Whale Releases 9.23 Million GOAT Tokens, Stealing the Spotlight Ahead of Binance Listing

Recently, GOAT, Solana-based meme token, stole the attention of a whale holder of large amounts of crypto assets releasing more than 9.23 million tokens

Recently attention was drawn to the Solana-based meme token, GOAT, after a whale holding a large amount of the crypto asset offloaded more than 9.23 million tokens, worth around IDR 111 billion (approx. US$7.13 million ).

This sale occurred when the price of GOAT soared to IDR 14,232 (around US$0.91) after the announcement that the token would be traded on Binance. The whale's actions were revealed by Lookonchain, a blockchain transaction tracking platform, in a post on X (formerly Twitter), showing how large movements in the crypto ecosystem can significantly impact token prices.

Reporting from Coinpedia, this whale managed to make a profit of more than IDR 140 billion (around US$9 million) and retained most of its investment despite selling large amounts. According to a Lookonchain report, the whale initially invested more than IDR 117 billion (approximately US$7.5 million) to acquire 22.48 million GOAT tokens at an average price of IDR 5,223 (approximately US$0.334) per token.

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As prices soar, whales decide to sell most of their portfolios. After the price of GOAT reached IDR 12,089 (around US$0.773), this whale managed to sell 6.7 million tokens worth around IDR 81 billion (around US$5.18 million) and then deposited more than 2.53 million tokens to the Gate.io exchange, worth around IDR 30 billion (around US$1.95 million).

Even though this sale caused the price of GOAT to fall by more than 30 percent on October 24, 2024, the token is showing signs of recovery with the price rising again. Currently, GOAT is trading at around IDR 11,776 (approximately US$0.753), with a price jump of more than 6.5 percent in the last 24 hours.

GOAT's price spike caught the attention of traders and investors, increasing trading volume by 32 percent in the same period. This reflects growing interest among the crypto community in these tokens, possibly fueled by trade announcements on Binance and whale activity. Other Solana-based meme tokens such as Dogwifhat (WIF), Popcat (POPCAT), Bonk (BONK), Cat in a Dogs World (MEW), and Book of Meme (BOME) also recorded significant price increases, indicating that the meme token market is in a positive growth phase.

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