The meme coin Goatseus Maximus (GOAT) is gaining this week as crypto whales pump in millions into it. This is contrary to the subdued performance seen in the rest of the crypto market.
A well-known crypto whale has invested a whopping $2.41 million worth of Solana (SOL) to gain new meme coins in this thriving market which has sparked a great deal of interest in Goatseus Maximus.
Sources from Lookonchain blockchain analytics platform have divulged that a crypto investor has allocated 10,313 SOL worth $1.72 million to gather 4.5 million GOAT tokens.
While the average price of Solana-based meme coin stands at $0.383, the crypto whale has additional SOL ammunition for further purchase. At present, the whale has 4,096 SOL worth $682,000.
This crypto whale investment on Goatseus Maximus has caused a spike in the token’s prices, resulting in GOAT gaining 63% to hover around $0.59 level. The digital asset's trading volume increased 11% in the last 24 hours on October 23 which shows a growing investors' interest and market participation.
The surge in GOAT price was further enhanced by BitMEX founder Arthur Hayes asking his followers to “Pump the GOAT”. The crypto investors had earlier suggested that Goatseus Maximus could see a 10-fold rise in its value in the near future.
Market indicators like a long/short ratio of 1.32 indicate bullish sentiments amongst traders. The market sentiment for this meme coin is 76% bullish and 24% bearish.
As of October 24 night, GOAT is trading at $0.7468, gaining over 7% in the last 24 hours while its market capitalization and trading volume has increased 7.46% and 20.67% to reach $748.45 million and $466.66 million respectively.