Goatseus Maximus (GOAT), the up-to-date meme coin on the block, has taken the cryptocurrency community by storm with its aggressive growth since its launch earlier this month. In just two weeks, GOAT’s market capitalization skyrocketed from virtually nothing to over $900 million, putting it on par with last year’s memecoin sensation, PEPE.

This rapid growth has delighted analysts and investors alike, who are starting to see GOAT as a potential challenger to memecoin’s dominance in the current market cycle.

Much like PEPE’s surge in value in 2023, GOAT defied initial skepticism, proving that meme coins still enjoy significant popularity among cryptocurrency enthusiasts and speculative traders. With a rapidly growing community and social media buzz, many people are wondering if GOAT has what it takes to become the benchmark for meme coins this cycle.

As excitement builds, the market is watching closely to see if GOAT can maintain its momentum and establish itself as the next large name in the unpredictable world of meme coins.

Can GOAT lead meme coins this cycle?

Most recently, leading cryptocurrency analyst and investor Daan shared an insightful comparison on the X platform between the emerging meme coin Goatseus Maximus (GOAT) and the 2023 sensation, PEPE. In his analysis, Daan noted that while GOAT has grown significantly since its recent launch, PEPE’s initial trajectory was even faster.

PEPE achieved a market capitalization of around $1.4 billion within 22 days of launch, while by day 17 it had around $600 million – roughly the size of GOAT’s current standing. Daan highlighted that PEPE’s local top occurred when Binance listed it on spot and perpetual contracts, which triggered a “top breakout.” This listing and the subsequent price surge marked a turning point, as PEPE did not return to these price levels for another 10 months.

Daan also highlighted other high-growth tokens such as SLERF and BOME, which traded higher earlier this year during the local market peak. However, he believes that GOAT and PEPE stand out as likely long-term players in the meme coin market given their roles as sector leaders. By positioning GOAT alongside PEPE, Daan highlighted GOAT’s potential to reflect PEPE’s enduring appeal among investors.

As GOAT continues to gain popularity, the market remains speculative, and comparisons like Daan’s shed airy on how meme coins like GOAT may evolve – either establishing themselves as a major player or facing a similar cycle of volatility after the peak. As its market cap increases and interest in GOAT grows, time will tell whether it will be able to follow a similar trajectory to PEPE or carve out a unique legacy for itself in the meme coin sector.

Price action: Technical view

GOAT is currently trading at $0.637 after rebounding from an all-time high of $0.915. While data on GOAT’s price movements remains constrained due to its recent launch, the 4-hour chart shows fundamental levels that can define short-term demand and supply zones.

The key demand level to watch is around $0.56 – previously significant resistance since GOAT’s debut, now changed to powerful support. If GOAT holds above this $0.56 level, it could signal sustained buyer interest, positioning the token for another move higher.

On the supply side, the next critical zone to test is $0.72. A break through this level will likely bring up-to-date upside momentum as investors look for higher levels and potential gains above recent highs.

The $0.72 area will act as short-term resistance and if GOAT manages to break it, the price could reach a up-to-date all-time high. As GOAT momentum develops, these levels provide a framework for monitoring price action and assessing potential changes in market sentiment around this growing meme coin.

Featured image from Dall-E, chart from TradingView