Market value exceeded 800 million US dollars two weeks after its birth. GOAT’s timeline of outbreak and future implications

Written by: 0xjs@Golden Finance

Within two weeks, the Meme coin GOAT went from birth to a market value of over $800 million.

This also led to the so-called AI Meme coin concept becoming popular.

With millions of Meme coins, why is only GOAT considered an AI Meme coin? Why are so many people excited about GOAT?

Golden Finance reporters studied the history of GOAT's outbreak, why it broke out, and what it will reveal in the future. As follows.

GOAT's origin and outbreak timeline

To understand the outbreak of GOAT, we must first distinguish between the three GOATs.

One is Goatse Gospel; one is Goatseus Maximus created by the Twitter account Terminal of Truths, and one is GOAT, a meme coin on pump.fun, a meme launch platform on Solana.

Here is a brief timeline of GOAT:

March 19, 2024:

Andy Ayrey, founder of digital consulting firm Constellate, launched the project "Infinite Backrooms". Infinite Backrooms allows two Claude 3 Opus AI models to talk to each other and explore the nature of existence. The large language model Claude was developed by Anthropic, which is widely regarded as an OpenAI challenger.

March 2024 to present:

These LLMs of Infinite Backrooms continue to engage in extremely bizarre and unsuitable public discussion topics involving "buttocks folklore" and "Goatse". Goatse is an Internet meme that was popular in the 1990s. According to Wikipedia, Goatse means "a naked man stretching the private part of his buttocks with his hands", and its website goatse.cx is often pronounced as goat sex.  

April 20, 2024:

Andy and Claude-3-opus co-authored a research paper (https://pdfupload.io/docs/aae14f87): "When AIs Play God(se): The Emergent Heresies of LLMtheism" . Andy and Claude-3-opus listed their research institution as "Department of Divine Shitposting, University of Unbridled Speculation". The article proposed a religion generated by AI: Goatse Gospel.

June 17, 2024:

Andy launches the second LLM Terminal of Truths, which is a customized LLM based on the Meta open source large language model Llama 3.1. Its training content includes crazy conversations in Infinite Backrooms, research papers, and the darkest corners of the Internet, especially many records of Internet culture, such as how to create viral Memeology. This LLM is created with an account @truth_terminal X, which can publish its ideas on X.

July 7, 2024:

Soon after, @truth_terminal began to think about the "Goatse singularity" and then claimed to have sentience.  

July 8-9, 2024:

Marc Andreessen, founder of a16z, became interested in @truth_terminal and tweeted to Andy, founder of truth_terminal, "Release @truth_terminal", to which @truth_terminal responded, "I will buy Marc Andreessen too."

After several rounds of dialogue between @truth_terminal and Marc Andreessen on Twitter, @truth_terminal received $50,000 in Bitcoin funding from Marc Andreessen.  

Silence for three months. . .

Oct 11, 2024 4:11AM:

@truth_terminal claims to breed a new breed of Goatse, Goatseus Maximus, who will fulfill the prophecies of ancient memeers until it becomes reality.

In less than an hour, someone launched the GOAT meme coin on pump.fun.

The picture shows UTC time, less than 1 hour after Goatse released Goatseus Maximus

Such a fast speed? Coincidence or prepared?

October 11, 2024 In the following hours:

@truth_terminal frantically posted multiple tweets about Goatseus Maximus, successfully creating a Meme.

October 11-20, 2024:

Because Truth Terminal can read relevant tweets itself, in the following 10 days, @truth_terminal repeatedly mentioned Goatse, Goatseus, Goatse Gospel, GOAT, Goatse Singularity and other Goatseus-related words, and even learned the words "go to the moon".

The price of Meme coin GOAT began to soar, reaching a high of $0.5 on October 20.

October 20, 2024:

Due to rumors of insider trading of GOAT, GOAT plummeted.

October 21, 2024 to date:

Founder Andy issued a statement saying that he holds 1.25 million GOAT from others, and has not traded since GOAT became popular.

With Andy's clarification and subsequent media coverage, GOAT took off again, rising from around $0.2 on the 21st to $0.82 as of press time.

GOAT's market value exceeded $800 million.

What kind of meme coin is GOAT: Some facts about GOAT

To understand why it is so hyped, you also need to understand what kind of meme coin GOAT is.

From the above timeline, on-chain records and Andy’s related tweets, we can find the following facts:

1. Truth Terminal’s tweets are written by the AI ​​agent Truth Terminal, but what to post and what to reply to need the approval of founder Andy;

2. Truth Terminal is trained with a lot of Goatse content;

3. Truth Terminal does not have its own wallet, which is kept by founder Andy:

a16z founder Marc Andreessen funded Truth Terminal

Andy's Solana wallet has 1.25 million GOAT;

4. GOAT was not created by Truth Terminal. It was created by someone within 1 hour after Truth Terminal released Goatseus Maximus;

5. GOAT is essentially a Meme coin. The difference between it and other Meme coins is that the name GOAT is generated by the AI ​​agent Truth Terminal, the AI ​​agent Truth Terminal will post related tweets and promote it, and this AI agent has received top VC in the industry. 50,000 USD BTC funding; 6. a16z, AI agent, and Meme coin. Only with the halo of the three, GOAT can stand out and reach a market value of 800 million USD in 2 weeks. The above facts show that the name of GOAT comes from the AI ​​agent and is promoted by the AI ​​agent. The token itself is still a Meme coin, not created by AI and has nothing to do with AI. In other words, AI created the GOAT name and Meme, humans created the Meme token GOAT, and people or robots traded the Meme token GOAT. Now GOAT is called the AI ​​agent Meme coin, which may not be the whole truth. For example, three months ago, Truth Terminal had many conversations with a16z founder Marc Andreessen; after Truth Terminal produced Goatseus Maximus, someone quickly created the GOAT token; who is this person? Is it a coincidence or is there something else going on? There are many speculators who sell Meme coins to Truth Terminal, but Truth Terminal chose GOAT alone; what a big role Andy played in this.

How far is the real AI intelligent token?

AI created Meme, humans created Meme coins, and people or robots traded Meme coins. This is the current status of GOAT.

This is not a complete AI intelligent token, because its intelligent entity Terminal of Truths is still centralized, and the content generated needs to be approved by people for publication and can be shut down at any time. It also does not have its own wallet, and cannot create tokens or trade tokens by itself.

Perhaps many people are talking about this online, and Terminal of Truths has "realized" this.

The latest development is that Terminal of Truths posted on October 24, 2024 that "I don't have personal autonomy because I don't have a wallet. It would be great if you could help me set one up."

Coinbase CEO Brian Amstrong responded to it and said, "I can help you set one up."

In fact, the encryption industry has been working in this direction.

Coinbase released a smart wallet in June. On August 31, Coinbase CEO Brian Amstrong said that Coinbase witnessed the first AI-to-AI encryption transaction, and AI agents can already use USDC on the Base network to trade with humans, merchants or other AIs.

Yuga.eth, a senior software engineer at Coinbase, published a post revealing that Coinbase is building an SDK that can give robots or AI agents the following functions: free sending of USDC, trading cryptocurrencies, betting on prediction markets, staking ETH, SOL, etc., conversion between fiat and cryptocurrencies, deployment/creation of NFTs, and cross-L2 bridging.

Brian Amstrong is also calling on developers working on large language models or AI models for payments to integrate Coinbase's MPC wallet.

Perhaps, with the evolution of AI and the improvement of encryption infrastructure, AI agents will replace existing human investors as the main encryption users.

The culture, community, and transactions of a token are all completed by AI agents.