GOAT crypto surges amid FOMO after multiple exchange listings

Goatseus Maximus (GOAT), a new meme coin from the Pump.fun platform, experienced a remarkable price increase of over 50% following its listing on multiple exchanges and a surge in trading volume.

The token surged to a peak of $0.6794, significantly higher than its previous low of $0.045 just a week ago. This rapid price movement led to its market cap growing from approximately $48 million to an impressive $668 million during this period.

Three main factors contributed to this surge:

Bybit Futures Listing: The introduction of Goatseus Maximus futures on Bybit, one of the largest crypto exchanges, allowed traders to leverage up to 12.5x. This generated increased interest and trading volume.

Listings on Prominent Exchanges: The coin also secured listings on well-known exchanges like Woo, BitMEX, Bitget, Gate.io, HTX, and Crypto.com, which increased its accessibility to a wider audience of crypto investors.

Volume Surge on Orca: According to CoinGecko, most of the trading volume for GOAT is concentrated on Orca, the second-largest DEX in the Solana ecosystem, further boosting its visibility and trading activity.

As a result of these developments, the token’s daily trading volume reached more than $384 million on October 22, showcasing its growing popularity. In the crypto world, tokens typically see price rallies after being listed on top-tier exchanges, as these listings are seen as a form of legitimacy and help expose the asset to a broader investor base.

The rapid growth of Goatseus Maximus, fueled by its exchange listings and expanding user interest, signals its potential to continue capturing attention within the meme coin space.

The GOAT token’s surge has also been fueled by increased activity from whales. According to Lookonchain, a notable trader withdrew $5.4 million worth of Solana (SOL) and redirected $3.39 million into GOAT. In another instance, a separate whale moved $2.4 million worth of Solana from Binance and used the funds to purchase GOAT. This influx of large-scale investments has further contributed to the token’s impressive price rally.

In many instances, significant purchases and sharp price surges trigger a fear of missing out (FOMO) among traders, which often drives the token’s price even higher.

The surge in GOAT has now positioned it as the largest token within the Pump.fun ecosystem. This rally has contributed to pushing the total market cap of the ecosystem beyond $2.1 billion. Other prominent tokens in the ecosystem include Fwog, Michi, and Moo Deng, all of which have seen increased attention amid the rising success of GOAT.

GOAT token flipped key resistance

On the hourly chart, the GOAT token surged from a low of $0.1695 on Monday to a high of $0.7335. During this rally, it successfully flipped the key resistance level of $0.5705 into support, effectively invalidating a double-top pattern that had been developing.

The token also climbed above its 25-period moving average, signaling continued bullish momentum. While further gains are anticipated, it’s possible that GOAT might pull back and retest the $0.5705 support level before resuming its upward trend. This behavior is characteristic of a break and retest pattern, where price briefly retraces to confirm the newly established support before continuing the bullish move.