While the broader market chills in neutral, the meme sector has gone parabolic. Leading the pack this week: FARTCOIN and GRASS. But not all is fun and games—SPX is doing serious things, and Zcash is getting wrecked.
Meme coins are outpacing fundamentals in the current cycle.
Privacy and synthetic derivative tokens under pressure.
Cultural virality driving short-term pumps more than utility.
CEX liquidity stable but top gainers remain low-volume plays.
This week’s crypto leaderboard looks like it was curated by a mischievous 4chan thread. SPX led the charge with a jaw-dropping 23.28% rally, followed closely by the eternally confounding FARTCOIN, up 22.51%, and GRASS—the kind you definitely don’t mow—surging 19.31%. While some devs cry into their GitHub repos, the degen community is too busy laughing (and profit-taking) on meme volatility.
Meanwhile, formerly respectable projects like IBERA (-14.8%), BERA (-14.3%), and our old friend ZEC (Zcash, now down a grim 13.1%) took a nosedive, leaving on-chain privacy advocates muttering into their onion routers. FRXETH also slipped nearly 10%, reinforcing the market's current allergy to layered, synthetic ETH exposure.
Let’s not pretend like FARTCOIN's 22.51% pump was driven by a whitepaper breakthrough. But dismissing it as pure joke misses a broader point: these assets often capture cultural energy better than any L2 chain launch or tokenomics overhaul. FARTCOIN’s rise was accompanied by a flood of viral memes and speculative chatter on X, with influencers amplifying its “to the moon” narrative as part social protest, part joyride.
GRASS, on the other hand, is riding a slightly different wave. It recently partnered with a decentralized satellite data project that aims to “map green zones in urban dystopias.” Whether this will lead to long-term value is unclear, but it’s enough narrative fuel for a short-term breakout—a 19.31% breakout, to be precise.
SPX’s 23.28% pump raised eyebrows, not laughs. It appears to be riding on the back of recent integrations with Solana and Cosmos SDK—a rare example of interchain utility getting love in a pump-heavy market. With real integrations and a roadmap that goes beyond meme hype, SPX might be this week’s diamond hidden in the meme-dust.
Zcash (ZEC), which once represented the bleeding edge of privacy in crypto, shed 13.1% this week. No major exploits reported, but sentiment is fading fast. Privacy coins have consistently underperformed throughout 2024 thanks to regulatory pressure and a shift toward open-data protocols that abandon the old-world anonymity mantra.
Likewise, FRXETH’s 9.89% slide comes as Ethereum LSTs face stiff competition from restaked ETH and newer DeFi primitives. It looks like the market prefers ETH’s raw, unwrapped form or upgraded derivatives on Eigenlayer and elsewhere, rather than FRAX's synthetic flavors.
On X (formerly Twitter), Crypto Twitter (CT) continues its pivot from macro doom to micro-joy. Memecoins aren’t just spec plays—they’re morale boosters. Several prominent CT voices argued this week that tokens like FARTCOIN and GRASS are filling the narrative void left by stagnant majors. A well-followed anon wrote, “FARTCOIN has higher velocity than BTC rn. Let that sink in.”
Also going viral: charts showing the inverse correlation between L2 dev activity and token performance. In short: the more people build, the more retail apathy mounts. Degens aren’t currently interested in rollup patents—they want dopamine and double digits.
Liquidity remains uneven. Most of the top-moving assets this week saw their surges on relatively low-volume books, suggesting some of these breakouts remain fragile. Still, liquidity across CEXs has remained stable, and slippage on high-leverage pairs has decreased slightly, a sign of improved market-making activity from both old and new players.
No, they’re not the evil Bitcoin twins—but they might feel like it. Both tokens cratered—down 14.3% and 14.8% respectively—despite having launched mid-cycle narrative refresh campaigns. Analysts speculate that lack of organic activity and low user retention numbers are dragging these projects into irrelevance. Add to that some rumors of VC unlocks, and the exit liquidity got spooked fast.
Keep eyes peeled for any signs of correlation breaks between BTC and meme moves. If FARTCOIN and GRASS continue running while majors stall, it’s a sign of speculative de-correlation—usually a brief, volatile window before mean reversion sets in hard.
Also crucial: the upcoming community proposal from SPX involving retroactive rewards for early multisig signers. If it passes, expect short-term price hype, but longer-term community impact.
