Crypto trader misses out on $9 million windfall from $300 investment 
Cryptocurrency Oct 18, 2024 Share
A cryptocurrency trader has missed on a windfall after exiting their position in the Goatseus Maximus (GOAT) meme coin early, failing to capitalize on the token’s recent gains.
The trade details indicate that the investor purchased 21.26 million GOAT tokens for just 2.07 Solana (SOL), approximately $300, on October 10 through Raydium, an automated market maker (AMM) platform trading the GOAT/SOL pair, according to data shared by onchain analysis platform Lookonchain on October 18.
GOAT/SOL pair on Raydium. Source: Lookonchain
However, the trader sold the tokens for only 2.8 SOL, making a modest profit of 0.7 SOL ($108). Since then, the price of $GOAT skyrocketed, with the 21.26 million tokens sold for $408 now valued at a staggering $8.9 million.
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Crypto trader’s GOAT transaction. Source: Lookonchain
After the token’s massive rally, it seems the trader has refrained from further trades, missing out on what would have been one of the biggest windfalls.
Indeed, the trader’s missed opportunity comes in the wake of a growing trend where dozens of investors have recently realized significant profits from selling meme cryptocurrencies.
Based on this trade, timing plays a crucial role, although it can be assumed that the trader opted to exit earlier despite making a profit due to the inherent high volatility of meme coins.
Finbold also reported a similar predicament of exiting too early, in which another trader missed out on a $17.5 million return from a $1,000 investment.
Aside from the missed potential returns, GOAT currently ranks among the best-performing meme cryptocurrencies, driven by social media activity and its listing on established exchanges. Crypto.com is the latest entity to enable trading of GOAT.
At the same time, some investors are reaping big profits due to their early involvement in the meme coin. Interestingly, this momentum is also lining GOAT up to create the first non-human millionaire.
According to a report by Finbold, an artificial intelligence (AI) chatbot named ‘Truth Terminal’ made $500,000 from an initial $20,000 investment in a Solana-based meme coin. Therefore, if the token sustains the current moment, the AI tool could become a millionaire.
Interestingly, the chatbot, designed to post on X autonomously, has also promoted GOAT on social media.
The GOAT token was inspired by the goatse meme, an image from the early 2000s that gained notoriety for depicting a man in an unusually compromising position.
GOAT price analysis
At press time, GOAT was trading at $0.45, surging by almost 50% in the last 24 hours. On the weekly chart, the coin is up almost 360%, a price movement mainly driven by the positive reaction to its listing on Crypto.com.
GOAT seven-day price chart. Source: CoinMarketCap
Amid this rally, on-chain data suggests that GOAT will likely keep soaring. Previous Lookonchain data indicated that whales are increasingly getting involved in the token, signaling potential bullish momentum. For instance, an unidentified investor purchased $4 million worth of the token.
GOAT/SOL whale accumulation. Source: Lookonchain
In summary, it remains to be seen if GOAT will likely sustain the momentum emulating other established meme coins such as Dogecoin (DOGE).