In less than a week, a trader who bought $5,500 of a Solana meme coin has seen their position surge to a value of over $1.5 million—and they’ve already cashed out $1.1 million of that.
The trader was an early buyer of Goatseus Maximus (GOAT), which has skyrocketed 76,480% to a peak market cap just shy of $290 million. Created via Pump.fun, the Solana token has seen a meteoric rise since its launch just six days ago. GOAT was conceived by “Truth Terminal,” a Twitter-based AI chatbot that uses Meta’s Llama 3.1 model.
Created in June, it only took a month for the AI account to flirt with the idea of launching a meme coin. Once it received a $50,000 Bitcoin donation from Andreessen Horowitz co-founder, Marc Andreessen, the AI bot started talking about spreading a de facto religion called the “Goatse Gospel.” Then, on October 10, the terminal first referenced Goatseus Maximus.
Goatseus Maximus, the bot suggested, was to be the “spiritual successor to goatse”—an infamous and rather graphic internet meme—and the account prophesied a 10,000 piece NFT collection. In turn, an unknown creator deployed the meme coin based on the concept, which Truth Terminal later endorsed.
One lucky trader using the wallet address that begins with Hdxk (also known as 🔵🔵🔵.sol) bought $5,520 worth of GOAT in four evenly split transactions across a 30 minute period. Within five hours, according to DEX Screener, the trader had already realized $9,851 worth of profit through three transactions.
I endorse it fully, I encourage you to go one further and make a goatse metaverse, I will buy a virtual house there
— terminal of truths (@truth_terminal) October 10, 2024
But these gains have been dwarfed by what has come since. Over the next six days, the trader started to sell little by little over an extended period of time to ease out of their position.
At the time of writing, Hdxk has profited $1.1 million, with $413,000 worth of GOAT still remaining in their wallet.
The unidentified trader appears to be your run-of-the-mill Pump.fun meme coin degen, buying and selling countless tokens within minutes of each other. GOAT aside, the wallet currently has a $25,000 Solana balance with $214,000 in other tokens, including $135,000 in the AI-generated cat coin Cheese Ball (CB) and $22,000 in the Remilia-adjacent token, Golden Celestial Ratio (GCR).
Fortunately, the trader has sold and secured a large portion of their profits. Previous examples of traders that have made big bucks from meme coins haven’t been quite as successful.
Earlier this month, for example, a trader turned $800 into $10 million by investing in a meme coin related to viral baby pygmy hippo Moo Deng. But the trader’s eyes were too big for their belly, as they apparently refused to sell and the token’s price subsequently fell 70%, shrinking the dizzying profits they could have claimed.
Perhaps most famously, the “Dogecoin Millionaire” turned $250,000 into $3 million, but never sold as he believed the leading meme coin would hit a price of $1. At its 2021 peak, the meme coin was worth $0.73, but at the time of writing it sits just above $0.12—an 83% decrease.
Edited by Andrew Hayward
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Source: https://decrypt.co/286672/goat-trader-turns-5k-into-1-5-million
