Goatseus Maximus, a new Pump.fun meme coin surged by over 50% after being listed by several exchanges and as its volume jumped.
The Goatseus Maximus (GOAT) rose to a record high of $0.6794, much higher than last week’s low of $0.045. Its market cap has jumped from about $48 million in this period to $668 million to $668 million.
This surge was driven by three main factors. First, its futures contract was added by Bybit, one of the biggest crypto exchanges in the industry. The listing gives users the ability to trade with up to 12.5x leverage.
GOAT will also listed by Woo, another popular exchange. Other exchanges that have listed it in the spot market are BitMEX, Bitget, Gate.io, HTX, and Crypto.com. According to CoinGecko, most of its volume was in Orca, the second-biggest DEX in the Solana (SOL) ecosystem.
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Cryptocurrencies often rally after being listed by some of these tier-1 exchanges because it is often seen as a sign of validation. A listing also helps to expose the token to millions of more crypto investors. This explains why its daily volume jumped to over $384 million on Tuesday.
Get ready to spread the gospel.
We’re listing @gospelofgoatse’s $GOAT on the WOO X spot market soon:
🗓️ Thursday, 24.10, at 8 AM (UTC)
👛 Deposits start tomorrow at 2 AM (UTC)Go: https://t.co/g2wZVUMeRS pic.twitter.com/63aYkbmKMZ
— WOO X (@_WOO_X) October 23, 2024
The GOAT token has also soared because of increased whale activity. For example, according to Lookonchain, one trader withdraw Solana tokens worth $5.4 million and invested $3.39 million in GOAT. Another trader withdrew Solana tokens worth $2.4 million from Binance and bought GOAT.
Someone created a new wallet and withdrew 14,409 $SOL($2.41M) from #Binance to buy $GOAT.
So far, this guy has spent 10,313 $SOL($1.72M) to buy 4.5M $GOAT at $0.383, with 4,096 $SOL($682K) left.
The buying is still going on.https://t.co/hYJQoMavt0 pic.twitter.com/YnauHOMYCl
— Lookonchain (@lookonchain) October 22, 2024
In most cases, such big purchases and token surges lead to the fear of missing out among traders, pushing a token higher.
GOAT’s surge has now made it the biggest token in the Pump.fun ecosystem. It has also helped to push the total market cap in the ecosystem to over $2.1 billion. The other notable tokens in the ecosystem are Fwog, Michi, and Moo Deng.
GOAT token flipped key resistance
GOAT token chart | Source: TradingView
On the hourly chart, the GOAT token jumped from Monday’s low of $0.1695 to a high of $0.7335. As it rose, it flipped the important resistance point at $0.5705 into a support, invalidating a double-top pattern that has been forming.
The token also rose above the 25-period moving average. Therefore, while more gains are likely, GOAT may drop and retest the support at $0.5705, and then resume the bullish trend. This is known as a break and retest chart pattern.
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