Official announcements from the Federal Reserve

Fartcoin Hits $1 as Market Cap Tops $1 Billion, Enters Top 10 Meme Coins Amid Fed Rate Cut

Dec 18, 2024, 08:56 PM

Fartcoin, a meme cryptocurrency built on the Solana blockchain, has surged past the $1 price level, reaching a market capitalization of over $1 billion. This rapid ascent places Fartcoin among the top ten meme coins by market cap and means it now surpasses 93% of all publicly listed companies. The surge coincides with a broader market sell-off and the Federal Reserve's decision to cut interest rates for the third time this year, lowering the rate from 5.50% to 4.50%. Despite the general market downturn, Fartcoin has seen substantial investor interest, highlighting the continued volatility and speculative nature of the cryptocurrency market.