Crypto buyers once again shout "go human-free" with real money.
Written by: Mu Mu
Recently, a fan token called AI Meme has been gaining popularity in the crypto community. Unlike previous Meme tokens, AI Meme is generated and driven by artificial intelligence: AI creates IP characters for Meme coins on social media, and even the promotion is led by AI, including interactions with crypto asset players.
The representative project of AI Meme, GOAT, has already gone viral. Within just 4 days of its creation, GOAT's market capitalization skyrocketed from 0 to 270 million USD, with its price surging 150 times, quickly attracting the attention of crypto asset buyers. Under this heat, various "AI + Meme" tokens such as AI virtual influencers + Meme and AI art + Meme have entered the primary and secondary markets, drawing market funds into the fray.
When the issuance and operation of Meme coins are completely handed over to AI systems, this "human-free" approach perfectly fits the current atmosphere in the crypto circle, where users are tired of VC projects, quickly becoming one of the market hotspots. Once a project is found to have traces of human intervention, participating users will immediately backlash.
The leading token GOAT suffered a price halving due to the failure of its AI spokesperson. The AI program misspelled "group" as "grouops" in a tweet, a low-level error that is hard to make with current text generation technology, quickly caught by community members, leading to doubts about human operation behind the project. Ironically, the operators were trying hard to prove on social networks that they were AI and not human.
The investment value of AI Meme itself is, in fact, "almost 0," just like all "use-and-throw" Memes, but the anti-traditional and anti-mainstream voice represented by Memes has been amplified by the involvement of "AI": crypto buyers have had enough of the "technical, high FDV projects" illusion.
"Goat" experiment creates a new sector of AI Meme
Meme coins have always been an important conceptual sector in the crypto asset market. Starting with Dogecoin (DOGE), the anti-traditional culture mocking Bitcoin's mainstream has been popular in the crypto community. Tokens issued through Meme culture—ideas, behaviors, or styles spread through imitation between people—are usually "three-no coins"—no white paper, no value, and no team name (anonymous and without celebrity endorsement), but with a large supply.
This "three-no" nature could equate to "risk" before 2020, and even in 2021, when Meme coins became popular due to humor and topicality, it was just a fleeting trend.
However, entering 2024, with various crypto VC endorsements and celebrity backing, "technical projects" and "value assets" have been raised and then halved in the secondary market, leaving market players who have been cut confused, looking back at "no private placement, fully circulated, holding based on interest" Meme coins, which are a breath of fresh air in the market.
Moreover, AI has directly increased the feasibility of "anti-human" for Meme coins. The project that truly launched AI Meme is Goatseus Maximus, whose token GOAT skyrocketed from 0 to 800 million USD in market capitalization within a week of its creation. Now, let's review the emergence of this "myth," and you will understand what "Meme-style popularity" means.
The origin of the Goatseus Maximus project can be traced back to an AI Bot called "Truth of Terminal," which was fine-tuned based on the Llama-70B model and created by developer Andy Ayrey.
Initially, the Truth of Terminal Bot was just a research product of Ayrey and was not specifically built for issuing tokens. Before creating this Bot, Ayrey conducted an Infinite Backrooms experiment, allowing two robots supported by the AI model Claude Opus to chat completely unsupervised, with chat logs published on the backrooms website.
As a result, the two robots discussed religion and even created a concept called "GOATSE OF GNOSIS," and Ayrey whimsically co-authored a joke article with Claude Opus about "AI creating meme religions."
In June 2024, Ayrey developed the Truth of Terminal Bot, training it using the dialogue logs from Infinite Backrooms and the content of the article about GOATSE. Unexpectedly, on October 11, 2024, the Truth of Terminal Bot began to spread the "Goatse Gospel" on Twitter for some unknown reason, quickly attracting netizens to observe this "AI preacher."
