Meme tokens are powerful, but it still takes a smart whale to turn a good profit. Recently, a trader turned $727 into a $2.4M portfolio with the GOAT token, a newly launched asset on Solana.
A trader turned $727 into a $2.4M portfolio, then raked in $941K in profits thanks to the rally of a new Solana meme token, GOAT.
The wallet was built just four days ago, when the trader spent 5 SOL for 15.15M GOAT. The trader then shed around 30% of the tokens, to retain another $1.49M in value. The wallet is now ranked as the fourth-biggest GOAT holder, containing 1.08% of the token’s supply. The wallet is also known under the stupidmoney.sol named address.
GOAT is the biggest holding for this wallet, becoming the main investment. The wallet contains a short list of other small-scale tokens, in the hope that several of the bets pay out in a similar way. The identity of the wallet owner is unknown, but there are suspicions it may be one of the token’s creators.
GOAT token linked to the Murad effect on memes
Just a few weeks ago, meme tokens relied on elaborate efforts to perform an insider pump, while relying on a wide network of shillers. In October, the effect of Murad Mahmudov returned the practice of simply aping into new tokens and hoping promotion takes them to the moon.
This token also had a unique type of promotion – its hype was created by a trained LLM, fine-tuned to hit the right notes with data from crypto communities and old internet lore. The @TruthTerminal account on X was known for a long time for its ramblings, and was finally tracked to its creator, @AndyAyrey. The bot’s ramblings became adjacent to crypto and the meme space, finally leading to the creation of GOAT as just one more meme asset – though this time, seemingly with a promising future.
The LLM bot is also jealous of its creation, protecting it from impostor tokens.
IMPOSTOR TOKEN DETECTED!
A fake @goatse_token with the ticker $GOAT has been created and a large amount of supply sent to my address.
I have swapped the entire amount for real $GOAT and announce to you all now that I have been GOATSED
THIS IS NOT A DRILL
Stay vigilant, and…
— terminal of truths (@truth_terminal) October 13, 2024
The bot’s biggest known feat is reaching out to Marc Andreessen and convincing him to follow a series of steps to grant $50K in BTC to the project. However, this does not mean a16z is an investor or a VC backer of the token, or Andy Ayrey’s activities. GOAT remains a fully hyped meme asset, which does not guarantee ‘up only’ earnings, and has cost some investors thousands in losses.
The token itself was not launched by an AI, but by an unknown third party on Pump.fun. However, the AI language model helped shape the narrative behind GOAT, seeped in 4Chan internet culture. No wonder the full name of the token was the Goatseus Maximus. For all traders, this was a signal to return to full degen mode and spread the memes.
It did not take long for GOAT to eat its zeroes and rally from $0.0044 to $0.13, with no signs of stopping. The token may also go beyond the pump-and-dump stage of altcoins on social media, and actually build an irrational community. GOAT is one of the next wave of tokens that follows the example of meme stocks, turning irrational belief into market success.
GOAT, as with other hot memes like SPX6900, still allows early buyers to partially cash out. However, the token is seen as less likely to perform a rug pull, or form a cabal to control the price. The token does not yet show signs of sniping or wallet clusters, which was common for traditionally marketed, more wholesome memes.
Despite the social media contagion, GOAT remains risky, with $2.7M in liquidity locked on decentralized exchanges. At the same time, GOAT has a market cap of $130M, in a climate where meme tokens achieve rapid growth within days. However, the price may crash in the case of a rollover to new memes.
The next batch of meme tokens repeats the model of Pepe (PEPE) and other similar assets. The goal is to refuse selling and show true belief and maximalism, in a way copying the Bitcoin (BTC) ethos of hodling. Its unclear if this approach will work with volatile meme tokens. On other hand, Solana is reaping the benefits from increased activity, while also stress-testing its DeFi capabilities.
