“We have reached the “Fartcoin” stage of the market cycle”

Investing.com — David Einhorn of Greenlight Capital recently discussed the current state of the cryptocurrency market, noting: “(we) have reached the “Fartcoin” stage of the market cycle.”

Fartcoin, a digital currency created last year, has seen an incredible rise from nominal value to over $1 billion. The hedge fund manager points out that despite its lack of obvious utility beyond trading and speculation, Fartcoin has become the latest coin sensation, following in the footsteps of , a cryptocurrency created over ten years with the similar aim of mocking cryptocurrencies and enabling speculative trading. .

Dogecoin, sporting a dog logo, is currently valued at $55 billion. If it were a stock, it would rank around 180th in the rankings, surpassing the size of companies like Travelers (NYSE:) and Johnson Controls (NYSE:). Einhorn points out that, like other collectibles, the value of these cryptocurrencies lies in market perception, not in any intrinsic value or backing.

Also featured are the recently launched “official” Trump memecoin and Melania memecoin. As of Friday, the Trump memecoin had a par value of $40 billion, even reaching $75 billion over the weekend to overtake Dogecoin. With 80% of the coins yet to be issued, this implies that President Trump and the organization backing the coin hold Trump memecoins worth $32 billion and counting. This amount exceeds President Trump’s income from his entire business career. The Melania memecoin, launched on Sunday, is currently valued at $4 billion.

Einhorn says that creating new types of memecoins does not appear to be a difficult task and that he has no problem with individuals taking a chance on cryptocurrencies or other forms of speculative investments. His personal preference, however, would be to own a Jackson Pollock painting rather than a Fartcoin. The future of the cryptocurrency market, which may now be moving from the Fartcoin stage to the Trump and Melania memecoin stage, remains uncertain and potentially volatile.

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