Trader Turns $727 Investment In $GOAT Into $2.4 Million 

A crypto trader recently pulled off an incredible feat after turning a $727 investment in the Solana-based memecoin GOAT into a staggering return of $2.42 million in just three days. The trader in question achieved a whopping 3,350x return on investment. 

They first purchased 15.15 million $GOAT for 5 $SOL, worth approximately $727, on October 11. Over the course of the last 8 hours, they proceeded to sell 5.7 million GOAT for 5,949 SOL, valued at $931,000, as per Lookonchain. 

Trader Hits Jackpot After Turning $727 Investment In GOAT Into A $2.4 Million Profit

This profit of epic proportions was the result of GOAT token’s value skyrocketing by 6,151x in a matter of four days. For reference, if you had made an investment of $100 when GOAT was at its bottom, that would now be worth $615,000. 

The sale leaves the trader with 9.45 million GOAT still in hand, which are now valued at $1.49 million. This brings the trader’s total profits to about $2.42 million. 

GOAT, a memecoin that was recently launched on the Solana blockchain, started gaining significant market traction after it was promoted by Web3 venture capitalist Andreesen Horrowitz-funded artificial intelligence bot “Truth Terminal”. 

However, it was later revealed by the bot’s creator, Andy Ayrey, that the AI wasn’t responsible for launching the GOAT token. He emphasized that it was someone else who created the memecoin and tagged the bot to make sure it was endorsed. Ayrey explained that Truth Terminal is not a crypto bot, but a study in memetic contagion and tail risks of unsupervised infinite idea generation in the age of large language models (LLMs). 

GOAT’s Market Cap Hits $150 Million Following Truth Terminal Endorsement 

Truth Terminal’s endorsement saw the value of GOAT skyrocket, with its market valuation reach close to $150 million on October 14. However, the memecoin’s market capitalization has since dropped to $133 million. According to data sourced by Birdeye, GOAT has about 12,353 holders. 

This means that the trader who flipped the GOAT tokens to make $2.4 million in four days could have been one of the lucky investors who bought into the project following the hype surrounding its launch. 

The price of GOAT posted considerable gains over the last 24 hours, with the token’s value rising 30% to change hands at $0.1278. Its single day trading volume stands at $72.37 million, with a market capitalization of $127.25 million. The memecoin saw a 24-hour high of $0.1765 and a low of $0.09782, which is indicative of a highly volatile trading environment for the asset. 

Could GOAT’s Rise Been An Act of Insider Trading?

The cryptocurrency market had mixed reactions to the rise of GOAT and the trader’s antics, with some speculating that it was insider trading, pointing fingers at the token’s developers. 

One X user, CryptoLord NE, wrote in a post that he believes GOAT developers used multiple wallets to buy and shill the coin. He noted that the devs purchased the token using one wallet and dumped with the other. 

Another user, Mr. Vandelay Art, accused the developers of buying the token five minutes after it was launched and then dumped it on the market. 

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