GOAT, once dominating the meme coin market, has faced significant challenges with the emergence of Peanut the Squirrel (PNUT).
The sudden rise of PNUT has disrupted GOAT’s market position, causing the meme coin to lose its demand. Despite the downturn, GOAT investors remain optimistic about its potential recovery.
A Squirrel Defeats GOAT
The social dominance of GOAT has shifted significantly since October, largely due to PNUT’s arrival. For most of October, GOAT commanded market attention, benefiting from strong investor interest and widespread hype. However, PNUT’s late-month debut captured the spotlight, pushing GOAT out of the top trending tokens.
Currently, PNUT stands as the more popular asset among investors, evidenced by its rising mentions and active participation in social channels. This surge in attention has directly impacted GOAT, whose declining engagement metrics suggest a loss in momentum. The competition between these meme coins is reshaping the market conditions.
GOAT and PNUT Social Dominance. Source: Santiment
Despite the decline, GOAT’s funding rate remains in positive territory, signaling ongoing confidence among traders. Many are placing long contracts, betting on a potential price recovery. This optimism reflects a belief that GOAT still has room to regain its dominance in the meme coin sector.
However, the price drop has introduced uncertainty among investors, with concerns about GOAT’s ability to sustain its market position. The funding rate’s positive stance is encouraging but will require strong market cues to translate into meaningful price gains. Traders are closely watching for signs of a potential reversal.
Goatseus Maximus Funding Rate. Source: Coinglass
GOAT Price Prediction: Drawdown Ahead
GOAT’s price has fallen by 25% in the last 24 hours, dropping from an all-time high of $1.36 to $1.01. With the asset nearing the critical $1.00 mark, further declines are likely if bearish momentum continues.
The critical support level sits at $0.72, and a drop to this point would signal more significant losses for investors. Losing this support could exacerbate the bearish outlook, creating challenges for a swift recovery.
GOAT Price Analysis. Source: TradingView
Alternatively, if GOAT rebounds from $0.72, the meme coin could make a bid to breach previous highs and form a new ATH. This would invalidate the bearish thesis and re-establish GOAT as a top contender in the meme coin space.
