Whale buys GOAT worth $2.41 mln – Will the hype continue?

• Arthur Hayes recently posted in support of the GOAT token.
• GOAT’s Open Interest skyrocketed by 69% in the past 24 hours, indicating traders’ interest in the memecoin.

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

Blockchain tracker Lookonchain posted on X (formerly Twitter) about the activity of a whale, who withdrew 14,409 SOL worth $2.41 million to buy GOAT.

Whale places big bet on GOAT

Lookonchain further noted that, so far, this whale has spent 10,313 SOL worth $1.72 million to buy 4.5 million GOAT tokens at an average price of $0.383.

However, the whale’s wallet still holds 4,096 SOL worth $682,000, which can be used to further accumulate the meme coin.

Source: X

Following this significant purchase, the price of GOAT skyrocketed by 63%. The memecoin was trading near the $0.59 level.

Additionally, the coin’s trading volume jumped by 11% in the past 24 hours. This indicates greater participation from traders and investors compared to the previous day.

This newly listed meme coin is gaining notable attention from crypto enthusiasts.

Arthur Hayes’s bullish take on GOAT

In addition, on the 23rd of October, Arthur Hayes, a prominent crypto expert and co-founder of BitMEX made a post on X stating, “Pump the GOAT.” This isn’t Hayes’s first post about GOAT.

In an earlier post on X, he suggested that the meme coin could be 10x in the coming days.

GOAT’s technical analysis and key levels 

According to AMBCrypto’s technical analysis, GOAT appears bullish as it recently broke out from a strong resistance level of $0.52 level.

However, predicting its future performance is challenging, as the coin was recently launched and there isn’t much data available.

Source: TradingView

Bullish on-chain metrics 

However, GOAT’s positive outlook is further supported by on-metrics.

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

Read Goatseus Maximus’ [GOAT] Price Prediction 2024-25

Additionally, the coin’s Open Interest has skyrocketed by 69% in the past 24 hours and 9.1% over the past four hours, at press time. 

This growing Open Interest is a bullish sign for GOAT holders, as traders’ interest in the meme coin is increasing significantly.