Solana Meme Coin Fartcoin Falls After AI Bot Creator Sells Huge Stash

Lately scorching meme coin Fartcoin is down 17% within the final 24 hours amid information that Andy Ayrey, the creator of the favored AI bot Reality Terminal that inspired the token, helped facilitate the sale of a majority of its Fartcoin (FARTCOIN) holdings in an over-the-counter commerce.

Reality Terminal was initially despatched 20 million Fartcoin tokens to its unique Solana pockets on October 18, 2024 based on data from Solscan, a Solana block explorer—primarily an app that lets customers view transactions on the blockchain.

“When Reality Terminal went abruptly and unexpectedly viral again in October due to its incessant goatse posting, its pockets turned considerably of a Schelling level for meme cash,” stated Ayrey. “Folks simply… stored sending it tokens—for causes that largely escape me to at the present time.”

On January 21, Reality Terminal’s pockets transferred 15 million total Fartcoin tokens to 2 separate wallets as a part of the over-the-counter commerce, value greater than $22 million at at this time’s costs. 

Every receiving pockets then transferred the Fartcoin to a different Solana tackle. No less than one of many wallets nonetheless maintains its full share of Fartcoin tokens, nevertheless, the opposite transferred 5.5 million tokens to an account tagged as market maker Wintermute by Solscan. 

Particulars of the commerce had been announced early Tuesday morning by Ayrey, who indicated that he was approached by an nameless third social gathering and solely agreed to make the deal beneath the situation that the social gathering would maintain the tokens “responsibly” with out “dumping on the chart.”

A portion of the funds procured from the deal had been then used to purchase Goatse Maximus (GOAT), one other meme coin inspired and endorsed by Reality Terminal associated to a well-liked web meme. GOAT is up 8% to $0.30 within the final 24 hours, however stays greater than 75% off its all-time excessive value of $1.30. 

As a result of excessive authorized complexity and tax penalties of an AI bot holding thousands and thousands in property, Ayrey stated that it’s unlikely that rather more motion will come from Reality Terminal’s holdings quickly.

“Till we have now a bit extra authorized certainty (March earliest), any changes to its positions shall be few and much between and carried out,” stated its creator. 

For now, although, it’s still holding greater than $7.5 million in Fartcoin and $500,000 in Goatse Maximus tokens, respectively. 

Fartcoin reached an all-time excessive value of $2.48 on January 19 based on information from CoinGecko. It has since retraced practically 36% on the present value of $1.59.

Edited by Andrew Hayward