Following a recent price drop, attention is turning to whether a growing number of new traders can counter the selling from large wallets.
Short-term price drop contrasts with large yearly gains
FARTCOIN's price fell
↘15%
in the last 24 hours, underperforming the
↘4%
average decline for the Memecoin category. This recent weakness is in contrast to its performance over the last year, where it posted gains of
↗1,694%
.
Large wallets are a major source of selling
Network data shows that selling activity currently outweighs buying by nearly 3-to-1, reflected in a buy/sell ratio of 0.386. This selling pressure corresponds with a net outflow of 96.8 million tokens and a
↘29%
decline in trading volume from large wallets.
New trader growth remains strong
Despite the selling, the network attracted over 17,600 new traders, a growth rate of
↗56%
. The number of unique daily traders also increased by
↗19%
.