- GOAT delivers impressive first 20 days of trading with a market cap approaching $1 billion.
- Assessing GOAT’s prospect of becoming a mainstream memecoin based on recent performance.
Goatseus Maximus [GOAT] is one of the newer memecoins to launch recently. Its performance to date is particularly notable as its market capitalization has almost risen to a $1 billion market cap. It did this in less than two weeks after it started trading on exchanges.
Two weeks have now passed since GOAT made its debut on October 14th. The memecoin started with a relatively high market cap of $104.11 million which was secured during the pre-sale phase.
This was the first major sign of confidence in the project and was followed by strong demand in the market.
GOAT’s market capitalization rose to $878 million within the first 10 days of listing on Coinmarketcap. Many memecoins usually experience their first wave of selling pressure in the first few days after launch, as pre-sale buyers take profits.
Source: Coinmarketcap
The impressive GOAT performance may not have been a fluke. It was the first memecoin released by the Truth Terminal AI bot and therefore it is a pioneer in that regard. This contributed to its popularity, leading to a new trend of AI-marketed coins.
Will GOAT be the next big memecoin in the next big rally?
GOAT recently came close to reaching a market cap of over $1 billion. This would have put it in the same league as Dogecoin, Pepe and Shiba Inu.
These rivals also have a market cap of over $1 billion. GOAT could rise above this level if demand continues. it could be one of the newer memecoins to break into the mainstream once it reaches the coveted $1 billion market cap.
The low supply may contribute to its attractiveness. The memecoin has a maximum supply of 1 billion coins. Goateus Maximus has cooled down considerably in recent days after forming a double top on the 4-hour chart.
It exchanged hands at $0.67, a 24% discount from the $0.902 ATH year to date.
Source: TradingView
It is worth noting that the price has formed a divergence with the RSI, which may have indicated that it was overbought.
Read Goatseus Maximus’ [GOAT] Price forecast 2024-25
However, keep in mind that it has less than a month of trading history, which meant that predictions at the time of writing would not be very feasible.
Nevertheless, the price action could provide insight into GOAT’s future, at least in the short to medium term. The limited downside suggests that most holders expect higher prices in the coming days, hence the incentive for HODL.