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Cryptocurrency News Articles
Goatseus Maximus (GOAT), a New Pump.fun Meme Coin Surged by Over 50%
Oct 23, 2024 at 08:31 pm
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
Goatseus Maximus (CRYPTO: GOAT) price skyrocketed over 50% during the past 24 hours after being listed on several cryptocurrency exchanges and as its trading volume surged.
The Goatseus Maximus price reached a record high of $0.6794, significantly higher than last week’s low of $0.045. Its market cap increased rapidly from around $48 million during that period to $668 million.
Three main factors contributed to this surge in the GOAT token price.
Firstly, the Bybit crypto exchange, among the largest in the industry, added Goatseus Maximus futures. This listing allows users to trade with up to 12.5x leverage.
Announcing the listing of $GOAT on Bybit Spot and Derivatives (Margin Trading, USDT Perpetual and Coin Margined Perpetual)! Deposit now to start trading at 00:00AM (UTC) on Oct 23.
Details:https://t.co/131103333r#Bybit #Spot #Derivatives #Web3 pic.twitter.com/31103333r
Another cryptocurrency exchange that listed the GOAT token is Woo. Several other exchanges, including BitMEX, Bitget, Gate.io, HTX, and Crypto.com, listed the token in the spot market.
According to CoinGecko, the majority of Goatseus Maximus’s trading volume was on Orca, the second-largest decentralized exchange (DEX) in the Solana (CRYPTO: SOL) ecosystem.
Cryptocurrencies often experience rallies after being listed on some of these tier-1 exchanges, as it is viewed as a form of validation. Additionally, a listing helps to expose the token to millions more crypto investors. This explains the surge in GOAT’s daily volume, reaching over $384 million on Tuesday.
Get ready to spread the gospel.We're listing @gospelofgoatse's $GOAT on the WOO X spot market soon:🗓️ Thursday, 24.04, at 8 AM (UTC)👛 Deposits start tomorrow at 2 AM (UTC)Go: https://t.co/g2wZVUMeRS pic.twitter.com/63aYkbmKMZ
Increased whale activity also contributed to the飆升 in the GOAT token price.
For instance, according to Lookonchain, one trader withdrew Solana tokens valued at $5.4 million and used $3.39 million of that amount to purchase GOAT.
Someone created a new wallet and withdrew 14,409 $SOL($2.41M) from #Binance to buy $GOAT.So far, this guy has spent 10,313 $SOL($1.72M) to buy 4.5M $GOAT at $0.383, with 4,096 $SOL($682K) left.The buying is still going on.https://t.co/hYJQoMavt0 pic.twitter.com/YnauHOMYCl
In most cases, such large purchases and surges in token prices lead to a fear of missing out among traders, pushing a token’s price even higher.
The Goatseus Maximus price surge has now made it the largest token in the Pump.fun ecosystem. It also helped to push the total market cap in the ecosystem to over $2.1 billion.
Other notable tokens in the ecosystem include Fwog, Michi, and Moo Deng.
GOAT token flips key resistanceOn the hourly chart, the Goatseus Maximus (CRYPTO: GOAT) token price bounced off a low of $0.1695 on Monday and reached a high of $0.7335.
During this rise, the token flipped an important resistance point at $0.5705 into a support, invalidating a double-top pattern that had been forming.
The token also rose above the 25-period moving average. Therefore, while further gains are likely, GOAT may drop and retest the support at $0.5705, before resuming the bullish trend. This is known as a break and retest chart pattern.
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