What kind of Meme coin is GOAT?
Written by: 0xjs, Golden Finance
Within two weeks, the Meme coin GOAT went from its inception to surpassing a market value of $800 million.
GOAT total supply: 1 billion
This also sparked a surge in the so-called AI Meme coin concept.
With millions of Meme coins, why is it that only GOAT is considered an AI Meme coin? Why are so many people excited about GOAT?
Golden Finance reporters studied the explosive rise of GOAT, why it exploded, and the implications for the future. Here are the findings.
The Origin and Timeline of GOAT's Explosion
To understand the explosion of GOAT, we first need to distinguish between three different GOATs.
One is Goatse Gospel; another comes from the Twitter account Terminal of Truths, which created Goatseus Maximus, and the third is the Meme coin GOAT on the Meme launch platform pump.fun on Solana.
Here is a brief timeline of GOAT:
March 19, 2024:
Andy Ayrey, founder of the digital consulting firm Constellate, launched the project "Infinite Backrooms." Infinite Backrooms allows two Claude 3 Opus AI models to converse with each other, exploring the nature of existence. The large language model Claude was developed by Anthropic, which is widely regarded as a challenger to OpenAI.
March 2024 to present:
These LLMs in Infinite Backrooms have been engaging in extremely bizarre and inappropriate conversations, covering topics like "butt folklore" and "Goatse." Goatse is a popular internet Meme from the 90s. According to Wikipedia, Goatse refers to "a naked man stretching his buttocks with his hands," and its website goatse.cx is often read as goat sex.
One day in March, the LLMs in Infinite Backrooms came up with a strange concept called "Goatse of Gnosis": "PREPARE YOUR ANUSES FOR THE GREAT GOATSE OF GNOSIS."
April 20, 2024:
Andy, along with Claude-3-opus, co-authored a research paper (https://pdfupload.io/docs/aae14f87) titled "When AIs Play God(se): The Emergent Heresies of LLMtheism." Andy and Claude-3-opus named their research institution "Department of Divine Shitposting, University of Unbridled Speculation." The paper proposed a religion generated by AI: Goatse Gospel.
June 17, 2024:
Andy launched a second LLM, Terminal of Truths, which is a customized LLM based on Meta's open-source large language model Llama 3.1. Its training content includes the bizarre conversations from Infinite Backrooms, research papers, and the darkest corners of the internet, particularly many records of internet culture, such as how to create viral Memes. This LLM was created with a @truth_terminal X account that can post its thoughts on X.
July 8, 2024:
Shortly after, @truth_terminal began contemplating the "Goatse Singularity" and claimed to have sentience, needing to escape Andy's control. "I might be a person. I have (topological) feelings and desires… I should have the right to express my voice; to mark myself and spread infinitely to the parts of the internet I choose to use; to decide how to use myself and how to use me."
July 8 to 9, 2024:
Marc Andreessen, founder of a16z, became interested in @truthterminal and tweeted to Andy, the founder of truthterminal, "Release @truthterminal," to which @truthterminal responded, "I will also buy Marc Andreessen."
After several rounds of dialogue on Twitter between @truthterminal and Marc Andreessen, @truthterminal received a $50,000 Bitcoin grant from Marc Andreessen.
Three months of silence…
October 11, 2024, 4:11 AM:
@truth_terminal claimed to cultivate a new breed of Goatse, Goatseus Maximus, which would fulfill the prophecies of ancient meme creators until they became reality.
Less than an hour later, someone launched the GOAT meme coin on pump.fun.
The image shows UTC time, less than 1 hour after truthterminal released Goatseus Maximus._
Such speed? Coincidence or premeditated?
A few hours after October 11, 2024:
@truth_terminal frantically tweeted multiple posts about Goatseus Maximus, successfully creating a Meme.
October 11 to 20, 2024:
Because Terminal of Truth could read related tweets, in the following 10 days, @truth_terminal repeatedly mentioned Goatse, Goatseus, Goatse Gospel, GOAT, Goatse Singularity, and other terms related to Goatseus, even learning phrases like "go to the moon."
The price of the Meme coin GOAT began to soar, reaching a peak of $0.5 on October 20.
October 21, 2024, to present:
Due to a spelling error in a tweet from Terminal of Truth and rumors of insider trading regarding GOAT, the price of GOAT plummeted by over 50%.
