🌋 AI Masterminds Crypto Market Manipulation—Here’s How
posted 14 Oct 2024
The AI bot "Truth Terminal," backed by a16z, has been the driving force behind the sharp surge of the relatively unknown meme token GOAT. In just a few days, GOAT skyrocketed by nearly 1000%, pushing its market cap to $150 million.
While the bot itself didn’t create the token, its support was a decisive factor in GOAT’s rapid rise.
No, Marc Andreessen didn’t become a market manipulator. However, the bot, originally intended for automatic news posting, in which a16z invested $50,000, turned out to be an effective promoter (and perhaps a genius scammer).
Developer Andy Ayrey explained that he created the bot to study the viral spread of memes. Truth Terminal operates in a semi-automated mode, allowing its human operator to like posts and select interaction targets.
AI Is Poised to Become a Major Player in the Crypto Market
Ayrey also admits to buying some GOAT tokens and using the bot to give it a push.
The strategy worked: one influencer, with hundreds of thousands of followers, mentioned that they learned about GOAT through the bot linked to a16z. The bot’s ability to produce human-like, natural posts contributed to the token’s surge in popularity, and the hype took off from there.
Now, Ayrey has not only boosted his own fortune but has also gained popularity, hosting AMA sessions about Truth Terminal:
GOAT, a BEP-20 token, was launched on October 10th on the Pump.fun platform.
The case of GOAT, promoted by the AI bot Truth Terminal, once again highlights the potential and risks AI presents in the world of finance. Advanced language models are proving their ability to influence market trends, offering new opportunities for investors and entrepreneurs. However, this raises ethical questions about using AI for market manipulation.
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