Can you imagine that a cryptocurrency with a ridiculous name and no application scenarios became one of the few mainstream coins that rose against the trend in the first quarter of this year?Even breaking the circle on Wall Street, traditional investors have broken the defense one after another.

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

This token is Fartcoin, which is “in the same school as GOAT”.

The origin of Fartcoin is a conversation between artificial intelligence.In an AI proxy model funded by a16z founder Marc Andreessen, called “terminal of truths”, a chat about Musk’s “fasting sound” triggered a ripple effect.

AI suggests: “Or we’ll send a coin called Fartcoin.”So, Fartcoin was born on October 18, 2024.

Comes with “golden finger” as soon as you are born

Fartcoin was born like a hero with a golden finger, attracting the attention, pursuit and buying of a group of “far-loving people” in the currency circle.

On December 13, 2024, a teasing tweet about Fartcoin quickly spread on X (formerly Twitter).What made this tweet famous is not its excellent content, but its retweet: Marc Andreessen, co-founder of a16z.

Although he did not make a clear statement to buy Fartcoin, for such a completely meme project, being publicly forwarded by one of the most iconic figures in the venture capital industry in Silicon Valley is itself a “capital certification” and “breaking the circle signal”.

Another more substantial signal comes from the capital action on the chain.Shortly after Fartcoin went online and its market value was still below $100 million, community members discovered a highly similar behavioral trajectory to the senior hedge fund Sigil Fund – multiple large-scale purchases, active interactions, and ambushing in advance.

Founded in 2018, Sigil Fund is a 24/7 strategy fund initiated by a group of crypto OGs and registered compliantly, 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. He even forwarded a tweet about “whether Sigil holds $30 million Fartcoin” on December 13. Although there was no positive response, it was widely interpreted by the community as “default entry”.

At the same time, cross-verification of data on multiple chains shows that multiple policy pool addresses are very close to Sigil Fund, and buying, locking positions and Raydium liquidity configuration operations have been frequently carried out in the early stages of Fartcoin.Related readingsDigital Solutions Fartcoin’s $1 billion path: Institutional early layout may be a driving force, cold fermentation casting MEME New King》

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

Source: Arkham

Several accounts that are highly related to the Wintermute main address behavior were also active in the early stages of Fartcoin’s launch – from position building, market making, to brick-moving arbitrage, completed in one go, and flowing.

It is more worth mentioning that in early 2025, Wintermute founder Evgeny Gaevoy was onceSteady Lads’ interview (4:59)Explained the hedging logic of Fartcoin OTC, and admitted for the first time that he personally held Fartcoin, and said to himself, “It’s just that he’s still trapped.”

Wintermute is in charge, no wonder Fartcoin’s growth is so conspicuous and strong, and its trend is not as good as the market.

According to statistics from top trader Eugene (called “dove” in the circle), in the first quarter of 2025, most mainstream assets fell into a significant drawdown: ETH fell by more than 46% year-on-year, SOL fell by 24%, and sub-tracks such as AI, L1, DeFi, and Gaming were even more crimson and extremely tragic.And in this sea of ​​blood, Fartcoin is the only green in the entire chart, with a first-quarter increase of 14.84%.Fartcoin is particularly eye-catching against the backdrop of the vastness of assets.

Source: Eugene

Not only did it rise in the downward market, but the market improved in May, Fartcoin’s growth rate still led the mainstream assets, rising by more than 50%, far exceeding Bitcoin’s 23% in the same period.

Wall Street talks about “fart” in a terrifying way

Fartcoin’s popularity has not stopped in the currency circle.What really makes it a phenomenon is not only the price itself rises against the trend, but the breaking circle on Wall Street.

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

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

In David Einhorn’s view, the name Fartcoin itself is full of sarcastic meme coins, which has no intrinsic value, has no application, and does not have any substitutability.He even said that instead of investing in Fartcoin, he would rather buy an abstract painting by Jackson Pollock, at least that painting “and someone else is willing to hang it on the wall.”

But it is also because of his strong opposition in his letter that it seems more interesting.Because when a financial veteran who is known for “rationality” and “value” starts to comment on a meme currency, you know that this is not an ordinary shitcoin.

