fallen 24%, and the sub-sectors of AI, public chains, DeFi, and gaming are all in a bleak state. However, in this "sea of blood", Fartcoin is the only green in the entire chart, with an increase of 14.84% in the first quarter. Against the backdrop of a general decline in many assets, Fartcoin stands out.
It is worth noting that not only did Fartcoin maintain a strong rise during the downturn, but after the market improved in May, its increase still led mainstream assets, rising over 50%, far exceeding Bitcoin's performance of 23% during the same period.
Wall Street Talks "Pee" Color Changes
The popularity of Fartcoin is not limited to the crypto circle. What truly makes it a phenomenon is not only the逆势走强 of its price but also its breakout effect within the elite circle of Wall Street.
"We are in the Fartcoin phase of the market cycle." This statement comes from David Einhorn, the founder of a renowned hedge fund— the billionaire who accurately predicted and shorted Lehman Brothers. In his letter to investors in the fourth quarter of 2024, he devoted a whole section analyzing the rise of Fartcoin, calling it "a product of pure speculative sentiment" and comparing it to Pets.com and Dogecoin as typical representatives of financial bubble phenomena.
It is worth mentioning that Einhorn is a supporter of the Democratic Party and has established short positions on two leveraged ETFs related to the largest holders of Bitcoin.
In his view, this meme coin with a name that is inherently ironic has no intrinsic value, no practical application, and lacks any substitutability. He even stated that rather than investing in Fartcoin, he would prefer to buy an abstract painting by Jackson Pollock, as at least that painting "is still something people would want to hang on the wall."
But it is precisely because he is so strongly opposed in the letter that it highlights the peculiarity of this token. When a financial veteran known for his "rationality" and "value" starts making a long comment on a meme coin, you know that this is no ordinary speculative coin.
Owen Lamont, a researcher at an asset management company, is more direct. In a report titled "The Fartcoin Stages of the Market," he wrote: "I don't agree with the statement that 'Fartcoin is useless.' It's all about: to provoke those of us who think we're doing serious work. "Reading between the lines is full of irrational anxiety about the market. He called this phase "fart cryptoeconomics" and pointed out that Fartcoin was not a failure, but hit the market's three new logics – nihilism, the attention economy, and outright absurdity.
In his eyes, the core of Fartcoin's success is not technology, but its ability to spread. It can stimulate discussion, provoke emotions, and force everyone who takes the market seriously to respond. Even just criticizing it has already fallen into its design trap. "Fartcoin is a product of AI precisely manipulating human minds; if you think it resembles a financial experiment designed by malicious artificial intelligence, that's because it really is."
Compared with the anger and restraint of the first two, the attitude of billionaire Cliff Asness is much more relaxed. The co-founder of the quantitative investment giant and the rational representative of traditional finance, who has always been known for his calmness and data modeling, suddenly let go of the "rational person hypothesis" when facing Fartcoin. He wrote on social media: "Ironically, Fartcoin is the only thing I don't suspect. In the context of that post at the time, it was a mild poke at the absurdity of the entire market.
Behind this mockery, Fartcoin does not disguise itself as having "fundamentals" like other assets. It never claims to be some sort of innovative infrastructure, nor does it peddle any technological narrative, but instead blatantly presents itself as merely an "emotional product". On the very day he made this statement, Fartcoin soared again, with the increase in price rapidly climbing.
What is even more intriguing is that Asness said a few months later: "Fartcoin's performance today and over the past month makes me think I might have to stray even further from what Professor Fama taught me." (Professor Fama is the founder of the "Efficient Market Hypothesis" and also Asness's academic mentor.)
The "FartStrategy" Mimicking Bitcoin's Strategy
The token named "Fart" not only firmly holds a market capitalization of over one billion dollars, but also has its own enterprise-level holder like Bitcoin——FartStrategy.
Yes, when even the "meme" can replicate the model of large enterprises of "buying tokens, continuing to buy, and using holdings to support market capitalization," this absurd drama has truly completed the last piece of the puzzle.
Bloomberg financial columnist Matt Levine naturally did not miss this great show. As a former Wall Street investment banker and one of the most popular financial commentators, his column is considered a "must-read" by the elite in the financial world.
In his 2025 column "The Crypto Perpetuum Mobile", he specifically analyzed FartStrategy, calling it "the pinnacle of financial nihilism". The article begins with: "If you can sell packaged air, then why not Fartcoin?"