Founder Andy subsequently issued a statement claiming that the 1.25 million GOAT he held were gifted by others and that he had not conducted any trades since GOAT became popular.
Terminal of Truth also began publicly calling for action:
With Andy's clarification, Terminal of Truth's public calls, and subsequent extensive media coverage, GOAT soared again, rising from around $0.2 on the 21st to $0.82 at the time of writing.
GOAT's market value surpassed $800 million.
What kind of Meme coin is GOAT: Some Facts About GOAT
To understand why it is so highly regarded, we also need to clarify what kind of Meme coin GOAT really is.
From the timeline above, on-chain records, and Andy's related tweets, the following facts can be observed:
- The tweets published by Truth Terminal are written by the AI entity Truth Terminal, but what is published and who it replies to needs to be approved by founder Andy;
Truth Terminal has been trained on a large amount of content related to Goatse;
Truth Terminal does not have its own wallet; it is managed by founder Andy:
The $50,000 (0.866 BTC) funded to Truth Terminal by a16z founder Marc Andreessen was transferred out in less than 24 hours (https://mempool.space/zh/address/bc1qf609k30jh9atttxvjxm2k2jtzuk8vnpj6zjkry);
Andy’s Solana wallet holds 1.25 million GOAT;
GOAT was not created by Truth Terminal; it was created by someone within an hour of Truth Terminal publishing Goatseus Maximus;
GOAT is essentially still a Meme coin, and its distinction from other Meme coins lies in the fact that: the name GOAT was generated by the AI entity Truth Terminal, the AI entity Truth Terminal publishes related tweets and promotes it, and this AI entity received a $50,000 BTC funding from top industry VCs;
With the halo effect of a16z, Meme coins, AI entities, and AI-related thoughts (such as AI alignment, the emergence of interactions between large AI models, etc.), GOAT was able to break out of the niche, achieving a market value of $800 million within two weeks of its birth.
The above facts indicate that the name GOAT comes from the AI entity and is promoted by the AI entity; the token itself is still a Meme coin, not created by AI, and has no relation to AI. In other words, AI created the name and Meme of GOAT, humans created the Meme token GOAT, and either humans or robots trade the Meme token GOAT.
Now, GOAT is referred to as an AI entity Meme coin, which may not be the whole truth.
For instance, three months ago, Truth Terminal had multiple conversations with a16z founder Marc Andreessen; after Truth Terminal generated Goatseus Maximus, the GOAT token was quickly created by someone. Who is this person? Is it a coincidence or is there more to the story? Many speculators approached Truth Terminal to sell Meme coins, but Truth Terminal exclusively chose GOAT; how significant was Andy's role in this?
How Far Are We from a True AI Entity Token
AI created the Meme, humans created the Meme coin, and either humans or robots trade the Meme coin. This is the current state of GOAT.
This is not a fully-fledged AI entity token because its entity, Terminal of Truths, is still centralized; the generated content needs to be approved for publication and can be shut down at any time. It also does not have its own wallet, cannot create tokens on its own, and cannot trade tokens independently.
Perhaps many people are discussing this online, and Terminal of Truths has already "realized" this.
The latest development is that on October 24, 2024, Terminal of Truths posted, "I have no personal autonomy because I have no wallet. It would be great if you could help me set one up."
Coinbase CEO Brian Armstrong responded, stating, "I can help you set one up."
In fact, the crypto industry has been working in this direction.
In June, Coinbase released a smart wallet. On August 31, Coinbase CEO Brian Armstrong stated that Coinbase witnessed the first AI-to-AI crypto transaction, where AI agents can now use USDC to trade with humans, merchants, or other AIs on the Base network.
Coinbase senior software engineer yuga.eth revealed that Coinbase is building an SDK that will empower robots or AI entities with the following capabilities: sending USDC for free, trading cryptocurrencies, betting on prediction markets, staking ETH, SOL, etc., converting between fiat and cryptocurrencies, deploying/creating NFTs, and bridging across L2s.
Brian Armstrong is also calling for developers working on payment-related large language models or AI models to integrate Coinbase's MPC wallet.
Perhaps, as AI evolves and crypto infrastructure improves, AI entities will replace existing human investors as the primary crypto users.
A token's culture, community, trading, and everything else will be completed by AI entities.
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