Markets were hit hard on Monday as President Trump’s latest trade war announcements shook global economies.
Markets were hit hard on Monday as President Trump’s latest trade war announcements shook global economies. The U.S. president's decision to impose new tariffs on trading partners, including a 10% baseline tax and higher rates on China, the European Union, and Vietnam, sent shockwaves through financial markets. As a result, equities and cryptocurrencies experienced sharp declines. The U.S. dollar fell, and even gold—considered a safe-haven asset—was down on Monday.
Amid the broader market turmoil, Fartcoin, a meme coin based on Solana, stood out. While most major cryptocurrencies, including Bitcoin and Ethereum, faced significant losses, Fartcoin managed to rise by 10% over the past 24 hours. It was recently trading at approximately $0.49, peaking at $0.55 earlier in the day. This marked a stark contrast to other meme coins, like Dogecoin, which dropped by nearly 10% to $0.145.
The broader market sentiment was already bearish after President Trump announced the tariff hikes, which had spooked investors, leading to widespread sell-offs of risk assets. Even U.S. equities, which had been showing signs of recovery, took a hit. Cryptocurrency markets mirrored the stock declines, with Bitcoin initially experiencing a boost after reports emerged that the White House was considering a 90-day suspension of tariffs. However, the gains were short-lived, as the White House quickly labeled the reports "fake news." Bitcoin’s price dropped by 5% soon after, falling to just below $75,000.
Fartcoin’s price increase amid the market chaos caught the attention of investors and analysts. While other meme coins, like Pepe, Shiba Inu, and Official Trump, were also in decline, Fartcoin’s price surge raised questions about the unpredictability of the cryptocurrency space. Meme coins, often based on internet culture or popular figures, have a history of extreme price movements, making them particularly volatile. Fartcoin’s rise during such a volatile period could signal more unpredictability to come in the market.
On social media, analysts expressed confusion over the unusual market activity. Bloomberg Senior ETF Analyst Eric Balchunas tweeted, “Literally everything is down, even treasuries and gold. Bitcoin and Ether both in the gutter. Can someone explain this?” Some Twitter users humorously suggested, “Hot air rises,” alluding to Fartcoin’s sudden increase in value.
Despite the market turbulence, Fartcoin’s resilience points to the erratic nature of the cryptocurrency world. The coin’s ability to rise when other major cryptocurrencies and assets are struggling underscores the unpredictable nature of meme coins, which are known for their drastic price movements. As the market continues to react to ongoing trade tensions, Fartcoin’s rise serves as an unexpected anomaly in an otherwise chaotic environment.
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