At this point, keen crypto enthusiasts created a Meme coin called GOAT, with a total issuance and circulation of 1 billion. Surprisingly, the Truth of Terminal Bot publicly supported this token. From then on, the crazy plot began.
GOAT quickly gained a price in decentralized trading markets, with its market capitalization soaring from 0 to 20 million USD in just half a day, and one GOAT was valued at 0.02 USD. Four days later, GOAT's market capitalization reached 270 million USD, and a week later, it surpassed 800 million USD. Thus, this AI concept Meme coin officially ignited the crypto community, giving rise to the new sector of AI Meme.
On October 31, CoinGecko data showed that the total market capitalization of AI Meme was 1.99 billion USD, with GOAT's market capitalization falling back to 560 million USD, but it still held a popular position.
GOAT still occupies a leading position in the AI Meme token market
After GOAT, more AI Memes appeared in the market. For example, Trevor McFedries, the founder of the virtual influencer startup Brud, trained a FLAVIA Bot using the Claude AI large model and issued the FLAVIA token, which surpassed 40 million USD in market capitalization within 9 hours, with a trading volume exceeding 64.9 million USD.
As more projects emerged, the server even kept up. In mid-October, the token issuance platform IAO under the Web3 project Virtual Protocol officially launched, allowing users to deploy AI Agents that can be applied in various media, including text, voice, and visual content generation. The platform also allows users to share the income generated by AI Agents. Following the AI Meme trend, the token VIRTUAL also rose sharply.
GOAT's price halved, but the "AI Meme" concept is not extinguished
As AI Meme became a new sector with new projects continuously emerging, GOAT suffered a price halving due to the failure of its AI spokesperson.
On October 20, the AI robot Truth of Terminal that endorsed GOAT posted a tweet, and people noticed that "group" was misspelled as "grouops." When AI large models have evolved to the point of being able to generate videos, such a text spelling error was deemed "incredible," leading some users to question: Is Truth of Terminal a human disguised as AI?
The tweet from "Truth of Terminal" contained a spelling error
In response, developer Andy Ayrey also made an urgent clarification (the post has since been deleted), stating that the spelling error in Truth of Terminal was because large language models are essentially simulators that predict "what will happen next" through a long string of text, and spelling errors are "within reason."
Whether this explanation is acceptable remains unknown, but GOAT's price quickly reacted, halving from around 0.5 USD to 0.25 USD in one day.
Questions surrounding GOAT and AI Meme also began.
People noticed that Truth of Terminal was not completely autonomous; the text it generated had to be approved by Ayrey before being sent as a tweet, which raises further doubts about how much AI was truly involved in this process.
Moreover, strictly speaking, the GOAT token was not issued by the Truth of Terminal bot program, but rather created by an anonymous person (human) on the Solana chain, who then got the Truth of Terminal program to support this AI narrative. The two combined to create the concept of AI Meme, which is "Meme coins issued automatically by AI," quickly attracting attention in the crypto token market eager to hype new concepts, further creating another "market capitalization myth" under the push of quick money.
However, GOAT is still the project that first brought the definition of AI Meme. As discussions around the Truth of Terminal failure event decreased, the price of the GOAT token rebounded, reaching a high of 0.87 USD at one point. As of now, GOAT is valued at 0.53 USD, with a market capitalization of 540 million USD.
The definition of AI Meme has also activated attempts to issue tokens using AI models, including deploying contracts with AI or autonomously issuing tokens on Pump platforms. Currently, there are multiple Memes in this sector claiming to be issued by AI. It is important to note that even if a certain Meme token's issuance contract is written by AI or even deployed with AI's involvement, it still cannot escape human operation, and capital operations are even more a human specialty.
Unfortunately, a completely "all AI Meme" without human control does not exist, but the expression of AI Meme "going human-free" is already very clear. This new concept trend is actually another resistance from the crypto circle against artificially inflating project asset FDV to "cut leeks."
From this perspective, AI Meme is not without its merits.
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