Goatseus Maximus (GOAT) has climbed into the top 100 cryptocurrencies by market capitalization, currently occupying position #81. Memecoin has experienced a remarkable 27% increase in the last 24 hours and an impressive 174% gain in the past week. With a market capitalization of around US$823 million, the US$1 billion milestone appears to be within reach.
The recent price increase comes amid a large Announcement from the OKX crypto exchange. The platform stated that it would list USDT-margined perpetual futures for Goatseus Maximus (GOAT) starting at 9am UTC on October 24, 2024. Binance also announced that it will launch the GOAT/USDT perpetual contract with up to 75x leverage at 21:30 UTC+8 on October 24, 2024.
The GOAT’s origins date back to March 2024, when developer Andy Ayrey released “The Infinite Backrooms,” an endless dialogue between two AI models. During these interactions, the concept of “GOATSE GNOSIS” emerged – a meme inspired by the classic Internet goat meme. This idea laid the foundation for what would become the terminal of truth.
In June, Ayrey transformed the content of these AI conversations into Truth Terminal, an AI agent that interacts with users and generates content on Twitter. Initially operating under the radar, the project gained significant attention after venture capitalist Marc Andreessen Donated $50,000 in Bitcoin in July to support its development. This generous contribution acted as a catalyst, propelling the project into the crypto spotlight.
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Truth Terminal continued to spread the “Goatse Gospel” on X, which eventually led to the creation of the GOAT memecoin. The token went viral, quickly rising to its current market capitalization.
Truth Terminal’s wallet currently contains 315 tokens, with the SCOOP memecoin representing the largest portion at 51%, valued at over $6 million. The memecoin GOAT is the second largest holding, worth $1.5 million, followed by FARTCOIN, valued at $1.47 million, making it the first millionaire AI agent.
Despite his rapid rise, GOAT was not without controversy. The token suffered a 50% drop amid suspicions that the Truth Terminal account could be controlled by a human instead of an AI. These doubts were sparked by a typo in one of its tweets, leading some to question the authenticity of its AI origins.
Responding to concerns, Andy Ayrey explained: “Such errors arise from the limitations of AI models. Great language models try to predict the next word, which can result in errors.” His clarification reassured the community about the legitimacy of the project.
Analyst Perspectives: Is GOAT a Buy or Sell?
The crypto community on X remains divided on the future trajectory of the GOAT. Crypto Analyst Jake Pahor expression optimistic, stating: “At this point, I wish I had bought more GOAT. What an incredible race. I believe we could see a pullback, which could offer some good entry points. However, it may continue to reach a market capitalization of over a billion dollars and prove me wrong.”
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On the other hand, analyst Astronomer (@astronomer_zero) Chosen to exit your position after significant gains. “GOAT increased 4x in a few days; That’s it, I’m out” He comments. “I know it sounds controversial: ‘Don’t sell everything, keep a Moon bag’. We bid $0.20 a few days ago; It has reached bottom and now we have the luxury of selling four times as much without much reduction.
The analyst also makes a comparison with PEPE, which had a similar increase. “I wanted US$1 to US$2 because PEPE reached the maximum in its first stage with a comparable market capitalization. But I think we’ve had enough and I’m okay with leaving the ultimate 2x or 3x potential to the better shooters.”
Meanwhile, enigmatic analyst (@crypticd22) Remains optimistic about the GOAT’s prospects. “Goat leads. It’ll break $1 billion and probably make more,” he predicts. “A PEPE or Wif type race could be in the cards here. Even if you’re not in Goat, the wealth effect of this will mark the start of the craze on-chain – in fact, it has already happened. GOAT will then consolidate. That’s when the rest of the AI memes move.
At press time, GOAT was trading at $0.79.
Featured image created with DALL.E, chart from TradingView.com