Nobody Ever Went Broke Overestimating The Flatulence Of The American Public

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Fartcoin (FARTCOIN), a quintessential memecoin with no utility whatsoever, has stunned the world by claiming a market-based capitalization in excess of $500 million. This development is all the more striking when one considers the well-founded hypothesis that the current memecoin season is still in its infancy, with much more insanity presumably in the offing.

For the benefit of those who might not be aware, Fartcoin does not lay claim to any intrinsic value. Instead, the memecoin draws the entirety of its worth from a vibrant community devoted to sharing flatulence-related jokes and memes.

Even so, literally no one expected the memecoin to eclipse a $500 million market-based capitalization.

BREAKING: Fartcoin’s market cap is now greater than 38% of all American publicly-traded companies. pic.twitter.com/obLQK8LNTe

— Hedgeye (@Hedgeye) December 12, 2024

For context, consider the fact that Fartcoin is now more valuable than a stunning 38 percent of all publicly-traded American companies!

“Nobody ever went broke overestimating the flatulence of the American public.”

– H.L. Mencken https://t.co/Dbkxz1Jxmx

— Clifford Asness (@CliffordAsness) December 12, 2024

This development has predictably spawned a ton of humorous takes, including a play on H.L. Mencken’s quote:

Of course, as per historical precedents, the memecoin season is still in its infancy. In the previous crypto bull cycles, Bitcoin typically took the initial lead, followed by Ethereum’s Ether, and then the memecoins started recording rip-roaring gains, capping off the peak mania phase of the cycle. Currently, however, Bitcoin is still in its lead phase, which lends credence to the hypothesis that the market will likely see many iterations of Fartcoin before the present cycle ends.

Most coins are about a 2-3x away from former ATH

Do with that information what you will $FTM $FET pic.twitter.com/r72c21nWFH

— Altcoin Sherpa (@AltcoinSherpa) December 12, 2024

Consider the fact that many altcoins are still quite far away from their all-time highs recorded in the previous bull cycle.

When the 6-month and below #Bitcoin Realized Cap HODL Waves bands surpass ~80%, it’s a good indication the market is over-heated, and a major price peak is likely… 🔥

Currently we’re at around 55%, plenty of upside to go for #BTC!👆 pic.twitter.com/ZL5P7USMo9

— Bitcoin Magazine Pro (@BitcoinMagPro) December 12, 2024

And, as per Bitcoin’s Realized Cap HODL Waves bands, the world’s preeminent cryptocurrency still has room to run.

New report from BlackRock today that recommends 1-2% exposure to Bitcoin ETF, first time they gave specific number (they put this out bc they had so much incoming on this q of how much?). pic.twitter.com/X7iF06xXFa

— Eric Balchunas (@EricBalchunas) December 12, 2024

Interestingly, BlackRock provided another bullish jolt to Bitcoin today by formally recommending a portfolio allocation of 1 to 2 percent to spot Bitcoin ETFs.

In the meantime, Fartcoin can feasibly clock-in additional gains. Just don’t expect those gains to last. Consider the recent pump-and-dump in the Hawk Tuah memecoin as a cautionary reference point.