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Goatseus Maximus (GOAT) has surged into the top 100 cryptocurrencies by market capitalization, currently holding the #81 position. The memecoin has experienced a remarkable 27% increase in the last 24 hours and an impressive 174% gain over the past week. With a market capitalization hovering around $823 million, the $1 billion milestone appears to be within reach.
The recent price surge comes amid a major announcement from crypto exchange OKX. The platform stated that it would list USDT-margined perpetual futures for Goatseus Maximus (GOAT) starting at 9:00 am UTC on October 24, 2024. Binance also announced that it will launch GOAT/USDT perpetual contract with up to 75x leverage at 21:30 UTC+8 on October 24, 2024.
The origins of GOAT trace back to March 2024, when developer Andy Ayrey launched “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 goats meme. This idea laid the foundation for what would become the Truth Terminal.
By June, Ayrey had transformed content from 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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The Truth Terminal continued to disseminate the “Goatse Gospel” across X, which eventually led to the creation of the GOAT memecoin. The token went viral, rapidly ascending to its current market capitalization.
Currently, the Truth Terminal wallet holds 315 tokens, with SCOOP memecoin making up the largest share at 51%, valued at over $6 million. GOAT memecoin 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 its rapid ascent, GOAT has not been without controversy. The token experienced a 50% drop amid suspicions that the Truth Terminal account might be controlled by a human rather than an AI. These doubts were sparked by a typo in one of its tweets, leading some to question the authenticity of its AI origins.
Addressing the concerns, Andy Ayrey explained, “Such errors stem from the limitations of AI models. Large language models attempt to predict the next word, which can result in mistakes.” His clarification reassured the community about the project’s legitimacy .
Analyst Perspectives: Is GOAT A Buy Or Sell?
The crypto community on X remains divided on GOAT’s future trajectory. Crypto analyst Jake Pahor expressed optimism, stating, “At this point, I wish I’d bought more GOAT. What an incredible run. I believe we might see a pullback, which could offer some nice entry points. However, it might just continue pumping to a $1 billion+ market cap and prove me wrong.”
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On the other hand, analyst Astronomer (@astronomer_zero) has chosen to exit his position after significant gains. “GOAT is up 4x in a few days; that’s it, I’m out!” he remarks. “I know it sounds controversial—’don’t sell all, keep a moon bag’—but I was too heavily allocated to leave the open profit on the table. We bid $0.20 a few days ago; it was the bottom, and now we have the luxury to sell four times higher without much drawdown.”
The analyst also draws a comparison with PEPE, which experienced a similar sharp rise. “Wanted $1–$2 because PEPE topped out on its first leg at a comparable market cap. But I think we’ve held long enough, and I’m fine leaving the final potential 2x or 3x to the top snipers.”
Meanwhile, analyst cryptic (@crypticd22) remains bullish on GOAT’s prospects. “GOAT leads. It’s going to break $1 billion and likely do more,” he predicts. “A PEPE or Wif-type run could be on the cards here. Even if you’re not in GOAT, the wealth effect of this will mark the start of on-chain mania—in fact, it already has. GOAT will then consolidate. That’s when the rest of AI memes move. Maybe some will get front-run, but it will come. Patience.”
At press time, GOAT traded at $0.79.
Featured image created with DALL.E, chart from TradingView.com