Goatseus Maximus [GOAT] Price Skyrocketed by 63% After Whales Made a Big Bet

Despite the struggling crypto market, whales have discovered a new meme coin, Goatseus Maximus [GOAT]. Whales are making significant bets on this token.

A new meme coin, Goatseus Maximus [GOAT], has surfaced on the crypto scene, attracting the attention of whales despite the downturn in the crypto market.

According to a blockchain tracker, a whale has withdrawn 14,409 SOL, valued at $2.41 million, to purchase GOAT. As of now, the whale has spent 10,313 SOL ($1.72 million) to buy 4.5 million GOAT tokens at an average price of $0.383.

The whale's wallet still contains 4,096 SOL ($682,000), which could be used to further accumulate the meme coin.

Following this substantial purchase, the price of GOAT surged by 63%, reaching levels close to $0.59.

Moreover, the coin's trading volume experienced an 11% increase over the past 24 hours, indicating greater participation from traders and investors compared to the previous day.

This newly listed meme coin has managed to capture the attention of crypto enthusiasts.

Prominent crypto expert and co-founder of BitMEX, Arthur Hayes, also took to X on October 23 to share his thoughts on GOAT, posting "Pump the GOAT." This isn't the first time Hayes has mentioned GOAT on the platform.

Earlier, in a post on X, Hayes expressed his optimism about the meme coin, suggesting that it could potentially 10x in the coming days.

If we apply technical analysis to GOAT, the coin appears bullish as it recently broke out from a strong resistance level at $0.52, based on AMBCrypto's analysis.

However, since the coin was recently launched, there isn't much data available to precisely predict its future performance.

On the other hand, GOAT's bullish outlook is supported by positive on-chain metrics.

According to Coinglass, a firm specializing in on-chain analytics, GOAT's Long/Short ratio currently stands at 1.32, indicating a strong bullish sentiment among traders.

Moreover, the coin's Open Interest has seen a remarkable increase of 69% in the past 24 hours and 9.1% over the past four hours, at press time.

This growing Open Interest bodes well for GOAT holders as it signifies a substantial increase in traders' interest in the meme coin.

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