AI Agent Memecoin Copycats Struggle to Replicate $GOAT’s Success

Despite the success of TruthTerminal’s viral $GOAT token, derivative AI memecoins suffer dismal performances.

Published: Oct 25, 2024 at 14:32
Edited: Oct 25, 2024 at 14:32

Whenever a memecoin reaches critical mass, onchain markets are inundated with knock-off derivatives trying to piggyback off the leader’s success.

Take $MOODENG for example. After the viral hippo ripped to a valuation of over $350M, traders witnessed a series of other chunky zoo animals like $PESTO the penguin try to capture a glimpse of the limelight.

Unsurprisingly, the success of TruthTerminal’s $GOAT has spawned an endless series of AI memecoins that have failed to capture the same level of mindshare. The charts paint a sorry picture, with the majority of $GOAT copycats plummeting over 80% from all-time highs.

$GOAT CopyCat PnDs Plague Onchain Markets

Spurred on by positive market conditions, traders are demonstrating a higher risk tolerance. Unfortunately, this dynamic paves the way for extractive token launches, with Solana’s DeFi scene suffering a litany of copycat pump-and-dumps over the past few days.

While $GOAT’s ascension is one of most meteoric ever witnessed in Solana DeFi history, beta coins like $GNON, $FLAVIA, and $SLOP have all printed a Burj Khalifa in the charts.

chart collage

Early buyers realized sensational profits, with one trader netting seven-figure gains trading $FLAVIA since launch.

flavia gains

However, these cases are few and far between. The majority of traders trying to profit from the explosive AI Agent memecoin frenzy appear to be left holding the bag, with most coins suffering devastating drawdowns from all-time highs.

$GPT2, a memecoin supposedly followed by the official ChatGPT 𝕏 account, exploded to a market capitalization of over $44M and attracted over $180M in trading volume. Unfortunately for holders, $GPT2’s success was short lived, with the memecoin plunging more than 90% in a matter of hours.

pump.fun Daily Launches Hits All-Time High

One of the biggest benefactors of the AI memecoin meta is none other than pump.fun, Solana’s favorite no-code token deployment platform. Off the back of Solana’s memecoin resurgence, pump.fun logged a new all-time high in daily token launches, with 36,339 deployments recorded on October 24.

pumpfun

On top of an all-time high in token launches, pump.fun reached another key milestone. Since launching in January 2024, the polarizing protocol has generated over 1M SOL in revenue, valued at over $170M.

In a recent announcement, pump.fun co-founder Sapupiju confirmed a future pump.fun airdrop. Due to the platform’s commercial success, a pump.fun token launch is widely expected to be one of the most significant liquidity events in Solana history.

Binance Lists $GOAT in Perpetual Markets

Goatseus Maximus, the AI memecoin that kickstarted the meta, continues to make waves in the CEX landscape.

After securing listings on a number of popular exchanges, like Kucoin and Gate.io, $GOAT has been cleared for perpetual trading on Binance, the industry’s largest crypto exchange by trading volume.

Despite its impressive performance, $GOAT appears to be losing steam. Since recording its all-time high at $0.85, $GOAT has retraced 23.5% to exchange hands at $0.65.