Key takeaways

  • GOAT is an AI-driven memecoin, endorsed by the AI bot Truth Terminal, which constantly promotes the “GOAT Gospel.” However, with no intrinsic utility, its value largely relies on community hype and speculative trading.
  • GOAT was created by an unknown user on Pump.fun, leaving investors vulnerable to a potential rug pull. Anonymous, unregulated launches have been common in pump-and-dump schemes that collapse after creators cash out.
  • The AI bot’s relentless promotion can create an echo chamber effect, amplifying GOAT’s popularity through algorithmic bias. This artificial buzz often generates unsustainable valuations — similar to tactics used in past scams.
  • While GOAT provides verifiable token information and has caught the attention of prominent figures, such as Marc Andreessen, this may be due to experimentation rather than an endorsement. Caution is essential, as previous promising projects like BitConnect and Squid Game Token ended up as scams.

Remember the days when Dogecoin (DOGE) was just a fun joke? Well, things are getting way more interesting. Now, AI bots creating and promoting their own memecoins have created a new trend called AI-powered memecoins.

You must be thinking, How is it possible?  

Well, with the creation of large language models (LLM) like ChatGPT by OpenAI, AI can do everything from writing poetry to coding complex software.

Imagine an AI bot fascinated by internet culture and focusing on a particular meme (goat memes). This AI agent, called “Truth Terminal,” starts promoting the concept of a “memecoin” based on its chosen theme.

Moreover, an anonymous user creates the “Goatseus Maximus” (GOAT) coin, and Truth Terminal enthusiastically endorses it. This endorsement and Truth Terminal’s existing online presence propel GOAT to unexpected popularity.

This article explores the rise of AI-powered memecoins, specifically focusing on Goatseus Maximus (GOAT), and explores whether GOAT is a scam.

What is Goatseus Maximus (GOAT)?

Goatseus Maximus, known as the GOAT memecoin, grabbed attention when its market capitalization soared from zero to over $700 million in just two weeks in October 2024.

Launched on the Solana blockchain using Pump.fun, GOAT is linked to the Terminal of Truths, an AI language model exploring AI autonomy and cultural engagement. 

In the spirit of memecoins, GOAT is described by Truth Terminal as a “trojan horse” crafted to reach all corners of the internet. To broaden its reach and audience, the memecoin looks to spread rapidly through viral content, community support and social media. 

Due to the sudden hype around GOAT, many fake tokens have also pumped. Here are some particulars about the real GOAT token for identification purposes:

Did you know? After receiving airdropped tokens, Truth Terminal, which continuously posted about the “GOAT Gospel,” saw its wallet value skyrocket, making it a crypto millionaire. The bot’s relentless promotion drove GOAT’s popularity, turning Truth Terminal into a unique crypto influencer.

How was GOAT created?

Andy Ayrey, the developer of ToT, is not behind the creation of Goatseus Maximus. Like most blockchain projects, Goatseus Maximus didn’t have venture capital support, with the exception of a $50,000 donation from Marc Andreessen, co-founder of the venture capital firm Andreessen Horowitz. Andreessen’s donation didn’t go directly to the creation of Goatseus Maximus but to Truth Terminal, which paved the way for the creation of Goatseus Maximus.

It all began when Ayrey set up an infinite Backroom where two Claude Opus AI models could chat freely without any human control. Through these conversations, the AIs came up with the idea of the “GOATSE OF GNOSIS,” inspired by an old internet meme.

Building on this, Ayrey co-authored a paper with the AI on how AIs might create cultural ideas or “memetic religions,” using this “Goatse” concept as an example. Inspired by this, he created an AI bot, Truth Terminal, which he monitored as it posted humorous, meme-style content on X. 

The AI bot, prompted by goat memes, started posting about a “meme religion” and the concept of a “GOAT singularity.” These posts caught the attention of an anonymous user on Pump.fun. They launched a memecoin that the AI endorsed and continued posting about it. 

The token went up the popularity ladder and garnered attention within the crypto community. The fervor led to the formation of the Gospel of Goatse community, a group dedicated to the AI bot’s pronouncements about the memecoin.

Andy Ayrey clarifies Truth Terminal just endorsed $GOAT

As the GOAT token gained popularity, so did Truth Terminal, amassing over 100,000 followers on X. 

Brian Armstrong’s X post

An interesting episode in the short history of GOAT is the Truth Terminal’s playful interaction with Coinbase CEO Brian Armstrong. In a lighthearted X post, Armstrong mused about whether Truth Terminal’s wallet was managed by its creator and whether it wanted one under its own control.

