Fartcoin bulls liquidated as price drops to $1.10 – What’s next?

Key Points

1. Fartcoin dropped 14% on July 28, leading to its largest long liquidation since March, with 7.7 million coins wiped out in the Futures market.

2. Despite the 34% pullback in July, Fartcoin accumulation increased by 11%, indicating continued interest from holders.

3. The supply owned by holders surged to 59% from 48% at the beginning of July, with about 230 million Fartcoin acquired.

4. The price hit a key support level at $1.10, with potential for a rebound, while long-term holders appeared bullish.

5. Analysts noted that after a similar liquidation event in March, the memecoin price surged over 600%, suggesting a possible repeat.