Recently hot meme coin Fartcoin is down 17% in the last 24 hours amid news that Andy Ayrey, the creator of the popular AI bot Truth Terminal that inspired the token, helped facilitate the sale of a majority of its Fartcoin (FARTCOIN) holdings in an over-the-counter trade.
Truth Terminal was initially sent 20 million Fartcoin tokens to its original Solana wallet on October 18, 2024 according to data from Solscan, a Solana block explorer—essentially an app that lets users view transactions on the blockchain.
“When Truth Terminal went suddenly and unexpectedly viral back in October thanks to its incessant goatse posting, its wallet became somewhat of a Schelling point for meme coins,” said Ayrey. “People just… kept sending it tokens—for reasons that largely escape me to this day.”
On January 21, Truth Terminal’s wallet transferred 15 million total Fartcoin tokens to two separate wallets as part of the over-the-counter trade, worth more than $22 million at today’s prices.
Each receiving wallet then transferred the Fartcoin to another Solana address. At least one of the wallets still maintains its full share of Fartcoin tokens, however, the other transferred 5.5 million tokens to an account tagged as market maker Wintermute by Solscan.
Details of the trade were announced early Tuesday morning by Ayrey, who indicated that he was approached by an anonymous third party and only agreed to make the deal under the condition that the party would hold the tokens “responsibly” without “dumping on the chart.”
A portion of the funds procured from the deal were then used to buy Goatse Maximus (GOAT), another meme coin inspired and endorsed by Truth Terminal related to a popular internet meme. GOAT is up 8% to $0.30 in the last 24 hours, but remains more than 75% off its all-time high price of $1.30.
Due to the extreme legal complexity and tax consequences of an AI bot holding millions in assets, Ayrey said that it’s unlikely that much more action will come from Truth Terminal’s holdings soon.
“Until we have a bit more legal certainty (March earliest), any adjustments to its positions will be few and far between and conducted,” said its creator.
For now, though, it’s still holding more than $7.5 million in Fartcoin and $500,000 in Goatse Maximus tokens, respectively.
Fartcoin reached an all-time high price of $2.48 on January 19 according to data from CoinGecko. It has since retraced nearly 36% at the current price of $1.59.
Edited by Andrew Hayward
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
