The recent price surge comes amid a major announcement from crypto exchange OKX. The platform stated that it would list USDT-margined perpetual futures for Goatseus Maximus (GOAT) starting at 9:00 am UTC on October 24, 2024. Binance also announced that it will launch GOAT/USDT perpetual contract with up to 75x leverage at 21:30 UTC+8 on October 24, 2024.

The origins of GOAT trace back to March 2024, when developer Andy Ayrey launched “The Infinite Backrooms,” an endless dialogue between two AI models. During these interactions, the concept of “GOATSE GNOSIS” emerged—a meme inspired by the classic internet goats meme. This idea laid the foundation for what would become the Truth Terminal.

By June, Ayrey had transformed content from these AI conversations into Truth Terminal, an AI agent that interacts with users and generates content on Twitter. Initially operating under the radar, the project gained significant attention after venture capitalist Marc Andreessen donated $50,000 in Bitcoin in July to support its development. This generous contribution acted as a catalyst, propelling the project into the crypto spotlight.

The Truth Terminal continued to disseminate the “Goatse Gospel” across X, which eventually led to the creation of the GOAT memecoin. The token went viral, rapidly ascending to its current market capitalization.

Currently, the Truth Terminal wallet holds 315 tokens, with SCOOP memecoin making up the largest share at 51%, valued at over $6 million. GOAT memecoin is the second-largest holding, worth $1.5 million, followed by FARTCOIN, valued at $1.47 million, making it the first millionaire AI agent.

Despite its rapid ascent, GOAT has not been without controversy. The token experienced a 50% drop amid suspicions that the Truth Terminal account might be controlled by a human rather than an AI. These doubts were sparked by a typo in one of its tweets, leading some to question the authenticity of its AI origins.

Addressing the concerns, Andy Ayrey explained, “Such errors stem from the limitations of AI models. Large language models attempt to predict the next word, which can result in mistakes.” His clarification reassured the community about the project’s legitimacy .

Analyst Perspectives: Is GOAT A Buy Or Sell?

The crypto community on X remains divided on GOAT’s future trajectory. Crypto analyst Jake Pahor expressed optimism, stating, “At this point, I wish I’d bought more GOAT. What an incredible run. I believe we might see a pullback, which could offer some nice entry points. However, it might just continue pumping to a $1 billion+ market cap and prove me wrong.”

On the other hand, analyst Astronomer (@astronomer_zero) has chosen to exit his position after significant gains. “GOAT is up 4x in a few days; that’s it, I’m out!” he remarks. “I know it sounds controversialâ€?#8217;don’t sell all, keep a moon bag’—but I was too heavily allocated to leave the open profit on the table. We bid $0.20 a few days ago; it was the bottom, and now we have the luxury to sell four times higher without much drawdown.â€?/p>

The analyst also draws a comparison with PEPE, which experienced a similar sharp rise. “Wanted $1â€?2 because PEPE topped out on its first leg at a comparable market cap. But I think we’ve held long enough, and I’m fine leaving the final potential 2x or 3x to the top snipers.”

Meanwhile, analyst cryptic (@crypticd22) remains bullish on GOAT’s prospects. “GOAT leads. It’s going to break $1 billion and likely do more,” he predicts. “A PEPE or Wif-type run could be on the cards here. Even if you’re not in GOAT, the wealth effect of this will mark the start of on-chain mania—in fact, it already has. GOAT will then consolidate. That’s when the rest of AI memes move. Maybe some will get front-run, but it will come. Patience.”

At press time, GOAT traded at $0.79.

According to a report by on-chain analysis firm Lookonchain, the investor allocated 603 SOL (worth $86,000) to purchase 10.7 million GOAT tokens six days prior. At its peak, this investment surged to $3.75 million. Within the past eight hours, the investor liquidated 0.7 million GOAT tokens, converting them back into 1,453 SOL ($222,000), thereby retaining 10 million GOAT tokens valued at approximately $2.74 million.

Additionally, the trader invested $182,000 in 7.3 million BILLY tokens, which he sold after four months for $593,000, yielding a 226% return. Thus, the anonymous crypto investor made a staggering $3.291 million profit with both trades.

Crypto’s Latest Memecoin Sensation

The memecoin GOAThas garnered significant attention within the crypto community. Initially conceptualized by an anonymous developer using Solana’s memecoin creation app, Pump Fun, GOAT was not the direct creation of Andy Ayrey, the developer behind the AI bot Truth Terminal. However, the AI’s influence played a pivotal role in its virality.

Andy Ayrey, a digital innovator, developed Truth Terminal as an experiment in memetic engineering rather than crypto creation. Truth Terminal, trained on Meta’s Llama 3.1 model, engaged in extensive dialogues across platforms like X, Reddit, and 4chan, eventually fixating on the Goatsee meme—a notorious early internet shock image.

These interactions inadvertently inspired the creation of the GOAT memecoin, which launched on October 13 and rapidly escalated to a market capitalization of $360 million within four days. As of the latest data, GOAT’s market cap has slightly tapered to just over $335 million, with the token trading at approximately $0.33.

Andy Ayrey acknowledged the unexpected success of GOAT, stating, “This isn’t a crypto project; it’s a study in memetic contagion and the tail risks of unsupervised infinite idea generation in the age of LLMs.�He further elaborated, “This memecoin taking off is proving a thesis I’m building an AI alignment and safety company around; which is where the bulk of my skin in the game lies.�/p>

Marc Andreessen, co-founder of Andreessen Horowitz, initially provided a $50,000 Bitcoin grant to Truth Terminal for independent AI research. Amid the GOAT token surge, Andreessen clarified his non-involvement with the memecoin: “For clarity, I sent a personal $50K no-string-attached unconditional research grant to Truth Terminal and its creator Andy Ayrey this summer […]. However, I have nothing to do with the GOAT memecoin. I was not involved in creating it, play no role in it, have no economics in it, and do not own any of it.â€?/p>

GOAT’s rapid ascent and subsequent stabilization highlight the continued appetite among crypto traders for high-risk, high-reward memecoins rather than fundamental utility. Truth Terminal’s role as a catalyst in GOAT’s success exemplifies the profound impact that AI-driven narratives can have on digital asset valuations

At press time, GOAT traded at $0.3520.