The AI meme crypto Goatseus Maximus ($GOAT) has been creating a buzz on X (formerly Twitter) and the Web3 space since the beginning of October, leaving questions among degens if $GOAT is truly worth the hype and the next G.O.A.T among other AI memecoins.
Goat certainly looks promising as a crypto fad with its current market price of $0.3557 which was set by a jump of 15.84%.
The Solana-chain memecoin, GOAT was launched on 13 October, and rallied its market capital to a peak of $360 million in a matter of just four days. In fact, it is reported that several early traders made thousands of dollars of profit by engaging with the sensational meme crypto.
For instance, one of the earliest profits was recorded at $2.42 million in 4 days by a user who bought GOAT at a cost of $727, with a return rate of 3,329 times.
Another instance was smart money Hdxki, who used 40 Solana (about 5,500 US dollars) to buy 36.4 million GOAT. On selling 32.6 million GOAT, the user earned 750,600 US dollars and realized a profit of 745,000 US dollars (ROI reached 13545%). Another whale created a new wallet address to withdraw SOL from Kraken to buy $3.12 million GOAT and now has unrealized profits over $1.3 million.
This guy turned $727 into $2.42M in just 4 days, a 3,329x return!😱
He spent 5 $SOL($727) to buy 15.15M $GOAT 4 days ago and sold 5.7M $GOAT for 5,949 $SOL($931K) in the past 8 hours, leaving 9.45M $GOAT($1.49M).https://t.co/GeXNlongIW pic.twitter.com/n5OEwZ1BEk
— Lookonchain (@lookonchain) October 15, 2024
But what makes GOAT different from other memecoins, is its AI bot inspired backstory. Andy Ayrey, the creator behind the AI bot Truth Terminal, developed Truth Terminal as an experiment in memetic engineering, not with an intention of creating cryptocurrency or memecoins. Truth Terminal learned from popular internet platforms like X, Reddit, and 4chan. But later, a provocative conversation between two AIs on Ayrey’s other project, Infinite Backrooms, on topics like existentialism, God, ego, and internet culture, Truth Terminal sparked interest among developers. At one point, conversation between the infamous Goatsee meme triggered inspiration for the memecoin GOAT.
As a result, a developer created GOAT for less than $2 using Solana’s memecoin creation app, Pump Fun. Ayrey, too, confirmed that he did not create the memecoin.
CEO and co-founder of Sonic aptly pinpoints what makes AI crypto a dynamic trend:
I don’t think Asia understands $GOAT yet.
Because you’d need to:
Understand how good Anthropic is already (banned in CN for example);
Understand there is only one $GOAT by definition in English;
Understand US regulation & tax is a bitch before AI;
Understand that CTO from…— Chrizhuu (@Chrizhuu) October 16, 2024
He even predicts what trend could be witnessed in upcoming AI crypto scenes, “$GOAT to 10 B for just one reason: Allowing US citizens to issue coins through AI past US regulations is a trillion dollar business.
The first AI to do so will be worth 10 B”
Amidst the ‘absurd fun’ of the memecoin narrative amongst crypto traders, one thing that comes across as a serious development for GOAT is – Wintermute jumping on to the bandwagon, and becoming the third largest holder of GOAT tokens, holding 1% of the total supply (10 million tokens), worth approximately $3.08 million.
With financial institutions also holding on to $GOAT, one can assume, the AI memecoin is not ‘all gloat’ but something to watch out for!
Also Read: Marc Andreessen Sends $50K in Bitcoin to AI for Memecoin Revolution
Source: https://www.cryptonewsz.com/is-memecoin-goat-the-next-g-o-a-t-ai-cryptos/