Goatseus Maximus (GOAT), a Solana meme coin, has captured the attention of crypto whales following a 260% price surge over the past 30 days. On October 15, GOAT’s price was $0.10.

As of this writing, the meme coin’s value is $0.40.  The rapid rise in GOAT’s value suggests that it could be a key player in the meme coin space. But how far can these large investors take it?

Whales Buy the New Shiny Solana Meme Coin

According to Lookonchain, a crypto whale purchased $4 million worth of GOAT tokens on Binance. This isn’t the first time the investor has shown confidence in the Solana meme coin. 

Previously, addresses linked to the same whale revealed a $3.07 million investment in over 10 million GOAT tokens. Typically, when whales make significant investments in a token, it creates a ripple effect, attracting more retail investors to buy in. 

However, the opposite is also true—when whales dump their holdings, retail investors often follow, leading to sharp price declines. In the case of the meme coin, the whale’s consistent large-scale purchases are driving speculation of a sustained price increase. If this accumulation continues, then the meme coin might evade a drawdown.

Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide

Beyond that, on-chain data from Santiment reveals a massive spike in GOAT’s social dominance, a key indicator of rising interest. 

High social dominance often correlates with higher price values. This is because increased online discussions typically lead to greater demand for a token. When social dominance is low, however, conversations about the meme coin diminish, signaling waning investor interes

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Author: Victor Olanrewaju