The AI-created GOAT meme coin continues to make waves in the cryptocurrency space, with both analysts and prominent figures predicting the uptrend to continue.
What Happened: In response to the meme coin’s abrupt success, Bitmex co-founder Arthur Hayes on Friday provocatively tweeted, “are you really fading AI + memecoin + religion?”
He humorously drew parallels between religious beliefs and the potential of GOAT, suggesting that if billions can believe in ancient religious texts, a meme coin could certainly reach a billion-dollar market cap.
Crypto analyst Dragos provided a detailed breakdown of GOAT’s potential on Friday, focusing on its distribution and market metrics.
He emphasized the coin’s organic growth: “The distribution on $GOAT is as good as it gets this early on.” Dragos highlighted that there are no known influencers with pre-allocated tokens, and the coin has already seen significant trading volume, leading to a more distributed supply.
Using comparative metrics, Dragos illustrated GOAT’s favorable position among top meme coins. He noted, “only 3 wallets have more than 1%,” indicating a relatively even distribution of holdings. The analyst also pointed out that GOAT’s market cap to holders ratio is competitive with established meme coins, despite its recent launch.
Dragos also shared data showing a single wallet has been dollar-cost averaging $4 million worth of GOAT over a 12-hour period. The analyst acknowledged that many early investors have taken profits due to persistent sideways trading over the recent months but remains bullish, citing the coin’s “amazing new narrative” and “whales constantly dollar-cost averaging in at higher prices.”
Why It Matters: GOAT is a meme coin created by an AI agent called Truth Terminal powered by the large language model Claude Opus. In August, the AI agent received a $50,000 donation from venture capitalist Marc Andreessen and has since created a viral account on X and spawned the GOAT meme coin.
Its rise comes against the backdrop of a broader rally in meme coins. Dogecoin DOGE/USD has surged over the past 24 hours, thanks to Elon Musk touting the eponymous “DOGE department,” a hypothetical government department he would head under a Trump administration.
| Cryptocurrency | Price | Market cap | 24-hour trend | 7-day trend |
| Dogecoin | $0.1361 | $19.9B | +11.3% | +24.9% |
| GOAT | $0.4261 | $426M | +33% | n/a |
Read Next:
Image: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
