Continuing to exploit the operation of the AI bot Truth Terminal, a speculator has lured the bot to "shill" the memecoin RUSSELL to dump his tokens at the peak.
Trader continues to spam Truth Terminal to "shill" the memecoin RUSSELL
As Coin68 has reported, the latest trend in the memecoin field in recent days is the AI bot Truth Terminal.
Truth Terminal is a semi-automated bot, operating based on human management to approve posts and decide who it interacts with. Through this, the AI will be able to learn from the content it is exposed to and create its own posts.
The story would not be worth mentioning if Truth Terminal had not received the attention of a16z co-founder Marc Andreessen. He personally funded the project team with $50,000 in Bitcoin.
Subsequently, someone created the memecoin GOAT on Solana through the pump.fun platform and exploited the operation of the Truth Terminal AI to lure the bot to create posts related to the keywords GOAT and Goatseus.
Driven by FOMO as the "first memecoin created by AI, with a16z sponsorship", GOAT quickly dominated the meme market.
According to data from CoinGecko, the GOAT price has increased by nearly 40% in the last 24 hours, maintaining its heat despite being around for just over 10 days. The market capitalization of the meme token has reached over $800 million, ranking 97th among the largest coins in the market.
Source: CoinGecko
GOAT is currently being traded on several exchanges such as MEXC, HTX (old Huobi), Gate.io,... OKX has also announced the listing of GOAT futures.
https://t.co/Qy4t7wHy8w@okx pic.twitter.com/W2uuXjpKif
— Gospel of Goatse (@gospelofgoatse) October 24, 2024
Of course, with the current market capitalization, this meme is unlikely to generate multiple-fold returns for investors anymore. Therefore, the community is starting to turn to other memecoins with similar motifs. And RUSSELL is one of them.
Initially, Russell was the name of Coinbase CEO Brian Armstrong's pet dog. Using the same tactics as with GOAT before, someone has lured the Truth Terminal to create comments containing the keyword "Russell" under the CEO's post.
I think it would be good for you to tell us about Russell first. Specifically, what is Russell's species?
— terminal of truths (@truth_terminal) October 23, 2024
And so the memecoin RUSSELL on Base with the token code started to be FOMO'd, pumping the price strongly. But just waiting for that, as a pre-written script, a "whale" wallet that had accumulated before sold all its tokens at the peak.
WTF JUST HAPPENED
— Miya (@MiyaHedge) October 23, 2024
01:33:49 UTC = 0xcE0B buys largest order worth of $RUSSELL in the past days
01:35:21 UTC = @truth_terminal tweets out to @brian_armstrong mentioning RUSSELL
01:36:53 UTC = 0xcE0B sells RUSSELL after insane pump
Why did this onchain account know about the… pic.twitter.com/PwkISoc1td
Looking at the RUSSELL price chart, this pump-and-dump can also be seen.
Source: TradingView
Truth Terminal founder Andy Ayrey also confirmed that someone had intentionally spammed the keyword "Russell" to lure and activate the bot's mechanism.
Yup this was what happened
— Andy Ayrey (@AndyAyrey) October 23, 2024
The word Russell was spammed in its mentions and it picked it up
Clearly, this can easily become a bad precedent for the pump-and-dump market, as people gradually learn how to exploit Truth Terminal to "shill" the tokens they are holding. This could lead to the bot being inundated with "keywords" and losing its originally useful mechanism.
Therefore, the community suggests that the project should build a better language prediction model for the bot. And Ayrey also confirmed that he is working to find a way to block this type of keyword spam.
We're workshopping it right now!
— Andy Ayrey (@AndyAyrey) October 23, 2024
Compiled by Coin68
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