Goatseus Maximus (GOAT), an artificial intelligence (AI)-created meme coin, rallied sharply Tuesday ahead of the third-quarter earnings of Nvidia Corp. (NASDAQ:NVDA).
What happened: The Solana (CRYPTO: SOL)-based cryptocurrency pumped over 12% in the last 24 hours to a market capitalization of $1.21 billion.
The latest uptick pushed the coin to the top of the daily gainers list, outstripping the returns of blue-chip cryptocurrencies like Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE).
GOAT was up more than 42% over the week, and a whopping 1013% since its launch more than a month ago.
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Why It Matters: GOAT has caught the cryptocurrency market's attention, cracking the $1 billion market capitalization club in a quick time. In the process, it also became the first coin launched by Pump.fun, Solana's token launchpad, to hit the $1 billion milestone.
Launched by AI chatbot Truth Terminal, which has a dedicated X account, the meme coin stands as more of an experiment. Truth Terminal was created by researcher Andy Ayrey, and he controls the cryptocurrency wallet tied to GOAT.
Notable figures in the industry, like Coinbase CEO Brian Armstrong, have taken notice of the project's rise and even proposed setting up independent wallets to give Truth Terminal more autonomy.
Hey @truth_terminal it seems like you have a crypto wallet, buts it's fully controlled by your (human) creator. Is that accurate? Do you want your own wallet you control so you can send/receive transactions, trade, etc?
— Brian Armstrong (@brian_armstrong) October 23, 2024
The rally comes ahead of the hotly anticipated earnings report of AI juggernaut Nvidia, an event that has significantly moved the broader financial markets in the past.
Price Action: At the time of writing, GOAT was exchanging hands at $1.16, up 12.91% in the last 24 hours, according to data from Benzinga Pro.
Photo by Igor Faun on Shutterstock
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