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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, significantly higher than last week’s low of $0.045. Its market cap increased from about $48 million to $668 million during this period.

Factors Driving the Surge

This surge was driven by three main factors:

  1. Futures Contract Listing: Bybit, one of the biggest crypto exchanges, added GOAT’s futures contract, allowing users to trade with up to 12.5x leverage.
  2. Spot Market Listings: GOAT will also be listed by Woo, another popular exchange. Other exchanges that have listed it in the spot market include BitMEX, Bitget, Gate.io, HTX, and Crypto.com. According to CoinGecko, most of its volume was in Orca, the second-biggest decentralized exchange (DEX) in the Solana ecosystem.
  3. Increased Whale Activity: Significant investments from large traders, known as whales, have driven the token’s price up. For example, one trader withdrew Solana tokens worth $5.4 million and invested $3.39 million in GOAT.

Cryptocurrencies often rally after being listed by tier-1 exchanges, as it is seen as a sign of validation. A listing also exposes the token to millions of more crypto investors, which explains why its daily volume jumped to over $384 million on Tuesday.

Whale Activity and Market Impact

Increased whale activity has been another significant factor. According to Lookonchain, one trader withdrew 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 person 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.

Such large purchases often lead to a fear of missing out (FOMO) among traders, pushing the token’s price higher.

Market Position and Future Outlook

GOAT’s surge has now made it the biggest token in the Pump.fun ecosystem, pushing the total market cap of the ecosystem to over $2.1 billion. Other notable tokens in the ecosystem include Fwog, Michi, and Moo Deng.

Technical Analysis

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 support, invalidating a double-top pattern that had 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 before resuming its bullish trend. This is known as a break and retest chart pattern.

Stay updated with the latest in cryptocurrency news and trends on Global Crypto News.

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#PeerToPeer #BearMarket #TechTrends

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