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Fofar, a recent, pepe-inspired meme coin is posting massive growth, rising over 420% in the last 24 hours. This far-right Solana-based meme coin sits at the intersection of PolitFi and Matt Furie-inspired mascots, and its position paid off big time.
Let’s take a look at what’s behind the pump as well as why some analysts are backing a new meme coin called Pepe Unchained to explode next.
Fofar Explodes Amidst PolitFi Competition
Fofar went viral early in the morning just after its CMC listing. The coin quickly became trending on Solana buy bots, Reddit, DexScreener, and multiple other platforms. This triggered a massive surge in price, to which the coin grew massively in just a few hours.
The ETH version of the coin also grew, though at a much lower percentage. The coin also started trending on CoinMarketCap a couple of hours ago, quickly reaching the number 2 spot.
Fofar is going viral, trending on Solana buy bots, DexScreener, reddit and just listed on CMC
This is just the beginning! Eth version did 10M Mcap, we aim to hit this target aswell!
Trending CMC incoming 🔥🔥🔥https://t.co/ogg9rbRHul pic.twitter.com/w3F5CUzZRt
— Gem Hunters (@0xGemHunters) July 11, 2024
Currently, Fofar is trading at $0.00004704 with a market cap of just $472,006 and a daily trading volume of a massive $1,996,313. While Fofar is just a few percentage points under its all-time high of $0.00005091, it could still grow more.
This growth is especially surprising given the current outlook of the meme coin market. While most of the top meme coins are growing this week, a vast majority of the top 100 including DOGE, WIF, SHIB, and PEPE have declined 3-10% over the last 24 hours.
Even the emblematic far-right coin MAGA fell 3% today, however, it seems like Fofar’s positioning in the market was so enticing that it completely ignored this downtrend.
Fofar Fundamentals And Community Focus
Fofar is a far-right PolitFi token much like MAGA and BODEN in the sense that it’s heavily affiliated with a political party. It combines this with the memetic appeal of Matt Furie’s designs and has chosen an especially eye-catching one to be its mascot.
A large part of Fofar’s success stems from its community focus. Fofar hosts meme competitions and encourages artists to make art of the coin, providing Solana as prizes. The token avoided the usual investor concerns like rug pulls and pump-and-dumps that plague the meme coin space by burning LP tokens as well as all of the tokens held in the founder’s wallet.
On top of this, Fofar has weekly burn events where they burn a portion of the total token supply. So far, 15% of the total token supply has been burned, with each burn event increasing the value of investor’s tokens.
The token’s far-right nature also makes it easier to produce memes, leveraging the memetic power of presidential candidate Donald Trump. This may also make it poised to grow more depending on the US election results.
With Fofar’s most explosive short-term growth likely over, some analysts are backing a promising new L2 meme coin to see big gains next.
Analysts Think Pepe Unchained Could be Next to Make Explosive Gains
Pepe Unchained ($PEPU) is a Pepe-inspired, high-utility meme coin setting out to revolutionize the space. It looks to provide a solution to ETH meme coins’ biggest problems including high transaction fees and slow speeds. With extremely high volume capacity, this L2 will be up to 100x faster than ETH charging minimal transaction fees.
The token has already raised $3.3 million in its ICO, currently selling for just $0.0083926 per token. Its tokenomics are part of the reason, with 20% of the total 8 billion token supply allocated to the presale.
On top of this, Pepe Unchained is a staker’s heaven, with a projected P/A of 569% and a massive 30% of tokens allocated to staking.
Much like Fofar, PEPU has taken steps to ensure investors feel their funds are safe, and has passed two security audits by Solidproof and Coinsult.
Experts such as the 99Bitcoins YouTube channel believe that PEPU’s potential is immense, and predict the token’s current price is likely to be its lowest point, representing a potentially profitable buying opportunity.
Renowned meme coin gem hunter Jacob Bury has also commented on PEPU’s potential, predicting it could be set to see 10x gains.
With only 35 hours left until the token’s next price increase, and a likely P/A drop for stakers, it’s the perfect chance to get in early.
