GOAT crypto surges amid FOMO after multiple exchange listings

The new Pump.fun meme coin Goatseus Maximus is up over 50% after being listed on various exchanges and increasing in volume.

Goatseus Maximus (GOAT) rose to a record high of $0.6794, well above last week’s low of $0.045. Its market value increased from approximately $48 million to $668 million during this period.

This rise was caused by three main factors. First, the futures contract was added by Bybit, one of the largest crypto exchanges in the industry. The listing allows users to trade with up to 12.5x leverage.

GOAT will also be listed on Woo, another popular exchange. Other exchanges that list it on the spot market are BitMEX, Bitget, Gate.io, HTX and Crypto.com. The majority of its volume was on Orca, the second largest DEX in the Solana (SOL) ecosystem, according to CoinGecko.

Cryptocurrencies often take off once they get listed on some of these tier 1 exchanges because this is often seen as a sign of validation. Listing also helps expose the token to millions more crypto investors. This explains why its daily volume rose to over $384 million on Tuesday.

GOAT token has also been on the rise due to increased whale activity. For example, one trader withdrew $5.4 million worth of Solana tokens and invested $3.39 million in GOAT, according to Lookonchain. Another trader purchased GOAT by withdrawing $2.4 million worth of Solana tokens from Binance.

In most cases, such large purchases and token raises lead to fear of missing out among investors, pushing the token higher.

GOAT’s rise has now made it the largest token in the Pump.fun ecosystem. It also helped increase the total market cap in the ecosystem to over $2.1 billion. Other important tokens in the ecosystem are Fwog, Michi and Moo Deng.

GOAT token reverses key resistance GOAT token chart | Source: TradingView

On the hourly chart, the GOAT token rose from Monday’s low of $0.1695 to $0.7335. As it rose, it turned $0.5705, which was an important resistance point, into support, invalidating the double top pattern that formed.

The token also broke above the 25-period moving average. Therefore, although further gains are likely, GOAT could break and retest the support at $0.5705 and then resume the uptrend. This is known as the breakout and retest chart pattern.