In a volatile crypto market, major players known as whales have identified a new meme token called Goatseus Maximus [GOAT] and are placing substantial bets on its potential.
A recent report from the blockchain tracking platform Lookonchain, shared on X (formerly Twitter), unveiled that a whale made a move by withdrawing 14,409 SOL valued at $2.41 million to invest in GOAT.
Whale’s Significant Investment in GOAT
Further insights from Lookonchain highlighted that this whale has already allocated 10,313 SOL, equivalent to $1.72 million, to acquire 4.5 million GOAT tokens at an average price of $0.383.
Despite this purchase, the whale’s wallet retains 4,096 SOL valued at $682,000, which could potentially be employed for further accumulation of the meme coin.
Following this notable transaction, the price of GOAT surged by 63%, with the token trading at close to the $0.59 mark.
Moreover, the trading volume of the coin witnessed an 11% increase in the last 24 hours, reflecting heightened engagement from both traders and investors compared to the previous day.
This newly-introduced meme token is attracting significant interest from the crypto community.
Positive Endorsement of GOAT by Arthur Hayes
Additionally, Arthur Hayes, a well-known crypto authority and co-founder of BitMEX, took to X on October 23rd to advocate for GOAT, stating, “Pump the GOAT.” This marks Hayes’s continued support for GOAT, having previously expressed that the meme coin could potentially see impressive growth of 10x in the near future.
Technical Analysis and Key Levels of GOAT
According to the technical analysis conducted by CryptoCrypto, GOAT exhibits a bullish trend as it recently broke above a sturdy resistance level around $0.52.
However, forecasting the coin’s future performance poses challenges as it is relatively new to the market and lacks extensive historical data.
Encouraging On-Chain Metrics
Notably, GOAT’s optimistic outlook is reinforced by on-chain metrics.
As per insights from the on-chain analytics firm Coinglass, GOAT currently boasts a Long/Short ratio of 1.32, indicating a prevailing bullish sentiment among traders.
Moreover, the Open Interest in the coin has surged by 69% in the past 24 hours and by 9.1% in the previous four hours as of the latest update.
This escalating Open Interest serves as a positive indicator for holders of GOAT, signaling a substantial rise in traders’ interest in the meme token.