GOAT Token Surges 137 Percent In 24 Hours

Among the volatile world of cryptocurrencies, a new entry has come into the picture, which is gaining the interest of not only investors but also enthusiasts. Due to a meme-inspired token, GOAT, which should be goat due to its fantastic bulls, has virtually grown to an amazing. From almost zero to 137.37% within a single day was made when a trader saw that the new crypto had been soaring smoothly up the market ladder. Talk of such a rapid rise has further managed to get a lot of rightful buzz around GOAT, as it was placed at $0.001044 in the market very recently.

GOAT’s leap of a few mETHs made waves in the crypto sector as investors ponder what could be the cause of its seemingly unstoppable growth. With a market capitalization of $1.10 million, GOAT has quickly fortified its position as one of the meme coins in the meme coin segment. The token accelerated its 24-hour trading volume and reached $1.89 million, thus proving that the growth in its price was a result of a vast number of buys and sells.

One of the most spectacular aspects of the recent GOAT rally is the volume-to-market cap ratio that witnesses alose fever to quondam tickers capable of exhibiting staggering metrics. As a result, the token has had one of the most exaggerated market-value-to-volume relationships peculiarly witnessed by speculative coins, bitcoin included.

GOAT has set a limit on the total supply of the tokens to one billion, and the amount currently in circulation is reported as the same. The source has the same amount as the total supply and this, therefore, means that there are no more tokens (all tokens) that are not traded. The token can be interpreted to be volatile.

As with many meme coins, the rapid rise of GOAT has sparked debates within the cryptocurrency community. Proponents claim that this token’s hype is a representation of an increasing trend among retail investors who are going for alternatives other than the traditional financial market in the digital asset space. On the other hand, the critics warn that these abrupt increments in prices are mostly short-lived and late entrants may suffer significant losses.

Meme coins gaining the spotlight is not a new phenomenon in the crypto world. A path was carved for the new breed of tokens that, more often than not, ride the wave of community engagement and social media hype to boost their value, thanks to the likes of Dogecoin and Shiba Inu that came before them. The animal totem, GOAT, is one of these new projects. It attracts investors with a combination of the cleverness of the catchy name and the cultural popularity of the term “Greatest of All Time” (GOAT).

Nevertheless, because of the hardly believable short-term improvement, investors are told to handle GOAT vigilantly. The token’s plotted low price per unit and its nature as a new player in the market makes it vulnerable to high volatility. More crucially, the cryptocurrency industry has become well-known for price changes that are often unpredictable. The transitions in prices of those assets that go through such heights are frequently equally sharp, as well.

The rise of GOAT also brings forth issues regarding the entire cryptocurrency market. With more meme coins entering and the other side of the market being here, financial institutions and regulators are bound to give it a proper look. However, the possibility of market abuse, as well as the absence of any intrinsic value in the numerous coins introduced, may still be a reason for some people to call for the skyrocketing of regulatory oversight in the crypto industry.

GOAT’s phenomenon has been consistently revolutionary in 2020; it is now a reminder of the dynamic and unexpectedly unpredictable nature of the cryptocurrency market. On one hand, meme coins are a tool prevailing financial democratization, namely, retail investors can enter the market providing the possibility of receiving potentially high yields, on the other hand, meme coins are the outcome of the survey showing the oversaturation of the market and unreasonable confidence increase in the market participants.

The next few days and weeks will be significant for GOAT as it tries to maintain its momentum and become truly meaningful. Both investors and observers will keep an eye on the whole situation and thus will sooner or later find out if GOAT actually manages to sustain its own growth and become a significant player in the competitive domain of cryptocurrencies. The rising trend of community-driven assets in the crypto market could be the central storyline in the financial sector revolution through technology means, and thus, the market will be the GOAT.