No. of Recommendations: 2
This may not be Buffett's type market,
" Greenlight Capital’s David Einhorn thinks speculative behavior in the current bull market has ascended to a level beyond common sense.
“We have reached the ‘Fartcoin’ stage of the market cycle,” Einhorn wrote in an investor letter obtained by CNBC. “Other than trading and speculation, it serves no other obvious purpose and fulfills no need that is not served elsewhere.”
A crypto token called “fartcoin” exploded in popularity as the recent election of Donald Trump unleashed a storm of animal spirits on Main Street. The meme coin is now edging toward a $2 billion market value, surpassing many U.S.-listed companies.
More meme coins have emerged since the inception of fartcoin. Trump launched $TRUMP, a meme coin built on the Solana platform. Its market cap over the weekend climbed past $14 billion. The coin at one point was down more than 20% over the past 24 hours, but it has since cut its losses to around 3%. Trump’s wife, Melania, also unveiled a coin."
cnbc.com - David einhorn says we have reached the fartcoin stage of the market cycle 