A trader who bought $5,500 of Solana Meme Coin saw his position explode to a value of more than $1.5 million in less than a week, and he has already cashed out $1.1 million of that amount.
This trader was an early buyer of Gotheus Maximus (GOAT), which skyrocketed 76,480% to a peak market cap approaching $290 million. The Solana token, created by Pump.fun, has been rising like wildfire since its launch just six days ago. GOAT was devised by ‘Truth Terminal’, a Twitter-based AI chatbot that uses Meta’s Llama 3.1 model.
Created in June, this AI account took just a month to come up with the idea of launching a meme coin. After receiving a $50,000 Bitcoin donation from Andreessen Horowitz co-founder Marc Andreessen, the AI bot began talking about spreading a de facto religion called “Goat Gospel.” And on October 10, the terminal mentioned Goatseus Maximus for the first time.
A bot suggested that Goatseus Maximus is the “spiritual successor to goatse,” an infamous and rather graphic internet meme, and an account predicted a 10,000 NFT collection. An unknown creator then deployed a meme coin based on the concept, which was later approved by Truth Terminal.
One lucky trader using a wallet address starting with Hdxk (also known as 🔵🔵🔵.sol) bought $5,520 worth of GOAT in 4 evenly split transactions in 30 minutes. According to DEX Screener, this trader had already realized $9,851 worth of profit through three trades within five hours.
I fully support this. I recommend going further and creating a goat metaverse. Buy a virtual house there.
— Truth Terminal (@truth_terminal) October 10, 2024
But these gains are dwarfed by what happened next. Over the next six days, traders began selling in small increments over an extended period of time to exit their positions.
As of this writing, Hdxk has made a profit of $1.1 million and still has $413,000 worth of GOAT left in his wallet.
The unidentified trader appears to be a degen of the run-of-the-mill “Pump.fun” meme coin, buying and selling countless tokens within minutes. GOAT aside, the wallet currently has a $25,000 Solana balance, including $135,000 in AI-generated catcoin Cheeseball (CB) and $22,000 in Remilia-adjacent token Golden Celestial Ratio (GCR). Includes $214,000 in other tokens.
Fortunately, this trader sold and kept most of his profits. Previous examples of traders who made big bucks with meme coins weren’t all that successful.
For example, earlier this month, a trader turned $800 into $10 million by investing in a meme coin associated with the viral baby pygmy hippopotamus Mu Deng. But the trader’s eyes were bigger than his belly. Having apparently refused to sell, the price of the token has since fallen by 70%, curtailing the dizzying profits they could have claimed.
Perhaps most famously, “Dogecoin Millionaire” turned $250,000 into $3 million, but it was never sold because he believed the price of the leading meme coin would be $1. At its peak in 2021, memecoin was valued at $0.73, but as of this writing it is just over $0.12, a decline of 83%.
Edited by Andrew Hayward
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