This week’s crypto leaderboard looks like it was curated by a mischievous 4chan thread. SPX led the charge with a jaw-dropping 23.28% rally, followed closely by the eternally confounding FARTCOIN, up 22.51%, and GRASS—the kind you definitely don’t mow—surging 19.31%. While some devs cry into their GitHub repos, the degen community is too busy laughing (and profit-taking) on meme volatility.
Meanwhile, formerly respectable projects like IBERA (-14.8%), BERA (-14.3%), and our old friend ZEC (Zcash, now down a grim 13.1%) took a nosedive, leaving on-chain privacy advocates muttering into their onion routers. FRXETH also slipped nearly 10%, reinforcing the market's current allergy to layered, synthetic ETH exposure.
Let’s not pretend like FARTCOIN's 22.51% pump was driven by a whitepaper breakthrough. But dismissing it as pure joke misses a broader point: these assets often capture cultural energy better than any L2 chain launch or tokenomics overhaul. FARTCOIN’s rise was accompanied by a flood of viral memes and speculative chatter on X, with influencers amplifying its “to the moon” narrative as part social protest, part joyride.
GRASS, on the other hand, is riding a slightly different wave. It recently partnered with a decentralized satellite data project that aims to “map green zones in urban dystopias.” Whether this will lead to long-term value is unclear, but it’s enough narrative fuel for a short-term breakout—a 19.31% breakout, to be precise.
SPX’s 23.28% pump raised eyebrows, not laughs. It appears to be riding on the back of recent integrations with Solana and Cosmos SDK—a rare example of interchain utility getting love in a pump-heavy market. With real integrations and a roadmap that goes beyond meme hype, SPX might be this week’s diamond hidden in the meme-dust.
Zcash (ZEC), which once represented the bleeding edge of privacy in crypto, shed 13.1% this week. No major exploits reported, but sentiment is fading fast. Privacy coins have consistently underperformed throughout 2024 thanks to regulatory pressure and a shift toward open-data protocols that abandon the old-world anonymity mantra.
Likewise, FRXETH’s 9.89% slide comes as Ethereum LSTs face stiff competition from restaked ETH and newer DeFi primitives. It looks like the market prefers ETH’s raw, unwrapped form or upgraded derivatives on Eigenlayer and elsewhere, rather than FRAX's synthetic flavors.
On X (formerly Twitter), Crypto Twitter (CT) continues its pivot from macro doom to micro-joy. Memecoins aren’t just spec plays—they’re morale boosters. Several prominent CT voices argued this week that tokens like FARTCOIN and GRASS are filling the narrative void left by stagnant majors. A well-followed anon wrote, “FARTCOIN has higher velocity than BTC rn. Let that sink in.”
Also going viral: charts showing the inverse correlation between L2 dev activity and token performance. In short: the more people build, the more retail apathy mounts. Degens aren’t currently interested in rollup patents—they want dopamine and double digits.
Liquidity remains uneven. Most of the top-moving assets this week saw their surges on relatively low-volume books, suggesting some of these breakouts remain fragile. Still, liquidity across CEXs has remained stable, and slippage on high-leverage pairs has decreased slightly, a sign of improved market-making activity from both old and new players.
No, they’re not the evil Bitcoin twins—but they might feel like it. Both tokens cratered—down 14.3% and 14.8% respectively—despite having launched mid-cycle narrative refresh campaigns. Analysts speculate that lack of organic activity and low user retention numbers are dragging these projects into irrelevance. Add to that some rumors of VC unlocks, and the exit liquidity got spooked fast.
Keep eyes peeled for any signs of correlation breaks between BTC and meme moves. If FARTCOIN and GRASS continue running while majors stall, it’s a sign of speculative de-correlation—usually a brief, volatile window before mean reversion sets in hard.
Also crucial: the upcoming community proposal from SPX involving retroactive rewards for early multisig signers. If it passes, expect short-term price hype, but longer-term community impact.
FARTCOIN surged 22.51% on viral community engagement and cross-platform memes. SPX gained 23.28% driven by Solana and Cosmos SDK integrations. Zcash (ZEC) fell 13.1% amid worsening sentiment around privacy coins. Weakness in synthetic ETH plays is consolidating around LST competitors.
Watch for volume spikes on meme coins as leading indicators—often these precede coordinated influencer pushes. Use volume + sentiment data together to front-run short-term trend shifts.
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