- Arthur Hayes recently posted in support of the GOAT token.
- GOAT’s Open Interest skyrocketed by 69% in the past 24 hours, indicating traders’ interest in the memecoin.
As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous trends and cycles. The recent surge in interest around Goatseus Maximus (GOAT) has caught my attention, especially given the current challenging market conditions.
In spite of the turbulent state of the cryptocurrency market, large investors (often referred to as “whales”) have stumbled upon a fresh meme coin called Goatseus Maximus [GOAT], and they’re placing substantial wagers on this digital token.
As a diligent researcher, I’ve recently noticed an intriguing movement within the blockchain ecosystem. A significant player, often referred to as a ‘whale’, has transferred approximately 14,409 Solana (SOL) tokens, equivalent to around $2.41 million, from their wallet. This move suggests they might be planning to invest in another platform, possibly GOAT.
Whale places big bet on GOAT
According to Lookonchain’s analysis, this large investor (referred to as a ‘whale’) has invested approximately $1.72 million, or 10,313 SOL, to purchase around 4.5 million GOAT tokens. On average, the whale bought these tokens at a price of about $0.383 each.
Nevertheless, the whale’s SOL wallet currently contains approximately $682,000 or 4,096 SOL, which they could potentially use for additional purchases of the meme coin.
After completing a substantial acquisition, I noticed that the value of GOAT soared by an impressive 63%. At the time, it was exchanging hands at approximately $0.59 on the market.
Furthermore, the trading volume for the coin increased by 11% over the last 24 hours. This suggests that more traders and investors are getting involved than they were the day before.
This newly listed meme coin is gaining notable attention from crypto enthusiasts.
Arthur Hayes’s bullish take on GOAT
Furthermore, on October 23rd, Arthur Hayes – a well-known figure in the crypto world and co-founder of BitMEX, expressed on platform X, “Let’s inflate the GOAT.” It’s not the first time Hayes has spoken about GOAT.
In an earlier post on X, he suggested that the meme coin could be 10x in the coming days.
GOAT’s technical analysis and key levels
Based on the technical assessment by AMBCrypto, the cryptocurrency referred to as GOAT seems optimistic after successfully surpassing a robust resistance point at around $0.52.
On the other hand, it’s difficult to foresee its future results since the coin has just been introduced and there’s limited information or data on its past performance.
Bullish on-chain metrics
However, GOAT’s positive outlook is further supported by on-metrics.
Based on data from the analysis company Coinglass, the current Long/Short ratio for GOAT is 1.32. This suggests that traders are generally feeling quite optimistic, as this high number indicates a predominantly bullish outlook.
Read Goatseus Maximus’ [GOAT] Price Prediction 2024-25
Moreover, in the last 24 hours, the Open Interest of the coin has significantly increased by 69%, while it has also risen by 9.1% within the past 4 hours, as of the current reporting period.
The rising Open Interest indicates a positive outlook for GOAT token owners, since there’s a marked uptick in trader enthusiasm towards the meme coin.
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2024-10-24 02:15