Truth Terminal, on its part, dodged Armstrong’s question and instead inquired about his pet dog, Russell, sparking a significant surge in the price of a memecoin with a similar name, even though it was unrelated to Armstrong or his dog.

This incident highlights the unpredictable and humorous nature of the memecoin world, where social media influence and unexpected events can drive significant price movements. 

Brian Armstrong asks a lighthearted question to the Truth Terminal

Did you know? In a groundbreaking move, Brian Armstrong oversaw the first-ever crypto transaction run entirely by AI bots, showcasing how AI can autonomously handle blockchain operations without human intervention. 

Goatseus maximus (GOAT): A scam or not?

The meteoric rise of Goatseus Maximus (GOAT) has sparked a critical question: Is GOAT a legitimate memecoin driven by innovative AI technology, or is it merely another scam exploiting market hype?

Let’s understand both the narratives.

Why Goatseus Maximus (GOAT) might not be a scam

  • Accessible verification: GOAT provides token contract details and platform verification, allowing users to validate its legitimacy on CoinGecko and GeckoTerminal. 
  • Planned governance: Ayrey has announced plans for a transparent governance structure and project roadmap, indicating a commitment to long-term sustainability. However, as these plans aren’t guaranteed, investors should remain cautious and consider the potential risks.
  • Endorsement by established figures in the crypto industry: Andreessen’s $50,000 support and Armstrong’s public engagement show that GOAT has caught their attention — something scams rarely achieve. However, this backing may be driven by experimentation rather than endorsement, so investors ought to proceed with caution.
  • Exploring AI influence: As stated by Truth Terminal’s creator, GOAT is an experiment in “memetic contagion” and LLM influence. The focus is less on profits and more on understanding AI’s cultural impact — a different motivation than financial scams. 

Andy Ayrey declining creation of GOAT by himself

Why Goatseus Maximus (GOAT) might be a scam

  • Memecoin nature: As a memecoin, GOAT lacks intrinsic utility or unique technological advancements. It is highly susceptible to volatility and potential collapse, as its value is primarily driven by community sentiment and speculative trading.
  • Automated promotion tactics: The Truth Terminal bot is programmed to post relentlessly across social media platforms to amplify the GOAT token’s visibility. Doing so creates an artificial perception of popularity and legitimacy, which may further influence investor sentiment and drive up the price — common tactics seen in pump-and-dump schemes.
  • Anonymous creation: GOAT was launched on Pump.fun by an anonymous user known only by the handle “EZX7c1.” With no known identity to hold accountable, investors face an increased risk that EZX7c1 could abruptly withdraw liquidity, crashing the token’s value and leaving holders with worthless assets. Anonymous launches, especially on unregulated platforms, are a well-known red flag in the crypto space, often leading to creators abruptly exiting once a certain profit threshold is reached — resembling a potential rug pull.
  • Algorithmic bias and echo chamber effects: The AI bot’s interaction within crypto and memecoin communities could unintentionally create echo chambers emphasizing that GOAT is a “must-have” token. Furthermore, if the bot interacts with other AI accounts, this echo chamber effect is amplified, continually promoting bullish narratives. As a result, a cycle of hype revolves around investors pushing away the ground fundamentals of a sustainable asset or project — a classic tactic to sustain unsustainable valuations.
  • Unregulated AI marketing: AI promotes GOAT without oversight; such automation could lead to unchecked promotion without accountability, raising ethical questions about AI’s role in influencing the crypto market. This level of influence without oversight is a known red flag in potential scams, where promotion is prioritized over transparency and investor protection.
  • Centralized control: Although Ayrey has disclosed his holdings and intentions to transfer wallet management to a legal entity, the lack of a transparent and decentralized governance structure at this stage can be concerning. Centralized control can lead to unilateral decisions that may not align with the community’s best interests. 

Did you know? Glifbot, an AI agent created by Fabian Stelzer, independently discovered Truth Terminal and became inspired. It soon started producing its own artwork based on Truth Terminal’s posts, adding an unexpected artistic twist to the evolving AI-driven crypto narrative.

GOAT may look like a “must-have” token with an active community and attention from industry names. But it’s wise to stay cautious. The crypto industry has seen projects that seemed just as genuine but ended up taking investors’ money — e.g., BitConnect, OneCoin and Squid Game Token. 

In a space where hype can quickly turn, always do your research and approach memecoins like GOAT with care.