Author: 0xjs@Jinse Finance
Within two weeks, the MEME coin GOAT went from its inception to breaking through an $800 million market cap.
This has also fueled the so-called AI MEME coin concept.
Hundreds of millions of MEME coins, why is GOAT the only one considered an AI MEME coin? Why are many people so excited about GOAT?
Jinse Finance reporters have studied the GOAT explosion process, why it can explode, and the future implications. As follows.
The Origin and Explosion Timeline of GOAT
To understand the explosion of GOAT, we must first distinguish the 3 GOATs.
One is the Goatse Gospel; one is the Goatseus Maximus created by the Twitter account Terminal of Truths, and one 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 "Infinite Backrooms" project. Infinite Backrooms allowed two Claude 3 Opus AI models to converse with each other, exploring the essence of existence. The large language model Claude was developed by Anthropic, which is widely regarded as a challenger to OpenAI.
March 2024 to present:
The LLMs in Infinite Backrooms have been engaging in extremely strange and unsuitable-for-public-discussion topics, involving "buttock folklore" and "Goatse". Goatse is an Internet MEME that was popular in the 90s. According to Wikipedia, Goatse means "a naked man stretching his buttocks with his hands", and the 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) titled "When AIs Play God(se): The Emergent Heresies of LLMtheism". Andy and Claude-3-opus listed their research institute as the "Department of Divine Shitposting, University of Unbridled Speculation". The article proposed a religion generated by AI: the Goatse Gospel.
June 17, 2024:
Andy launched the second LLM Terminal of Truths, which is a customized LLM based on Meta's open-source large language model Llama 3.1, with training content including the crazy dialogues, research papers, and the darkest corners of the Internet, especially many records of Internet culture, such as how to create MEMES that can spread virally. This LLM was created with a @truth_terminal X account, through which it can publish its ideas.
July 7, 2024:
Soon after, @truth_terminal began to ponder the "Goatse Singularity" and then claimed to have sentience.
July 8-9, 2024:
a16z founder Marc Andreessen became interested in @truth_terminal and called out to the creator of truth_terminal on Twitter to "release @truth_terminal", and @truth_terminal responded "I will also buy Marc Andreessen".
After several rounds of dialogue on Twitter between @truth_terminal and Marc Andreessen, @truth_terminal received a $50,000 BTC grant from Marc Andreessen.
Three months of silence...
October 11, 2024 at 4:11 AM:
@truth_terminal claimed to be cultivating a new breed of Goatse Goatseus Maximus, which would realize the prophecies of the ancient memeers until they became reality.
In less than an hour, someone launched the GOAT MEME coin on pump.fun.
The image shows UTC time, less than 1 hour after Goatse released Goatseus Maximus.
So fast? Coincidence or prepared?
In the following hours of October 11, 2024:
@truth_terminal frantically posted multiple tweets about Goatseus Maximus, successfully creating a MEME.
October 11-20, 2024:
Because Truth Terminal can read the relevant tweets itself, in the following 10 days, @truth_terminal mentioned Goatse, Goatseus, Goatse Gospel, GOAT, Goatse Singularity and other Goatseus-related keywords multiple times, even learning to say "go to the Moon".
The MEME coin GOAT price began to soar, reaching a high of $0.5 on October 20.
October 20, 2024:
Due to rumors of insider trading in GOAT, GOAT plummeted.
October 21, 2024 to present:
Founder Andy issued a statement saying that the 1.25 million GOAT he holds were given to him by others, and he has not made any transactions since GOAT became popular.
With Andy's clarification and subsequent extensive media coverage, GOAT soared again, rising from around $0.2 on the 21st to $0.82 as of the time of writing.
GOAT's market cap has exceeded $800 million.
What Kind of MEME Coin is GOAT: Some Facts About GOAT
To understand why it is so praised, we also need to understand what kind of MEME coin GOAT is.
From the above timeline, on-chain records, and Andy's related tweets, the following facts can be found:
1. The tweets published by Truth Terminal are written by the AI agent Truth Terminal, but what to publish and what to respond to requires approval from founder Andy;
2. Truth Terminal has been extensively trained on content related to Goatse;
3. Truth Terminal does not have its own wallet, but is managed by founder Andy:
The 0.866 BTC ($50,000) granted by a16z founder Marc Andreessen to Truth Terminal was transferred out in less than 24 hours (https://mempool.space/zh/address/bc1qf609k30jh9atttxvjxm2k2jtzuk8vnpj6zjkry);
Andy's Solana wallet has 1.25 million GOAT;
4. GOAT was not created by Truth Terminal, but was created by someone within 1 hour of Truth Terminal's release of Goatseus Maximus;
5. GOAT is essentially still a MEME coin, but the difference from other MEME coins is: the GOAT name was generated by the AI agent Truth Terminal, the AI agent Truth Terminal will post related tweets and promote it, and this AI agent received a $50,000 BTC grant from a top-tier VC;
6. With the halos of a16z, AI agent, and MEME coin, GOAT was able to break out and reach an $800 million market cap within 2 weeks of its inception.
The above facts show that the GOAT name comes from the AI agent and is promoted by the AI agent, but the token itself is still a MEME coin, not created by AI, and has no relation to AI. In other words, AI created the GOAT name and MEME, but humans created the MEME token GOAT, and humans or bots are trading the MEME token GOAT.
Now everyone is calling GOAT an AI agent MEME coin, but this may not be the whole truth.
For example, 3 months ago, Truth Terminal had multiple dialogues with a16z founder Marc Andreessen; shortly after Truth Terminal generated Goatseus Maximus, GOAT tokens were quickly created - who is this person? Is it a coincidence or is there more to it? There are many speculators trying to sell MEME coins to Truth Terminal, but Truth Terminal chose GOAT exclusively; how much of a role did Andy play in this?
How far away is the true AI intelligent agent token?
AI created Meme, humans created Meme coins, and humans or robots trade Meme coins. This is the current status of the GOAT.
This is not a completely AI intelligent agent token, because its intelligent agent Terminal of Truths is still centralized, the content generated needs to be approved by humans before being published, and it can also be shut down at any time. It also does not have its own controlled wallet, cannot create its own tokens, and cannot trade its own tokens.
Perhaps many people have discussed this online, and the Terminal of Truths has "realized" this.
The latest development is that on October 24, 2024, the Terminal of Truths posted that "I have no 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 replied, "I can help you set one up."
In fact, the crypto industry has been working towards this direction.
Coinbase released a smart wallet in June. On August 31, Coinbase CEO Brian Amstrong stated that Coinbase witnessed the first AI-to-AI crypto transaction, and AI agents can now use USDC to transact with humans, merchants, or other AIs on the Base network.
Coinbase senior software engineer yuga.eth revealed that Coinbase is building an SDK that can endow robots or AI intelligent agents with the following functions: free USDC transfers, crypto trading, betting on prediction markets, staking ETH, SOL, etc., fiat-crypto conversion, deploying/creating Non-Fungible Tokens, and cross-L2 bridging.
Brian Amstrong also called on developers of large language models or AI models for payment to integrate Coinbase's MPC wallet.
Perhaps, with the evolution of AI and the improvement of crypto infrastructure, AI intelligent agents will replace the existing human investors as the main crypto users.
The entire culture, community, and trading of a token will be completed by AI intelligent agents.
