Arthur Hayes, co-founder of BitMEX, has made a bullish bet on Goatseus Maximus (GOAT), a meme coin on the Solana blockchain. The coin’s price surged 270% in one week, fueled by rumors of AI involvement and growing market interest.
Hayes, who had previously cut down on meme coin investments, has now shifted his focus back to this sector. He highlighted his reason for the comeback and why he finds Solana appealing.
Arthur Hayes Backs GOAT After Cutting Risky Assets
Arthur Hayes, a well-known figure in the crypto space, is back in the meme coin market.
Despite previously reducing his exposure to risky investments, he recently took to X to announce his new bet on the Solana meme coin, Goatseus Maximus (GOAT).
Hayes shared his reasoning behind this decision. He explained that the hype surrounding Goatseus Maximus caught his attention.
When I read about the AI that launched its own memecoin and religion I immediacy aped in. $GOAT pic.twitter.com/UlduBlzxU2
— Arthur Hayes (@CryptoHayes) October 17, 2024
In a post, Hayes revealed, “When I read about the AI that launched its own memecoin and religion, I immediately aped in.” This statement shows that GOAT’s connection to artificial intelligence significantly influenced Hayes’ investment.
Interestingly, this decision comes after Hayes significantly reduced his holdings of meme coins. He had previously warned investors of the volatility and risks associated with these assets.
In his blog, Hayes mentioned, “I cut those positions dramatically because my size was too big, and the market volatility was unpredictable.”
GOAT’s 270% Price Surge Sparks Market Interest
Goatseus Maximus (GOAT) has seen a massive 270% price rally over the past week. GOAT is trading at $0.420, a 65.5% 24-hour increase.
The price increase is partly due to rumors that an AI platform launched the meme coin. While these rumors have circulated on social media, Andy Ayrey, creator of Truth Terminal, quickly denied the claims.
Ayrey stated that although an AI bot was used to promote the token, the platform was not directly involved in its creation. Despite the clarification, the rumors sparked significant market interest, pushing the GOAT token to new highs.
GOAT hit an all-time high of $0.3797, with a 25% one-day jump. The trading volume for the token recorded an increase of 11.90%, settling at $160 million over the same period.
This spike in GOAT’s price has attracted both seasoned traders and new investors, many of whom have seen quick returns from the rally.
Trader Turns $86K into Millions with Goatseus Maximus
A crypto investor recently made headlines after turning a $86K investment into millions. The trader bought 10.7 million GOAT tokens for 603 SOL, worth $86,000.
The GOAT token has been gaining popularity, and its price surged dramatically after its launch.
According to Lookonchain data, the trader sold part of his GOAT holdings as the price peaked. Specifically, they sold 0.7 million GOAT tokens for 1,453 SOLS, approximately $222,000.
This smart money made $2.88M(+3360%) on $GOAT and $411K(+226%) on $BILLY!
He spent 603 $SOL($86K) to buy 10.7M $GOAT($3.75M at peak) 6 days ago and sold 0.7M $GOAT for 1,453 $SOL($222K) in the past 8 hours, leaving 10M $GOAT($2.74M).
He also spent $182K to buy 7.3M $BILLY 4… pic.twitter.com/j2bMoKpTfs
— Lookonchain (@lookonchain) October 17, 2024
This smart move helped the trader secure major profits while still holding a significant portion of his original investment. As a result, the trader saw their investment in Goatseus Maximus grow by an astonishing 3,360%.
According to Lookonchain data, the trader still holds 10 million GOAT tokens, valued at around $3.7M. This remarkable feat happened in just six days, showcasing how quickly fortunes can be made in the volatile crypto market.