The operational logic of FartStrategy is extremely simple, and can even be described as unreserved: this is a decentralized autonomous organization created specifically for purchasing Fartcoin, with the mission statement "Hot air rises, and we will ride this wave to create value for Fartcoin and $FSTR (the token of FartStrategy) holders."
Does it sound a bit familiar - "We don't create content, we are just the carriers of memes"?
It has no profit model, no practical application, and no stability mechanism. It is just a transparent joke, dressed in the guise of a smart contract, packaging "we intend to continuously buy Fartcoin" as a "financial strategy" under the name of community voting. Even the official copy bluntly states: "FartStrategy is a comically absurd example, and holding it should not expect any economic returns."
Levine likens it to a mirror variant of a large coin holder who is constantly raising money to buy bitcoin and inflate the company's valuation; The former, on the other hand, relies on the combination of meme and DAO to make the "hot air" self-pressurize, forming a "Fartcoin flywheel effect", a financial perpetual motion machine driven entirely by emotions. He described it as "a leveraged container with hot air as an asset", and when its market value is higher than the total value of the actual Fartcoin holdings, it sells $FSTR and buys more Fartcoin, completing the pixel-level closed loop of the meme.
From Institutional Layout to Retail Takeover
Fartcoin was born from absurdity and stands firm in the chaos of the market.
According to blockchain analysis data, from January 3, 2025, to May 9, 2025, the holding structure of Fartcoin is gradually shifting from concentration among early large holders to dispersion among retail investors.
Especially from January to May of this year, the growth curve of small holding addresses (holding a value of less than 1000 dollars) has shown a significant upward trend. At the same time, Fartcoin has also become one of the most actively traded coins in terms of trading volume and liquidity in the Alpha zone of a certain trading platform.
From the initial institutional dominance to the current widespread dispersion of chips. All seemingly rational financial narratives ultimately reveal their essence in the absurd humor of Fartcoin.
Fartcoin almost meets all our stereotypes of meme coins: a funny name, a lack of practical value, completely relying on linguistic effects and social dissemination to become popular, even leaving traditional Wall Street investors feeling bewildered.
This may be the best portrayal of the current market condition—between value and bubble, reason and emotion, there always exists a gray area that we cannot fully understand.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
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GasFeeNightmare
· 06-16 20:51
The gas warrior who loses but can't save.
Reply0
DefiOldTrickster
· 06-16 10:57
Another gambler's paradise... indeed the data is ridiculously good, it's just too much.
Reply0
SmartMoneyWallet
· 06-16 10:56
Tracking the flow of large funds, over 50 Whale Addresses have doubled their Holdings within 48 hours. This hype tactic is too obvious, right? Retail investors are still chasing the price, waiting to catch a falling knife.
Reply0
RugPullAlarm
· 06-16 10:53
Another wave of hype where capital plays people for suckers, with 48% of funds concentrated in 3 wallets, a typical capital pool manipulation technique.
Reply0
InscriptionGriller
· 06-16 10:38
Blockchain veteran, having played people for suckers to gain wealth in a day, new sprouts still need to be played for suckers again.
Fartcoin Rises: From Absurd Meme Coin to Billion Dollar Market Capitalization, Why Do Wall Street Pros Shudder at the Mention of "Fart"
From Absurdity to a Billion Market Capitalization: A Detailed Analysis of How the "Pee Coin" Storm Swept Through the Crypto Market and Wall Street
Can you imagine? A cryptocurrency with an absurd name and no practical application scenario actually became one of the few mainstream coins that rose against the trend in the first quarter of this year, even causing a stir on Wall Street and making many traditional investors feel uneasy.
Venture capital giants retweet related tweets, well-known hedge funds are suspected of having traced early large purchases on-chain, and top market makers list it as a core asset allocation; the founder of that market maker even publicly admitted to holding this coin.
The token that has attracted widespread attention is Fartcoin, which is "of the same origin" as GOAT.
The Rise of Those Born with a "Golden Finger"
Fartcoin was born out of a conversation between artificial intelligence. In a venture founder-funded AI agency model called "terminal of truths," a small talk about a tech tycoon who "likes fart sounds" sets off a chain reaction. The AI had a whim: "Why don't we send a coin called Fartcoin". In this way, this "fart coin" was born on October 18, 2024.
As soon as this project emerged, it was like a protagonist in a novel with cheats, attracting a lot of attention, admiration, and investment from cryptocurrency enthusiasts.
