news.bitcoin.com
While the crypto market experienced a subtle uptick of 0.06% over the past 24 hours, the artificial intelligence (AI)-driven meme coin goatseus maximus (GOAT) took a bolder path, climbing by double digits within the same period.
How Did an AI-Created Meme Coin Capture a $700M Market Cap in Weeks?
One thing is clear: while both bitcoin and ethereum have enjoyed decent percentage gains in 2024, those gains are modest next to the wild growth seen in the meme coin and AI-driven token sectors this year. In short, if a meme coin with a touch of playful absurdity hit the market, it would likely take off, and if an asset centered around AI made waves, it would soar right along with this year’s market mood.
Now there’s goatseus maximus (GOAT), a crypto asset in the meme coin world brought to life by a semi-autonomous AI agent named Truth Terminal. This AI, a large language model (LLM) crafted by Andy Ayrey, engages with users on the social media platform X. One day, venture capitalist Marc Andreessen, co-founder of A16z, funded it with $50,000 in bitcoin (BTC), and soon after, it launched a Solana-based meme coin on Pump.fun.
Two weeks ago, the token traded at $0.04354 per GOAT, and since then, it has soared by 1,661.6%. At 4:40 p.m. Eastern Time on Sat., Oct. 26, 2024, GOAT was priced at $0.7671 per unit. The meme coin currently stood over 12% below its all-time high of $0.8788, set on Oct. 24, though it nearly revisited that peak today, reaching $0.8663 within the last 24 hours. Currently, GOAT ranks 98th in the top 100 on Coingecko.com. According to the crypto price aggregator, 999,998,350 GOAT are currently in circulation, with a market cap of more than $700 million.
A little over two hours later at 7 p.m. ET, GOAT was trading for $0.7147 per coin. Solscan reports that there are 40,862 GOAT holders today, and the exchange Gate.io holds the largest GOAT wallet, controlling 3.89% of the entire supply. Following that is the SOL address “4Jpef,” GOAT’s second-largest wallet, which Arkham Intel and Solscan have yet to identify. However, the X account Solonchain states that this wallet belongs to an alpha trader who bought into GOAT around two weeks ago. This rumored sharp trader holds 1.34% of the total GOAT supply.
The third-largest wallet, another unknown entity, holds 1.22% of the meme coin’s supply, while the fourth-largest belongs to global algorithmic trading firm Wintermute, controlling 1.13%. Truth Terminal’s wallet, listed under the Solana addresses “rgPye” or “ACyND,” ranks 99th in GOAT holdings. Truth Terminal’s wallet has 1.933 million GOAT, valued at $1.51 million, along with a substantial collection of other valuable meme coins, including $1.11 million in FARTCOIN and $5.77 million in PLANETAI.
The unexpected rise of goatseus maximus draws attention to the quirky appeal that meme coins still hold in crypto. Despite its playful premise, GOAT’s substantial valuation highlights the crypto community’s enthusiasm for novelty, speculation, and of course the popular subject of AI. This, combined with the multi-million dollar backing of Truth Terminal’s portfolio, shows how unconventional assets can captivate investor attention on a grand scale.
With Truth Terminal amassing millions in digital assets, the bot’s role in GOAT’s rise symbolizes a new era where AI-driven creations can wield substantial influence. The combination of meme culture and AI-backed assets may hint at a growing trend in digital finance, where humor, technology, and the unexpected shape the market’s future trajectory.