A popular crypto analyst is still bullish on a memecoin that’s already ripped by more than 4,000% in two months.

The pseudonymous trader known as Altcoin Sherpa tells his 236,500 followers on the social media platform X that he’s still accumulating the Solana (SOL)-based memecoin Fartcoin (FARTCOIN).

“I’m filling a bit around $0.80ish, approaching my buys. Total buys = some at $1, more at $0.80, and I also moved some other buys to $0.65 in case they come. I want my average to be around $0.80 or lower though. Still think this is a good meme and I’m hopeful it doesn’t pull a goat/act/etc after being listed.”

FARTCOIN is trading at $0.81 at time of writing. The 136th-ranked crypto asset by market cap is down more than 11% in the past 24 hours but up around 4,000% in the past two months. The memecoin launched in late October.

Altcoin Sherpa says there’s a catch, however.

“Frankly I am a bit scared that this trade is a bit too consensus, to be honest. It’s a fantastic meme and hits many incredible narratives but it seems almost ‘too’ obvious. But still gonna fire and add.”

In terms of Ethereum (ETH), the analyst says he’s still uncertain.

“ETH is the gateway to alt season but there’s no true clarity on it… yet. If BTC breaks either the range high or low, I suspect this goes lower. Patience for now.”