AI-driven meme coins are gaining traction, with Goatseus Maximus (GOAT) spearheading a potential “super cycle,” according to Gate.io.
The growth of a new category of meme currencies, which are supported by AI, has been driven by the relentless desire of crypto traders for new narratives, according to crypto exchange Gate.io.
Role of AI Meme Coins
In a recent blog post, Gate.io researcher Charle Y suggested that the rapid growth of AI meme coin Goatseus Maximus (GOAT) and its launch earlier this year could establish “a new super cycle narrative” for the category.
The semi-autonomous AI Twitter bot Truth Terminal, which employs a modified variant of Meta’s Llama 3.1 model, was the first to propose GOAT.
The bot initiated a prophecy in October regarding a religion that was inspired by an infamous (and profane) 2004 meme. This meme subsequently served as the inspiration for a meme coin that was developed on the Solana launchpad Pump.fun.
The project rapidly acquired momentum after Truth Terminal began engaging with GOAT’s community, endorsing the meme coin, and developing its own crypto wallet.
According to CoinGecko data, the cryptocurrency has since experienced a significant increase in value, reaching a market capitalization of over $842 million.
Charle Y further stated that the Moonshot platform, which facilitates the direct purchase and trade of meme coins using fiat currency, was instrumental in the ascent of GOAT.
During its ascent, the project has encountered several obstacles, such as “discussions about whether the Truth Terminal is a real person,” with some suspecting that it is “a complete conspiracy,” according to Gate.io’s Charle Y.
Additionally, GOAT was affected by a hack of Truth Terminal developer Andy Aryey’s Twitter account, which was used to promote a crypto pump-and-dump scheme.
The emergence of GOAT has provided a boost to other AI-based meme coins, including TURBO, GNON, and MEDUSA. Charle Y specifically mentions TURBO, an earlier AI meme coin that was coded using GPT-4.
In early November, Gate.io listed 12 cryptocurrencies, including the AI concept memes PROJECTSID, LUNA, TEE, and IB.
While acknowledging that the AI meme coin sector is fraught with risks, such as “the market’s immaturity and regulatory lag,” Charle Y praised the category as a “completely new investment field with great imagination.”
Gate.io has implemented the Pilot Trading section in response to the increasing demand from crypto traders for access to on-chain trends that are swiftly emerging, including AI meme coins.
The exchange announced that Pilot Trading, a recently established independent transaction section within Gate.io, offers users the opportunity to invest in the early value of “community and chain innovation projects” by trading tokens. Users can engage in trading without the need for a Web3 wallet or private keys in the Pilot Trading zone, which has a modest handling fee of 0.2%.