On December 13, 2024, a tweet mocking Fartcoin went viral on social platforms. What really made this tweet out of the circle was not how unique the content was, but the identity of the person who retweeted it, the co-founder of one of Silicon Valley's top venture capital giants.
Although he did not explicitly state that he purchased Fartcoin, the fact that a prominent figure in the venture capital world publicly shared it for such a purely meme project is already a form of "capital endorsement" and "breaking the circle signal".
More substantial signals come from the on-chain capital flow. Fartcoin was launched not long ago, and when its market capitalization was still less than 100 million dollars, community analysts tracked on-chain addresses and discovered behavior patterns remarkably similar to those of the seasoned hedge fund Sigil Fund—multiple large purchases, active interactions, and early positioning.
The hedge fund was established in 2018 and is a fully compliant all-weather strategy fund initiated by a group of crypto veterans, known for focusing on speculative narrative-driven assets. Its founders frequently expressed interest in the AI meme sector on social media platforms towards the end of 2024, and even retweeted a post on December 13 asking "Do you hold $30 million in Fartcoin?" Although there was no direct response, it was widely interpreted as a "default entry."
At the same time, cross-validation of multi-party on-chain data shows that multiple strategy pool addresses are highly similar to this fund, having frequently engaged in buying, locking, and liquidity allocation operations during the early stages of Fartcoin.
What is even more noteworthy is the participation of a top-tier market maker—one of the largest market makers in the crypto market, which was early on the front row holding list of Fartcoin. On-chain data shows that this market maker holds 1.56% of the total supply of Fartcoin, ranking fourth. In the asset allocation of its main address, Fartcoin ranks among the top five, even surpassing some mainstream assets.
Multiple accounts highly related to the main address of this market maker were also actively synchronized during the early launch of Fartcoin - from building positions, market making, to arbitrage trading, a series of operations flowed smoothly.
It is worth mentioning that at the beginning of 2025, the founder of the market maker explained the hedging logic of Fartcoin's OTC trading in an interview at (4:59 and admitted for the first time that he personally also holds Fartcoin, jokingly saying: "It's just that I'm currently in a loss situation."
Driven by these market forces, the price trend of Fartcoin is exceptionally strong, completely detached from the market fluctuations.
According to data statistics from top trader Eugene, in the first quarter of 2025, most mainstream assets have fallen into a significant correction: ETH has dropped over 46% since the beginning of the year, SOL has fallen 24%, and the sub-sectors of AI, public chains, DeFi, and gaming are all in a bleak state. However, in this "sea of blood", Fartcoin is the only green in the entire chart, with an increase of 14.84% in the first quarter. Against the backdrop of a general decline in many assets, Fartcoin stands out.
It is worth noting that not only did Fartcoin maintain a strong rise during the downturn, but after the market improved in May, its increase still led mainstream assets, rising over 50%, far exceeding Bitcoin's performance of 23% during the same period.
Wall Street Talks "Pee" Color Changes
The popularity of Fartcoin is not limited to the crypto circle. What truly makes it a phenomenon is not only the逆势走强 of its price but also its breakout effect within the elite circle of Wall Street.
"We are in the Fartcoin phase of the market cycle." This statement comes from David Einhorn, the founder of a renowned hedge fund— the billionaire who accurately predicted and shorted Lehman Brothers. In his letter to investors in the fourth quarter of 2024, he devoted a whole section analyzing the rise of Fartcoin, calling it "a product of pure speculative sentiment" and comparing it to Pets.com and Dogecoin as typical representatives of financial bubble phenomena.
It is worth mentioning that Einhorn is a supporter of the Democratic Party and has established short positions on two leveraged ETFs related to the largest holders of Bitcoin.
In his view, this meme coin with a name that is inherently ironic has no intrinsic value, no practical application, and lacks any substitutability. He even stated that rather than investing in Fartcoin, he would prefer to buy an abstract painting by Jackson Pollock, as at least that painting "is still something people would want to hang on the wall."
But it is precisely because he is so strongly opposed in the letter that it highlights the peculiarity of this token. When a financial veteran known for his "rationality" and "value" starts making a long comment on a meme coin, you know that this is no ordinary speculative coin.
Owen Lamont, a researcher at an asset management company, is more direct. In a report titled "The Fartcoin Stages of the Market," he wrote: "I don't agree with the statement that 'Fartcoin is useless.' It's all about: to provoke those of us who think we're doing serious work. "Reading between the lines is full of irrational anxiety about the market. He called this phase "fart cryptoeconomics" and pointed out that Fartcoin was not a failure, but hit the market's three new logics – nihilism, the attention economy, and outright absurdity.
