Cryptocurrency market has been left shaken as the newly established token more precisely GOAT has recorded an outstanding rise in both price and volume in the last one day. GOAT, which is still too low-ranked to be listed in the top 5000 of major cryptocurrency tracking services, has risen in value by a stunning 92.45 percent in a single day, putting it on traders’ and investors’ radar.
As at the time of writing this article, GOAT is trading at a price per token of $0.00003795, meaning that the total market capitalization of the token is $37,950, which is well below even the lowly nano-cap category of cryptocurrencies. However, due to the relatively small and circumscribed market, the token has attracted plenty of attention, especially in terms of trading volume. GOAT’s trading activity has also exceeded $9200 in the last one-day trade, and it has increased by 3,582.04% to the volume recorded the previous day with a total of $21330.
With that, the unique volume to market capitalization ratio has gone up to 56.22% which implies that the liquidity of the coin is relatively high given the size of the market. A high or low ratio is considered by traders to be a favourable sign to trade with such a token because one can trade at a small cost that does not affect the prices of the token significantly.
As for the token distribution, GOAT token has quite clear and simple: The total supply of tokens is 1,000,000,000. However, as stated by the project reports, the entire supply is in existence, this might have an effect on price fluctuations of the token. GOAT has its fully diluted valuation (FDV) standing at $37,950, meaning all tokens are expressed in the current value.
However, the rationale for GOAT’s recent surge is unknown, although the cryptocurrency market is likely to try to explain it. Others opine that the token was able to ride on the coat tails of the meme coins that continues to dominate the Crypto/Etherium market. Some speculate that pumps may begin on a social media platform, a practise that is seen more frequently in the world of microcap cryptocurrencies.
However, it should be highlighted that similar increased rates of digital currency rates, particularly for the given tokens that are not always popular among investors, are very high risk. The crypto market is even recognized for its high fluctuations, and those assets that grow rapidly can threaten to fall equally as rapidly.
Those who wish to invest in the GOAT should approach it and act carefully and do their homework before engaging in trading. One of the problems posed by the current issues related to a given token is that the information about the project behind it, its application and the team working on the development is not easily accessible.
However, as is the case with many new generation cryptocurrencies, controversy surrounds the GOAT’s stability as well as the prospects of its continued future expansion. As we approach its peak, the crypto community will be interested in understanding whether the token will continue riding the wave or if such a run is fleeting.
In the broader context of the cryptocurrency market, GOAT’s dramatic rise serves as a reminder of the sector’s unpredictable nature. It enlightens the ability to make massive profits within a short time but focuses on the fact that one must be careful with high risk digital currencies.
In the meantime, as the crypto market still grows, tokens such as GOAT are both opportunities for investors but, at the same time, carrying lessons. While some will consider such high volatility of prices as an opportunity to make fast money, others will have higher suspicion regarding such high volatility and frequencies and will look at the positives of cryptocurrency as the need to have proper attitude and knowledge before investing into such assets.
