The cryptocurrency market has been experiencing a frenzy with the meteoric rise of Book of Meme (BOME), a meme coin within the Solana ecosystem. This meme coin has seen a significant price increase, attracting the attention of traders and investors alike.
According to reports, on Friday, March 22, BOME’s value soared by over 42% from its low, reaching a peak of $0.01681. At the time of writing, the coin’s price has increased by 25% to $0.01476, with a market capitalization of $814.08 million. The coin opened trading on March 14 at $0.000059 and has gained more than 22,000% since then.
The surge in BOME’s price is attributed to various factors, including a notable rise in open interest among derivatives traders. The 24-hour trading volume for BOME has also experienced a dramatic increase, indicating strong interest in the coin.
The spike in BOME’s open interest, coupled with a significant increase in derivatives volume, has been pivotal in driving the coin’s price movement. Additionally, a short squeeze has resulted in approximately $2.54 million in short liquidations, further propelling the price upward.
However, the rapid fluctuations in BOME’s price have attracted scrutiny from Binance. The exchange initiated an investigation into potential insider trading related to the “BOME rat warehouse” incident, offering rewards of up to $5 million for information on the case.
In addition to the ongoing investigation, the crypto community is eagerly anticipating the debut of Book of Meme 2.0 (BOME2) on LBank. This listing, scheduled for March 23, 2024, introduces a new opportunity for traders with the BOME2 spot pairs and includes an additional transaction fee to support the project’s sustainability.
Overall, the rise of BOME in the cryptocurrency market has been remarkable, with traders closely monitoring its price movements and potential for further growth. As the market continues to evolve, it will be interesting to see how BOME and other meme coins fare in the coming days.
