GOAT's market cap has reached a new high, and AI leaders continue to make strides.
Goatseus Maximus (GOAT), an AI-based meme coin, is gaining popularity lately. After Binance announced it would list this cryptocurrency, it reached a new historical peak. Following this development, the price of the GOAT meme coin rose to 0.88 dollars.
This development has sparked market speculation; some believe the market cap could exceed 1 billion dollars. Will this happen?
The rise of GOAT might be influenced by news; A16z founder Marc Andreessen revealed in a podcast today that the development of the Truth Terminal AI robot facilitated the birth of the Meme token GOAT. This AI initially drew attention by promoting the GOAT meme and later created the GOAT token, quickly reaching a valuation of 500 million dollars. Andreessen believes this is the first true fusion of AI and cryptocurrency, showcasing the innovative potential from the convergence of two major technological fields.
GOAT seems to be soaring too high; in the past two weeks, the AI concept MEMEs it sparked are starting to correct today, and the market cap gap is widening.
Numerous MEMEs have emerged under the AI narrative, experiencing rapid rise and fall; some jokingly say AI MEMEs are comparable to hundredfold contracts.
The rise of Memecoins is inseparable from a strong community foundation. Since the emergence of tokens like DOGE and SHIB, they have represented not just economic value but also the emotional resonance of internet culture. In the early stages of cryptocurrency, many users flocked to these projects for fun and a sense of community belonging. The power of the community is intangible yet extremely important. For a long time, internet culture has held a significant position in the crypto space, from the original 'Dogecoin' to the various memes today; the formation of Memecoins is like an epic of internet culture.
The accumulation of internet culture and the power of community hype should not be underestimated in the development of Memecoins. Users' sense of identity with these symbols is not instantaneous but accumulated over time. In this process, the no-barrier feature of meme culture allows everyone to participate, forming a massive user base. The NFT community players who were popular two years ago have become an important cornerstone for the development of Memecoins. It can be said that the community attribute holds a primary position in the success of Memecoins.
How to assess the potential of Memecoins
In the Memecoin sector, assessing its potential requires a comprehensive consideration of multiple factors. First, the stability of community consensus is an important indicator. The reactions of community members during market fluctuations can directly impact the value of Memecoins. AI sentiment analysis technology can help investors understand changes in community sentiment, assessing the risks and opportunities of the project.
Secondly, the durability of celebrity endorsements is also very important. Memecoin projects endorsed by celebrities often attract a lot of attention, but if these celebrities withdraw their support, the value of Memecoins may decline accordingly. By analyzing interaction data on social media with AI, one can assess the influence of celebrities on Memecoin projects, better grasping investment opportunities.
Investors should also be wary of the risks associated with Memecoins. Despite having a lower entry barrier, many projects may still have issues such as contract vulnerabilities, insider trading, or rug pulls. AI technology can help identify potential risks and provide real-time monitoring to ensure investors can respond promptly.
Bitcoin is fluctuating around 68,000. Patience is required.
There wasn't much to say about yesterday's market; Bitcoin has basically been fluctuating around 67,000.
I started reminding everyone a few days ago that once BTC hits 69,000, one should be cautious about the pullback risk. I've said this many times; the crypto space is a place where people eat well by listening to advice. In this circle, there are only good markets, not good traders. So don’t become blindly confident just because it has risen a bit; it’s all about heaven's grace. Now that it has touched 69,500, it immediately pulled back to below 67,000!
Currently, it has pulled back from 69,500 and has already received effective support around 66,600 multiple times. Once this wave of adjustment ends, it is likely to conclude the large-scale wide fluctuation trend.
Last time Bitcoin surged to 69,000, I had already entered the market at 61,800 in the VIP group and grabbed 7,000 points. This time, I will wait until it reaches 64,500 to enter again.
Currently, there are still no signs of any altcoin narratives; the only point of contention in the market is the election.
At this time, the impact of the election on the risk market is still significant, especially with less than two weeks until November 5. Currently, Trump's winning probability on Polymarket has soared to 64%, leading Harris by a full 28 percentage points at 36%. It seems Musk's support for Trump is indeed formidable; his financial power has an amazing effect of sending 1 million dollars daily.
If Trump wins as expected, it would be very favorable for the crypto market. I anticipate that it will break 70,000 before then, and hitting 80,000 or even higher is possible, so the market outlook for the next month or two is likely to be quite good.