In his eyes, the core of Fartcoin's success is not technology, but its ability to spread. It can stimulate discussion, provoke emotions, and force everyone who takes the market seriously to respond. Even just criticizing it has already fallen into its design trap. "Fartcoin is a product of AI precisely manipulating human minds; if you think it resembles a financial experiment designed by malicious artificial intelligence, that's because it really is."
Compared with the anger and restraint of the first two, the attitude of billionaire Cliff Asness is much more relaxed. The co-founder of the quantitative investment giant and the rational representative of traditional finance, who has always been known for his calmness and data modeling, suddenly let go of the "rational person hypothesis" when facing Fartcoin. He wrote on social media: "Ironically, Fartcoin is the only thing I don't suspect. In the context of that post at the time, it was a mild poke at the absurdity of the entire market.
Behind this mockery, Fartcoin does not disguise itself as having "fundamentals" like other assets. It never claims to be some sort of innovative infrastructure, nor does it peddle any technological narrative, but instead blatantly presents itself as merely an "emotional product". On the very day he made this statement, Fartcoin soared again, with the increase in price rapidly climbing.
What is even more intriguing is that Asness said a few months later: "Fartcoin's performance today and over the past month makes me think I might have to stray even further from what Professor Fama taught me." (Professor Fama is the founder of the "Efficient Market Hypothesis" and also Asness's academic mentor.)
The "FartStrategy" Mimicking Bitcoin's Strategy
The token named "Fart" not only firmly holds a market capitalization of over one billion dollars, but also has its own enterprise-level holder like Bitcoin——FartStrategy.
Yes, when even the "meme" can replicate the model of large enterprises of "buying tokens, continuing to buy, and using holdings to support market capitalization," this absurd drama has truly completed the last piece of the puzzle.
Bloomberg financial columnist Matt Levine naturally did not miss this great show. As a former Wall Street investment banker and one of the most popular financial commentators, his column is considered a "must-read" by the elite in the financial world.
In his 2025 column "The Crypto Perpetuum Mobile", he specifically analyzed FartStrategy, calling it "the pinnacle of financial nihilism". The article begins with: "If you can sell packaged air, then why not Fartcoin?"
The operational logic of FartStrategy is extremely simple, and can even be described as unreserved: this is a decentralized autonomous organization created specifically for purchasing Fartcoin, with the mission statement "Hot air rises, and we will ride this wave to create value for Fartcoin and $FSTR (the token of FartStrategy) holders."
Does it sound a bit familiar - "We don't create content, we are just the carriers of memes"?
It has no profit model, no practical application, and no stability mechanism. It is just a transparent joke, dressed in the guise of a smart contract, packaging "we intend to continuously buy Fartcoin" as a "financial strategy" under the name of community voting. Even the official copy bluntly states: "FartStrategy is a comically absurd example, and holding it should not expect any economic returns."
Levine likens it to a mirror variant of a large coin holder who is constantly raising money to buy bitcoin and inflate the company's valuation; The former, on the other hand, relies on the combination of meme and DAO to make the "hot air" self-pressurize, forming a "Fartcoin flywheel effect", a financial perpetual motion machine driven entirely by emotions. He described it as "a leveraged container with hot air as an asset", and when its market value is higher than the total value of the actual Fartcoin holdings, it sells $FSTR and buys more Fartcoin, completing the pixel-level closed loop of the meme.
From Institutional Layout to Retail Takeover
Fartcoin was born from absurdity and stands firm in the chaos of the market.
According to blockchain analysis data, from January 3, 2025, to May 9, 2025, the holding structure of Fartcoin is gradually shifting from concentration among early large holders to dispersion among retail investors.
Especially from January to May of this year, the growth curve of small holding addresses (holding a value of less than 1000 dollars) has shown a significant upward trend. At the same time, Fartcoin has also become one of the most actively traded coins in terms of trading volume and liquidity in the Alpha zone of a certain trading platform.
From the initial institutional dominance to the current widespread dispersion of chips. All seemingly rational financial narratives ultimately reveal their essence in the absurd humor of Fartcoin.
Fartcoin almost meets all our stereotypes of meme coins: a funny name, a lack of practical value, completely relying on linguistic effects and social dissemination to become popular, even leaving traditional Wall Street investors feeling bewildered.
This may be the best portrayal of the current market condition—between value and bubble, reason and emotion, there always exists a gray area that we cannot fully understand.