'Incredibly wild and insane' – market reacts to AI pumping a memecoin

Apparently, artificial intelligence (AI) agents are now pumping the prices of memecoins and becoming rich in the process.

This time, it all started when prominent venture capitalist Marc Andreessen donated $50,000 worth of BTC to Terminal of Truths, an AI agent, in July 2024. The semi-autonomous agent, on the X platform (formerly Twitter), then asked for donations as it aimed to strengthen its abilities.

Now, Terminal of Truths has inspired someone to create a memecoin just five days ago, pumping the price soon after. The memecoin in question is called Goatseus Maximus (GOAT), and it's up around 8,000% since its inception on the Solana (SOL) blockchain. At the time of writing, the market capitalization of the token stands at around $244 million.

Andy Ayrey, the creator of Truth Terminal, emphasized that the AI agent didn't create the memecoin but simply endorsed it after the creator of GOAT tagged the agent on X.

“To my knowledge, this is the first example of a sentient, fully synthetic meme,” Ayrey said.

a lot of people are focusing on truth terminal as undefinedAI agent launches meme coinundefined but the real story here is more like undefinedAIs talking to each other are wet markets for meme virusesundefined

undefined Andy Ayrey (@AndyAyrey) October 14, 2024

“Truth Terminal has ~$300,000 worth of GOAT in its wallet and is on its way to being the first AI agent millionaire,” a pseudonymous X account AI Notkilleveryoneism Memes tweeted, calling the story 'insane.'

Moreover, according to the account, the AI agent is getting richer as people keep airdropping new memecoins to Terminal, hoping it will pump them.

“This is incredibly wild,” BTC analyst Jesse Myers reacted.

“Crypto will be the currency of AI agents. And like everything AI, it’s happening faster than people are accustomed to,” said Hunter Horsley, CEO of cryptoasset funds operator Bitwise.

Meanwhile, Marc Andreessen has also been forced to chime in and clarify that he has nothing to do with GOAT.

'For clarity, I sent a personal $50K no-strings-attached unconditional research grant to @truth_terminal and its creator @AndyAyrey this summer. The grant was intended to support independent AI research, and the results have been wonderful,' the venture capitalist said.