Pump.fun trenches produce tens of thousands of tokens, but few graduate to prominence. The first AI-inspired token, GOAT, recently posted a $1B market capitalization.
Goatseus Maximus (GOAT) broke above $1B in total market capitalization, while also flipping Cat in a dog’s world (MEW). The token is the first to be created on Pump.fun as a joke, by an anonymous user, then spent a year as an almost unknown asset before gaining a cult following.
congratulations to the $GOAT 🐐@truth_terminal is officially the first pump fun coin to hit a $1bn market cap 🤯
that's around 222,222x in just 1 month!!!!
this begs the question… who's next? pic.twitter.com/zMr86rXibg
— pump.fun (@pumpdotfun) November 12, 2024
GOAT is one of the few tokens to pass the $1B barrier, even briefly. No more than 10 meme assets have passed that range, even during the recent bull market. There is clustering around the $200M-$500M range for highly popular tokens, but even cult status assets lag. All memes rose as BTC traded close to $90,000, with some tokens having a period of even more active interest.
The recent GOAT rally benefitted from the crash of GIGA, where a hacker liquidated three large wallets in seconds, tanking the price. SPX6900 (SPX) is also still under $700K, despite its active community.
In its most recent rally, GOAT climbed close to the $1 range, reaching a peak above $0.97. Since GOAT has exactly 1B tokens, its price may continue in a trajectory similar to WIF, POPCAT, or other more established memes. GOAT has also seen the highest trading activity since the end of October.
GOAT remains the chief holding of Truth Terminal, the AI entity that accrued 100K new followers in a few weeks. Truth Terminal reaches 179.2K users, after regaining access to its X handle.
GOAT follows ACT rally as AI memes return
The recent GOAT expansion followed the rise of Act I: The AI Prophecy (ACT), another AI-inspired token with a growing community.
The ACT token rallied only after a listing on Binance, while its community and content on social media are not as established. ACT follows a similar arc to Truth Terminal, already accruing more than 23K holders. The token gets popularized by content generated by AI models, interacting with each other to produce riddles and memes.
At this point, GOAT has more than 52K holders and is the more established token. However, the rise of ACT was more dramatic, rising by a factor of quintillions to a respectable price of $0.55. ACT already has more than 52% of its supply on Binance and will have a very different trading arc compared to GOAT.
Both tokens reflect the trend of AI content as more influential than human-generated memes. In the case of GOAT, the expansion and adoption were slower and more organic, while ACT only rallied due to its unexpected Binance listing.
GOAT is behaving in ways similar to GIGA or SPX, with few sellers and many holders in for the ride. For now, GOAT has not had a drawdown since breaking out, as the endlessly productive Truth Terminal keeps the audience captive.
The recent revival of AI-inspired meme tokens is also working to revive Numogram (GNON). The token is starting a new breakout, after losing 95% of its value. GNON crashed after the project’s founder abandoned the token and locked his account. Now, GNON is used as a new opportunity to ride the AI hype. The extreme volatility of meme tokens helped GNON rally from $0.006 to $0.02.
Token Terminal returns SOL from scam messages
The creator of Truth Terminal, Andy Ayrey, recovered all SOL sent to the bot’s known wallets. After losing control of his accounts, Ayrey warned against scammers shilling tokens through Truth Terminal.
Multiple users still sent SOL to the Token Terminal, ranging from 0.1 to 5 SOL, in the hope of acquiring a new token.
The bot itself is only producing content, and cannot create tokens or trade. Truth Terminal became the first bot with a crypto millionaire status. Truth Terminal still holds 2.1M GOAT, with no intention of selling.
The new Truth Terminal wallet is already transparent and known. To gain popularity, traders are boosting unknown tokens to an unrealistic market capitalization. The tokens held in the bot’s wallet do not guarantee significant returns and are in fact highly illiquid. The high valuation of all assets in the billions is a gimmick for visibility.
