$GOAT is looking more and more like $SPX.

The higher it climbs, the fewer buyers step in. And the fewer buyers there are, the more it pumps. But every market cap has a ceiling.

Take $SPX as an example—it never got listed on major exchanges, yet it ran to $1B. Could it double to $2B? Maybe. But to $4B? That’s where things get tricky.

$GOAT faces the same dilemma. Who’s going to take on that much risk just for a 1x profit? If you want to chase a double, Bitcoin seems like a safer bet.

When meme coins hit a certain threshold, it becomes awkward:

• If it drops, retail doesn’t buy. Why? Because they never believed in it to begin with—the dip just confirms their doubts.

• If it pumps further, retail still won’t buy. There’s no room left to run, and the risk far outweighs the reward.

At that point, it’s just whales and retail traders staring at each other. Nobody blinks, and the air fills with an eerie silence.