Whale investors are making headlines by pouring millions into Goatseus Maximus (GOAT), a meme coin that is capturing significant market attention despite the broader cryptocurrency market’s subdued performance. A prominent investor recently allocated an impressive $2.41 million worth of Solana (SOL) to acquire a substantial position in this emerging digital asset.
According to blockchain analytics platform Lookonchain, this key market player has deployed 10,313 SOL, approximately valued at $1.72 million, to accumulate about 4.5 million GOAT tokens at an average purchase price of $0.383. Additionally, the investor holds another 4,096 SOL, valued at around $682,000, for potential future acquisitions.
The substantial investment had an immediate effect on GOAT’s price, causing it to surge by 63% to approximately $0.59. Trading volume for GOAT also increased by 11% over the past 24 hours, indicating heightened market participation and investor interest.
Adding to the momentum, Arthur Hayes, co-founder of BitMEX and a well-known figure in the cryptocurrency space, expressed bullish sentiments about GOAT on October 23. He encouraged his followers to “Pump the GOAT,” suggesting that he sees significant potential for the token’s value to increase substantially.
Hayes previously hinted at the possibility of a tenfold increase in GOAT’s value, further fueling speculation and excitement among traders.
Market indicators are reflecting an optimistic outlook for GOAT. Data from Coinglass shows a long/short ratio of 1.32, indicating that traders are predominantly taking bullish positions on the meme coin.
The rising interest in GOAT has been attributed to its unique branding and community engagement, with many traders eager to capitalize on its recent price movements.
Goatseus Maximus has recently emerged as one of the hottest trends in the cryptocurrency market. Its name is derived from the notorious “goatse” meme, which has garnered attention due to its shock value and association with internet culture.
Rumors have circulated that GOAT was launched by an AI bot, further enhancing its appeal among investors looking for innovative projects within the meme coin space. However, these claims have been clarified by Andy Ayrey, creator of Truth Terminal, who stated that while AI was used for promotion, it did not directly create the token.