As a seasoned analyst with over two decades of experience in the dynamic world of finance, I find myself intrigued by this meteoric rise of Goatseus Maximus (GOAT). The token’s surge by over 50% after being listed on several exchanges is not an uncommon occurrence in the crypto realm, but the speed and scale of this particular rise are quite remarkable.
The cryptocurrency known as Goatseus Maximus, a meme coin on the platform Pump.fun, experienced a significant increase of more than 50% in value following its listing on multiple trading platforms. Concurrently, the coin’s transaction volume significantly escalated.
The Goatseus Maximus (GOAT) rose to a record high of $0.6794, much higher than last week’s low of $0.045. Its market cap has jumped from about $48 million in this period to $668 million to $668 million.
This increase was primarily influenced by three key elements. To begin with, Bybit, a prominent cryptocurrency exchange, listed its futures contract. This addition enables users to trade with a potential leverage of 12.5 times.
GOAT, a well-known cryptocurrency, will also be listed on Woo, another prominent exchange. Previously, it has been listed on several other platforms such as BitMEX, Bitget, Gate.io, HTX, and Crypto.com in the spot market. As per CoinGecko, its major trading volume is primarily seen on Orca, the second-largest Decentralized Exchange (DEX) within the Solana (SOL) ecosystem.
Cryptocurrencies tend to surge following their inclusion in well-known trading platforms, as this is frequently viewed as an endorsement. Being listed additionally broadens the coin’s reach to a vast number of potential crypto investors. This likely contributed to its daily trading volume skyrocketing to over $384 million on Tuesday.
Prepare for the launch of @gospelofgoatse’s $GOAT on the WOO X trading platform market this Thursday, October 24th, at 8 AM (UTC). Deposits will begin tomorrow at 2 AM (UTC). Let’s go!
— WOO X (@_WOO_X) October 23, 2024
The surge in value for the GOAT token can be attributed to a rise in whale activity, as evidenced by transactions on platforms such as Lookonchain. For instance, one trader moved Solana tokens valued at approximately $5.4 million and used $3.39 million of that amount to purchase GOAT tokens. Similarly, another trader withdrew Solana tokens worth $2.4 million from Binance and invested in GOAT.
An individual has recently established a digital wallet and transferred approximately 14.4 million Solana dollars (equivalent to 2.41 million US dollars) from Binance for the purpose of purchasing GOAT tokens. To date, this individual has invested 10.3 million Solana dollars (1.72 million US dollars), acquiring 4.5 million GOAT at an average price of 0.383 dollars per token. At present, there remains around 4.1 million Solana dollars (682 thousand US dollars) unspent in the wallet, suggesting that further purchases are still being made.
— Lookonchain (@lookonchain) October 22, 2024
Generally speaking, large transactions and price spikes often trigger a sense of urgency or FOMO (Fear Of Missing Out) among traders, which can cause the value of a token to rise.
In simple terms, GOAT (Greatest of All Time) has become the dominant token within the Pump.fun platform, boosting its overall value to more than $2.1 billion. Additionally, significant players in this ecosystem include Fwog, Michi, and Moo Deng.
GOAT token flipped key resistance
As an analyst, I observed a significant upward movement in the GOAT token’s hourly chart. On Monday, the token was trading at a low of $0.1695, but by the end of the day, it had surged to a high of $0.7335. This impressive rise transformed the crucial resistance level at $0.5705 into a new support, effectively nullifying a double-top pattern that had been developing over time.
As a crypto investor, I’ve noticed that the token has surpassed its 25-period moving average, indicating potential further growth. However, there’s a possibility that GOAT could dip back down to revisit the support at $0.5705 before resuming its bullish trend. This pattern is often referred to as a ‘break and retest chart pattern.’
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2024-10-23 15:38