The
GOAT token, which once dominated the memcoin market, faced a serious challenge after the appearance of Peanut the Squirrel (PNUT)
The sudden rise of $PNUT
has shaken GOAT's position in the market and led to a decrease in demand for memcoin. However, investors remain optimistic about the potential recovery of the coin.
The squirrel defeats the goat
GOAT's social dominance has changed significantly since October, mainly due to the advent of PNUT. For most of October, memcoin attracted the attention of the market, causing strong investor interest and a lot of excitement. However, the debut of PNUT at the end of the month caught the attention, displacing GOAT from the list of top tokens.
At the moment, PNUT is a more popular asset among investors. This is confirmed by an increase in the number of mentions and active participation in social networks. This increase in attention has directly affected GOAT. His falling engagement rates indicate a loss of momentum. The competition between these memcoins is reformatting market conditions.
However, the GOAT financing rate remains positive, indicating the continued confidence of traders. This mechanism provides a balance between long and short positions in the market of perpetual futures contracts. Positive values indicate the dominance of long positions and mean that the contract price exceeds the spot price. This means that more traders are buying the coin with the expectation of selling at a higher price.
This optimism reflects the belief that GOAT still has a chance to regain dominance in the memcoin sector. However, the price decrease has caused uncertainty and anxiety among investors. Therefore, convincing market signals are needed for a noticeable price increase. Traders are carefully looking for signs of a possible reversal.
GOAT forecast: further decline is possible
The price has fallen by 25% in the last 24 hours, dropping from a record $1.36 to $1.01. The asset is approaching the critical mark of $1.00. If the bearish trend continues, a further decline is likely.
The critical support level is $0.72. If the price drops to this level, investors may suffer significant losses. The loss of this support also threatens to strengthen the bearish trend and make it difficult to quickly recover.
However, if the price bounces back from the $0.72 mark, memcoin may try to absorb previous highs. This would refute the bearish scenario and return GOAT to the lead among memcoins.
