Whale investors are pouring millions into Goatseus Maximus (GOAT), defying the broader market's subdued performance. The latest surge of interest comes as a prominent investor allocated a staggering $2.41 million worth of Solana (SOL) to acquire positions in this emerging meme coin.
Blockchain analytics platform Lookonchain revealed that a significant market player has already deployed 10,313 SOL (approximately $1.72 million) to accumulate 4.5 million GOAT tokens. The average purchase price stands at $0.383, with the investor still holding additional ammunition of 4,096 SOL (valued at $682,000) for potential further acquisitions.
The impact of this substantial investment was immediate and dramatic, sending GOAT's price soaring by 63% to reach approximately $0.59. Trading volume has also seen an impressive 11% increase over the past 24 hours, suggesting growing market participation and investor interest.
Adding to the momentum, BitMEX co-founder and respected crypto investor Arthur Hayes expressed bullish sentiments about GOAT on Oct. 23, encouraging his followers to "Pump the GOAT." Hayes had previously suggested the potential for a tenfold increase in the token's value in the near future.
Market indicators are painting an optimistic picture of GOAT's prospects. Data from Coinglass indicates a long/short ratio of 1.32, suggesting traders are predominantly taking bullish positions.