In another fabulous crypto market story, an investor made an astonishing 3,360% return, turning an initial investment of $86,000 into approximately $3.9 million. This extraordinary gain was achieved through an investment in the Goatseus Maximus (GOAT) memecoin.
According to a report Per on-chain analytics firm Lookonchain, the investor allocated 603 SOL (worth $86,000) to purchase 10.7 million GOAT tokens six days earlier. At its peak, this investment rose to US$3.75 million. In the last eight hours, the investor liquidated 0.7 million GOAT tokens, converting them back into 1,453 SOL ($222,000), thus retaining 10 million GOAT tokens valued at approximately $2.74 million.
Additionally, the trader invested $182,000 in 7.3 million BILLY tokens, which he sold after four months for $593,000, generating a 226% return. Thus, the anonymous crypto investor made an impressive profit of $3.291 million from both trades.
Crypto’s Latest Memecoin Sensation
The GOAT memecoin has attracted significant attention within the crypto community. Initially conceptualized by an anonymous developer using Solana’s memecoin creation app Pump Fun, GOAT was not the direct creation of Andy Ayreythe developer behind the AI Truth Terminal bot. However, the influence of AI played a key role in its virality.
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Andy Ayrey, a digital innovator, developed the Truth Terminal as an experiment in memetic engineering rather than creating cryptography. Truth Terminal, trained on Meta’s Llama 3.1 model, engaged in extensive dialogue on platforms such as X, Reddit and 4chan, eventually settling on the Goatsee meme – a notorious early internet shock image.
These interactions inadvertently inspired the creation of the memecoin GOAT, which launched on October 13 and quickly reached a market capitalization of $360 million in four days. According to the latest data, GOAT’s market cap has decreased slightly to just over $335 million, with the token trading at approximately $0.33.
Andy Ayrey acknowledged the unexpected success of GOAT, stating: “This is not a crypto project; is a study in memetic contagion and the ultimate risks of infinite unsupervised idea generation in the age of LLMs. He further elaborated: “This memecoin takeoff is proving a thesis around which I am building an AI alignment and security company; which is where most of my skin in the game lies.
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Marc Andreessen, co-founder of Andreessen Horowitzinitially provided a $50,000 Bitcoin donation to Truth Terminal for independent AI research. Amid GOAT Token Surge, Andreessen enlightened his non-involvement with memecoin: “For clarity, I sent an unconditional, no-strings-attached personal research grant of $50,000 to Truth Terminal and its creator Andy Ayrey this summer (…). However, I have nothing to do with the GOAT memecoin. I was not involved in its creation, I played no role in it, I have no savings in it and I own none of it.”
GOAT’s rapid rise and subsequent stabilization highlights the continued appetite among crypto traders for high risk, high reward memecoins rather than fundamental utility. Truth Terminal’s role as a catalyst for GOAT’s success exemplifies the profound impact AI-driven storytelling can have on digital asset valuations.
At press time, GOAT was trading at $0.3520.
Featured image from iStock, chart from TradingView.com