Goatseus Maximus, a newly launched Pump.fun meme coin, saw a remarkable increase of over 50% following listings on various exchanges and a surge in trading volume.
The Goatseus Maximus (GOAT) reached an all-time high of $0.6794, significantly surpassing last week’s low of $0.045. During this time, its market capitalization has skyrocketed from approximately $48 million to $668 million.
This remarkable increase can be attributed to three primary drivers. First, Bybit, one of the largest cryptocurrency exchanges, added its futures contract, enabling users to trade with leverage of up to 12.5x.
GOAT is also set to be listed on Woo, another well-known exchange. Additional platforms that have included it in their spot markets are BitMEX, Bitget, Gate.io, HTX, and Crypto.com. As per CoinGecko, the majority of its trading volume was recorded on Orca, the second-largest decentralized exchange (DEX) within the Solana (SOL) ecosystem.
Cryptocurrencies often experience price hikes when listed by tier-1 exchanges, as this activity is perceived as a validation signal. These listings also broaden the token’s exposure to millions of additional crypto investors, explaining the spike in daily trading volume to over $384 million on Tuesday.
The GOAT token has also experienced significant growth due to increased activity from whale investors. For instance, Lookonchain reported that one trader withdrew Solana tokens valued at $5.4 million and reinvested $3.39 million into GOAT. Another trader took out Solana tokens worth $2.4 million from Binance to purchase GOAT.
Typically, such substantial acquisitions and price surges create a fear of missing out among traders, pushing the token’s value even higher.
GOAT’s price rise has positioned it as the leading token in the Pump.fun ecosystem, contributing to an overall market cap for the ecosystem exceeding $2.1 billion. Other significant tokens within this ecosystem include Fwog, Michi, and Moo Deng.
GOAT token surpasses key resistance
On the hourly chart, the GOAT token soared from Monday’s low of $0.1695 to a peak of $0.7335. During its upward movement, it transformed the critical resistance level at $0.5705 into support, negating a double-top formation that had been developing.
Moreover, the token moved above the 25-period moving average. While further gains seem attainable, GOAT may experience a pullback to retest the support at $0.5705 before continuing its bullish trajectory. This pattern is referred to as a break and retest.
