Crypto Craze: Investor Nets A 3,360% Gain, Turning $86,000 Into $3.75 Million
19 October 2024 - 7:30AM
NEWSBTC
In another fabulous story from the crypto market, an investor has
realized a staggering 3,360% return, transforming an initial
investment of $86,000 into approximately $3.9 million. This
extraordinary gain was achieved through an investment in the
memecoin Goatseus Maximus (GOAT). According to a report by on-chain
analysis firm Lookonchain, the investor allocated 603 SOL (worth
$86,000) to purchase 10.7 million GOAT tokens six days prior. At
its peak, this investment surged to $3.75 million. Within the past
eight hours, the investor liquidated 0.7 million GOAT tokens,
converting them back into 1,453 SOL ($222,000), thereby retaining
10 million GOAT tokens valued at approximately $2.74 million.
Additionally, the trader invested $182,000 in 7.3 million BILLY
tokens, which he sold after four months for $593,000, yielding a
226% return. Thus, the anonymous crypto investor made a staggering
$3.291 million profit with both trades. Crypto’s Latest Memecoin
Sensation The memecoin GOAThas garnered significant attention
within the crypto community. Initially conceptualized by an
anonymous developer using Solana’s memecoin creation app, Pump Fun,
GOAT was not the direct creation of Andy Ayrey, the developer
behind the AI bot Truth Terminal. However, the AI’s influence
played a pivotal role in its virality. Related Reading: How The
Israel-Iran War Could Shake Crypto Prices, Explains Arthur Hayes
Andy Ayrey, a digital innovator, developed Truth Terminal as an
experiment in memetic engineering rather than crypto creation.
Truth Terminal, trained on Meta’s Llama 3.1 model, engaged in
extensive dialogues across platforms like X, Reddit, and 4chan,
eventually fixating on the Goatsee meme—a notorious early internet
shock image. These interactions inadvertently inspired the creation
of the GOAT memecoin, which launched on October 13 and rapidly
escalated to a market capitalization of $360 million within four
days. As of the latest data, GOAT’s market cap has slightly tapered
to just over $335 million, with the token trading at approximately
$0.33. Andy Ayrey acknowledged the unexpected success of GOAT,
stating, “This isn’t a crypto project; it’s a study in memetic
contagion and the tail risks of unsupervised infinite idea
generation in the age of LLMs.” He further elaborated, “This
memecoin taking off is proving a thesis I’m building an AI
alignment and safety company around; which is where the bulk of my
skin in the game lies.” Related Reading: Why This Crypto Asset Is
Bitwise CIO’s Best Contrarian Bet Right Now Marc Andreessen,
co-founder of Andreessen Horowitz, initially provided a $50,000
Bitcoin grant to Truth Terminal for independent AI research. Amid
the GOAT token surge, Andreessen clarified his non-involvement with
the memecoin: “For clarity, I sent a personal $50K
no-string-attached unconditional research grant to Truth Terminal
and its creator Andy Ayrey this summer […]. However, I have nothing
to do with the GOAT memecoin. I was not involved in creating it,
play no role in it, have no economics in it, and do not own any of
it.” GOAT’s rapid ascent and subsequent stabilization highlight the
continued appetite among crypto traders for high-risk, high-reward
memecoins rather than fundamental utility. Truth Terminal’s role as
a catalyst in GOAT’s success exemplifies the profound impact that
AI-driven narratives can have on digital asset valuations At press
time, GOAT traded at $0.3520. Featured image from iStock, chart
from TradingView.com
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