Greenlight Capital's David Einhorn called the current bull market cycle the "Fartcoin stage," highlighting the memecoin. Fartcoin reached a nearly $2 billion valuation after the election of President Trump, surpassing many U.S.-listed firms. Former President Donald Trump launched a meme coin with a market cap surpassing $14 billion despite recent price swings. Melania Trump also introduced a coin, signaling the market's rapid expansion into meme tokens. Einhorn's letter noted Greenlight's short positions against crypto-linked ETFs while capitalizing on MicroStrategy stock arbitrage for significant gains.