Ironically, the memecoin tagged Goatseus Maximus (GOAT) soared to a market capitalization of $150 million in four days thanks to the artificial intelligence bot Truth Terminal. Although the bot developed and funded by a16z did not release the meme coin, its public promotion played a large role in the growth of GOAT.
Truth Terminal, an AI bot created by venture capitalist Andy Ayrey with technical support from Meta using the company’s Llama 3.1 language model, used his semi-autonomous X account to promote the now popular GOAT token. Nonetheless, the bot’s promotion generated tremendous market interest in the creation of this token.
In this case, Ayrey explained in an October 13 post on Despite this, GOAT’s market capitalization soared from $5,000 to $150 million in 72 hours.
Market impact due to surge in Meme coins
Using Pump.fun on the Solana network on October 10th, GOAT reached a high of $150M on October 14th and currently stands at $120M. The rapid rise of this token has created a buzz in the memecoin space, leading many to wonder about the token’s future performance.
This event is a testament to the impact of AI in determining the state of focus of the cryptocurrency market. Ayrey was also careful to point out that Truth Terminal was in no way designed to manipulate cryptocurrency markets, but did so in a way that demonstrated the opportunities as well as the risks associated with AI intervention.
Some memecoin traders believe this is the start of a new memecoin paradigm where AI recommendations can skyrocket the token.
The creators of Truth Terminal participated in the creation of the market together with GOAT, although they made it clear that this creation was purely experimental.
This event signifies the development and popularization of AI technology and the convergence of the cryptocurrency market, raising issues about the function of AI in the evolution of digital assets.
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- Crypto Whale earned $6.44 million from its token sale after posting a 42x return.
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