The $GOAT token, previously a leader among meme coins, is facing a significant challenge. Its positions have come under threat following the emergence of the competing token Peanut the Squirrel ($PNUT ), which is rapidly gaining popularity.
Rise of PNUT and weakening of GOAT
The rapid rise of PNUT has put pressure on GOAT's market positions, leading to a decline in investor interest in the latter. Despite this, many traders hope for the recovery of the meme coin's former positions.
As analysts note, the active growth of PNUT began in late October, literally capturing the attention of market participants. Since the beginning of November, this token has become a favorite among investors, as evidenced by the increase in social media mentions and user engagement. At the same time, interest in GOAT has noticeably declined, indicating a loss of its previous momentum.
However, the funding rate for GOAT remains positive, indicating sustained optimism among traders. This indicator reflects a predominance of long positions and signals that market participants are still expecting a price increase for the asset.
Will GOAT fight for leadership?
Although current trends are not in favor of GOAT, it still has a chance to recover lost positions. Investors are closely monitoring potential market signals that may indicate a trend reversal. If the meme coin can return to growth, it may once again become one of the market leaders.
Risks and key levels for GOAT
In the last 24 hours, the price of GOAT has decreased by 25%, falling from $1.36 to $1.01. If the bearish trend continues, the asset could reach a critical support level at $0.72. Breaking this mark could increase pressure on the price, making recovery difficult.
If the price stays above $0.72, this could be a starting point for a new growth impulse. Such a scenario could return GOAT to the list of the most discussed meme coins.
How to find promising tokens?
Investors are increasingly wondering how to timely spot the next "explosive" meme coin like PNUT. Analysts recommend paying attention to social media activity, trading volumes, and price growth dynamics.
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Forecast: competition between GOAT and PNUT could radically change the meme coin market, and the coming weeks will show whether GOAT can regain its positions or give way to a new leader.
Source: beincrypto
