Opinion: Cryptocurrency has entered the "fart coin" stage of the market cycle

Odaily News "We have reached the 'Fartcoin' phase of the market cycle," David Einhorn, billionaire founder of Greenlight Capital, wrote in his latest letter to investors. Fartcoin is a digital currency created in late 2021 that has soared to more than $1 billion in nominal value. The hedge fund manager stressed that while Fartcoin has no apparent utility beyond trading and speculation, it joins the latest memecoin craze, following in the footsteps of Dogecoin, a cryptocurrency created more than a decade ago with the same purpose of mocking cryptocurrencies and promoting speculative trading.
Fartcoins are up nearly 60% so far this year. However, David Einhorn writes that fartcoins have no apparent use other than trading and speculation. (CNBC)