A trader transformed a modest $58,000 investment into $7 million by trading the Solana meme coin, Goatseus Maximus, the GOAT.
This sparked speculation about whether this trader is just really savvy or possibly involved in insider trading.
The incredible journey of GOAT
On-chain data reveals, the trader, known by the wallet address 4Jpef1, managed to purchase 1.5% of GOAT’s total supply with that initial investment.
This all happened during the previous month where the Solana meme token saw a price surge of around 400%. We also writed about it, as the first memecoin launched by an AI, but then it turned out wasn’t launched but promoted by Truth Terminal, an AI bot.
Anyway, the excitement around Goatseus Maximus grew as it got listed on several major crypto exchanges, pushing its price higher.
With this kind of return, it’s no wonder people are wondering if the trader had some insider knowledge or if they’re just a really smart investor.
As of now, that wallet holds 13.35 million GOAT coins. But there’s another, more simple explanation: luck. Unlikely, but sometimes happen.
Market reactions and speculations
Interestingly, this same wallet previously accumulated a large amount of another token called DADDY months ago, but that coin hasn’t seen much growth since then.
This also led to mixed feelings in the market about whether this trader is truly skilled or just lucky.
As of now, GOAT’s price has dipped nearly 10% over the past day and is trading at about $0.49.
The coin hit an intraday low of $0.49 and a high of $0.59. While it may seem like things are looking bearish right now, it’s important to remember that over the past month, GOAT has still seen gains of over 400%.
$1 GOAT price soon?
There are more factors suggesting Goatseus Maximus could rally to $1 soon.
This optimism is fueled by the token’s futures open interest hitting an all-time high, which has traders buzzing about a potential price target of $1 in November. Forget Uptober, prepare for Pumpvember?
