Memecoin GOAT soars 50% and could reach historic highs
The Goatseus Maximus memecoin, known as GOAT, saw a strong increase of 54% this Wednesday (23), according to data from CoinGecko. Since its launch on October 13, memecoin has soared more than 1,000% to become one of this week's most profitable cryptocurrencies.
In the last seven days alone, the price of GOAT has increased by 131%, including this Wednesday's appreciation. And even with the rally, traders are still interested in memecoin, opening up the possibility of a new GOAT price rally.
One cryptocurrency trader made $2.42 million from this token, and hundreds of others are in the same position. The token reached its all-time high at $0.6652 just a few minutes ago, but traders hope it can reach $1.00. If this happens, the token would register gains of almost 80% compared to current prices.
GOAT memecoin analysis
Memecoin price got off to a good start from the beginning when an Artificial Intelligence (AI) bot called Truth Terminal promoted GOAT and broke a record, becoming the first millionaire AI bot. Since October 15th, memecoin has soared 516% and its price has not stopped for even a day.
Its popularity has reached its peak, which is why many whales have started selling other cryptocurrencies to buy GOAT. Recently, a whale spent 10,313 Solana (about $1.72 million) to buy 4.5 million GOAT at an average price of $0.383. If the investor has not sold their tokens, they are worth around US$3 million at current prices.
However, the GOAT's journey was not without scares. On Monday (21), the token's price fell by more than 50%, when it went from US$0.45 to US$0.2 in 24 hours. The drop occurred when speculation emerged on X that the Truth Terminal bot did not recommend the memecoin on its own, but rather through its creator.
The reason for this is that there were many typing errors in the text, which were seen as errors made by humans. But the developer immediately clarified that the predictive nature of the bot's learning models is the reason behind these typos – and GOAT soon rose in value again.
Will GOAT price reach $1.00?
After analyzing GOAT's price performance, several traders bet that memecoin still has room to appreciate further. Demand is quite high and despite its previous 50% drop, whales are trying to buy more.
Even BitMEX founder Arthur Hayes has bet that GOAT's price has the potential to rise 10x in the coming days. Hayes talked about financial influencer and Bloomberg contributor Matt Levine referring to GOAT, claiming that the last time Matt mentioned a memecoin, its price also triggered a 10x rally.
Analyzing the current performance further, the all-time high was the result of GOAT entering several exchanges, such as HTN. As a result, it is predicted that the rest may follow the listing trend, raising the price to US$1.00.