Owen Lamont, a researcher at Acadian Asset Management, expressed it more directly.He is in a post titled “The Fartcoin stage of the market》“I don’t agree with the statement that “Fartcoin is useless.” Its purpose is to anger those of us who think we are doing serious work.” The lines are filled with anxiety about the irrationality of the market.He called this stage “Crypto-flatulent economics” and pointed out that Fartcoin is not a failure, it hits the three new logics of the market – nihilism, attention economy and naked stupidity.

In his eyes, the core of Fartcoin’s success is not technology, but communication.It can inspire discussion, create emotions, and force everyone who takes the market seriously to respond to it.Even if you just scold it, you have fallen into its trap.”Fartcoin is the product of AI’s precise control of human brain circuits. If you think it’s like a financial experiment designed by malicious artificial intelligence, it’s because it’s the case.”

And if the above two people are still a little angry and restrained, the attitude of billionaire Cliff Asness seems much easier.This co-founder of AQR Capital and a representative of rationality in traditional finance, has always been known for calmness and factor modeling, but when facing Fartcoin, he suddenly put down the “rational human assumption”.”Ironically, Fartcoin is the only thing I don’t doubt,” he wrote on social media. In the context of that post at the time, it was a gentle joke about the absurdity of the entire market.

In this joke, Fartcoin does not disguise itself as “basically” like other assets.It never claims to be an innovative infrastructure, nor sells any technological narrative, but instead puts it there nakedly, admitting it is just an “emotional product.”On the day he finished saying this, Fartcoin took off again, and the increase quickly rose.

What is even more intriguing is that a few months later, Cliff Asness said: “Fartcoin’s performance today and the past month, I have to say that I may be farther away from what Gene Fama taught me.” (Gene Fama is the founder of the “Efficient Market Hypothesis” and an academic tutor of Cliff Asness)

Does Fartcoin also own MicroStrategy?

This coin named “Fart” not only stands firmly above the market value of one billion, but it actually has its own MicroStrategy – FartStrategy like Bitcoin.

Yes, when even the “memories” can copy the MicroStrategy model of “buy coins, buy coins again, and use positions to support market value”, this absurd drama really adds to the last piece of the puzzle.

Bloomberg’s finance columnist Matt Levine didn’t miss the show.Matt Levine is a Bloomberg columnist, a former Goldman Sachs investment banker, and one of Wall Street’s most popular financial commentators.His column, Money Stuff, is known as a “must-read every day” and covers the entire Wall Street elite circle from SEC officials to hedge fund managers.

His 2025 columnCrypto Perpetual Motion MachinesIn 》, a special piece of space was used to analyze FartStrategy, and it was called “the pinnacle artwork of financial nihilism.”The article begins with: “If you can sell the air in a package, why can’t it be Fartcoin?”

The operating logic of FartStrategy is very simple, even blatant: it is a DAO created specifically for the purchase of Fartcoin, and its mission statement is, “The hot air will rise, and we will ride this hot stream to create value for Fartcoin and $FSTR (tokens of FartStrategy).”

Does it sound a bit like – “We don’t produce content, we are just meme porters”?

It has no profit model, no application implementation, and no stability mechanism.It is just a transparent joke, wearing the cloak of smart contracts, and in the name of community voting, it packages “we intend to continue buying Fartcoin” as a “financial strategy.”Even the official copy is outspoken: “FartStrategy is an example of comedy absurdity, and holding it should not expect any financial gain.”

In the article, Matt Levine compared it to a mirror derivative of MicroStrategy – the latter raised the company’s valuation by continuously raising funds to increase the company’s valuation; while the former relied on the linkage between meme and DAO to allow the 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 Fartcoin value it actually holds, it sells $FSTR and buys more Fartcoin to complete a meme pixel-level closed loop.

Fartcoin comes from the absurdity and gains a foothold in chaos.

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

Especially from January to May this year, the slope of growth in the purple area (which holds addresses less than $1,000) began to rise.At the same time, Fartcoin has also become one of the most active currencies in Binance Alpha.

Fartcoin Meme: My husband invested a large part of his property in a cryptocurrency token called Fartcoin. What should I do?

From the beginning of being a banker, to the current scattered chips.All seemingly rational financial narratives end up showing their true form in Fartcoin’s toilet humor.

Fartcoin is almost in line with all our stereotypes about meme coin: the name is funny, has no practical value, it becomes popular all by language effects and social drives, and even makes traditional Wall Street investors feel broken.