Goatseus Maximus, Pump.fun's new #memecoin🚀🚀🚀 , has risen in value by more than 50% after being added to several #exchanges and its volume increased.
The Goatseus Maximus (COZEL) exchange rate rose to a record high of $0.6794, well above last week's low of $0.045. Its market capitalization jumped to $668 million from about $48 million during the period to $668 million from $668 million.
This jump was due to three main factors. First, the futures contract was added to Bybit, one of the largest cryptocurrency exchanges in the industry. The listing gives users the ability to trade with up to 12.5x leverage.
GOAT will also be featured on Woo, another popular exchange. Other exchanges where it is listed on the spot market are BitMEX, Bitget, Gate.io, HTX and Crypto.com. According to CoinGecko, most of its volume is on Orca, the second largest DEX in the Solana ecosystem ($SOL
).
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Cryptocurrencies often rise in value after listing on some of these tier-one exchanges because it's often seen as a sign of recognition. The listing also helps bring the token to the attention of millions of crypto investors. That explains why its daily volume rose to more than $384 million on Tuesday.
The GOAT token has also increased in value due to increased whale activity. For example, according to Lookonchain, one trader withdrew $5.4 million worth of Solana tokens and invested $3.39 million in GOAT. Another trader withdrew $2.4 million worth of Solana tokens from Binance and bought GOAT.
In most cases, such large purchases and surges in token popularity cause traders to fear missing out on the gains and the token rises in value.
GOAT's rise made it the most popular token in the Pump.fun ecosystem. It has also helped increase the total market capitalization of the ecosystem to more than $2.1 billion. Other popular tokens in the ecosystem include Fwog, Michi, and Moo Deng.
GOAT token overcame key resistance
On the hourly chart, the
GOAT token jumped from a low of $0.1695 on Monday to a high of $0.7335. As it rose, it turned an important resistance point at $0.5705 into support, canceling a double top pattern that was forming.
The token also rose above the 25-period moving average. Therefore, despite likely further gains, GOAT could fall and retest support at $0.5705 and then resume the bullish trend. This is called a “breakout and retest”.
