Fartcoin, a Solana-based cryptocurrency, continued to outpace legacy meme coins like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), registering rallies that defied market trends.

What Happened: The Solana (CRYPTO: SOL)-based cryptocurrency spiked over 4% to become the most successful meme coin in the last 24 hours.

In fact, Fartcoin was the most purchased token by smart money investors, as highlighted by the on-chain tracking platform Stalkchain.

The humorously named cryptocurrency has emerged as the king of meme coins, rising 194% in a month marked by tariff-induced fear and market decline. Just for context, meme giants such as Dogecoin and Shiba Inu fell by more than 7% within the same period.

#FARTCOIN @FartCoinOfSOL is the most bought token by smart money in the last 24 hours pic.twitter.com/zMX8wkuCZ2

— Stalkchain (@stalkchain) August 9, 2023

Popcat, the cat-themed meme coin, came in second, with a 1.33% gain over the previous day, while Shiba Inu rose 1.01% to bag the third spot.

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On the other hand, Dogecoin, the world’s largest meme coin by market value, exhibited sideways movement in the last 24 hours.

The broader meme coin sector also drifted horizontally, registering a market capitalization gain of 0.13%.

The cryptocurrency market held up well Wednesday, even as equities witnessed sharp sell-offs following tariff-fueled inflation concerns raised by Federal Reserve Chair Jerome Powell.