PakGazette — David Einhorn of Greenlight Capital recently analyzed the current state of the cryptocurrency market and noted: “[w]“We have reached the “Fartcoin” stage of the market cycle.”
Fartcoin, a digital currency created in late 2021, has seen an incredible rise from face value to over $1 billion. The hedge fund manager highlights that despite its lack of obvious utility beyond trading and speculation, Fartcoin has become the latest meme coin sensation, following in the footsteps of , a cryptocurrency created more than a decade ago. with a similar goal of making fun of cryptocurrencies and enabling speculative trading. .
Dogecoin, with a dog logo, is currently valued at $55 billion. If it were a stock, it would rank 180th, surpassing the size of companies like Travelers (NYSE 🙂 and Johnson Controls (NYSE:). Einhorn emphasizes that, like other collectibles, the value of these cryptocurrencies lies in market perception, not any intrinsic value or backing.
Also in the spotlight are the recently launched “official” Trump and Melania memecoins. As of last Friday, Trump’s memecoin had a face value of $40 billion, even reaching $75 billion over the weekend to surpass Dogecoin. Since 80% of the coins have not yet been issued, it implies that President Trump and the organization supporting the coin own $32 billion worth of Trump memecoins and counting. This amount exceeds President Trump’s earnings during his entire business career. The Melania memecoin, launched on Sunday, is currently valued at $4 billion.
Einhorn says that creating new types of memecoins does not appear to be a difficult task and he has no problem with people taking risks with cryptocurrencies or other forms of speculative investments. However, your personal preference would be to own a Jackson Pollock painting instead of a Fartcoin. The future of the cryptocurrency market, which is now perhaps transitioning from the Fartcoin stage to the Trump and Melania memecoin stage, remains uncertain and potentially volatile.
