After being listed on multiple exchanges and experiencing a surge in volume, Goatseus Maximus, a new Pump.fun meme coin, experienced a price increase of more than 50%
The Goatseus Maximus (GOAT) reached a record high of $0.6794, a significant increase from the $0.045 nadir of last week. Its market capitalization has increased from approximately $48 million to $668 million during this time.
Three primary factors were responsible for this surge. Initially, Bybit, one of the largest crypto exchanges in the industry, introduced its futures contract. The listing enables users to trade with a leverage of up to 12.5x.
Another prominent exchange, Woo, will also list GOAT. BitMEX, Bitget, Gate.io, HTX, and Crypto.com are additional exchanges that have included it in the spot market.
The majority of its volume was in Orca, the second-largest DEX in the Solana ecosystem, as per CoinGecko.
Some of these tier-1 exchanges frequently list cryptocurrencies, which is often perceived as a validation. Consequently, cryptocurrencies frequently experience a surge in value.
Additionally, the token is exposed to millions of additional crypto investors through a listing. This accounts for the increase in its daily volume to more than $384 million on Tuesday.
The GOAT token has also experienced a significant increase in value as a result of the increased activity of whales.
One trader, for instance, withdrew Solana tokens valued at $5.4 million and invested $3.39 million in GOAT, as per Lookonchain. Another trader purchased GOAT and withdrew Solana tokens valued at $2.4 million from Binance.
Typically, the fear of missing out among traders results from such significant purchases and token surges, which propels the token’s value upward.
The GOAT token has now become the largest token in the Pump.fun ecosystem as a result of its recent growth. Additionally, it has contributed to the ecosystem’s total market capitalization surpassing $2.1 billion. Fwog, Michi, and Moo Deng are the other tokens of note in the ecosystem.
Resistance of the GOAT token due to a reversed key
On the hourly chart, the GOAT token surged from a low of $0.1695 on Monday to a high of $0.7335. A double-top pattern that had been forming was invalidated as the price rose, as it converted the significant resistance point at $0.5705 into a support.
The token also surpassed the 25-period moving average. Consequently, GOAT may experience a decline and retest the support at $0.5705, following which it may recommence its bullish trajectory, despite the likelihood of further gains. This chart pattern is referred to as a break and retest.