Memecoin project Book of Meme (BOME) has emerged as the brightest star in the cryptocurrency market over the past few days. Since its official launch this week, BOME has attracted the attention of many investors, reaching a market capitalization of $1 billion within 48 hours of trading.
BOME’s sudden emergence could be considered good news for the cryptocurrency industry amid a 4% drop in Bitcoin last week, which pushed the original cryptocurrency down to around $65,345.14. Meanwhile, Ethereum also fell 10%, and popular memecoins Dogecoin and Shiba Inu also recorded losses of 24.23% and 16.69% over the past seven days.
What is the Book of Meme?
Book of Meme was founded by DarkFarms, the creators of Pepecoin, another popular memecoin. BOME is an experimental project that aims to integrate memes, decentralized storage solutions, shitcoin trading and gambling on a single platform to create new web3 experiences.
Following a successful pre-sale that raised 10,131 SOL, BOME debuted on the cryptocurrency market on March 14th with an initial price of $0.0000496. Over the next two days, Book of Meme quickly rose to the $0.012 price area, achieving a market capitalization of $1 billion.
Due to Binance’s sudden listing, MEMECOIN BOME surged 243% in 24 hours, but other MEMECOINs plummeted across the board, and PEPE WIF FLOKI BONK fell more than 10%. BOME’s current market cap exceeds $1.38 billion, ranking 7th in the MEMECOIN market.
— Wu Blockchain (@WuBlockchain) March 16, 2024
Not surprisingly, BOME’s rapid rise led to the coin being listed on major cryptocurrency platforms including KuCoin, Gate.io, MEXC, HTX, Crypto.com, and Binance. In particular, it is estimated that BOME’s listing on Binance on March 16 allowed the token to rise 243% in price in one day, reaching a peak market capitalization of $1.55 billion.
In a similar fashion to other highly successful memecoins, some investors have benefited the most from the rise of BOME. According to data from LookonChain, one particular investor has already sold all 347 million BOME for 34,647 SOL worth $6.58 million, recording a 340x profit compared to his 102 ($19,000) investment in the pre-sale. Meanwhile, the largest BOME holding individual address known as sundayfunday.sol currently holds 1.242 billion BOME worth $29.8 million.
BOME Pricing Overview
As of this writing, Book of Meme is currently trading at $0.02139, with a gain of 58.08% in the last day. Meanwhile, the coin’s daily trading volume increased by 125.05% and its value reached $5.18 billion. BOME’s current market cap stands at $1.18 billion, which allows Memcoin to be ranked as the 85th largest cryptocurrency.
BOME trading at $0.020112 on the hourly chart | Source: BOMEUSDT chart on Tradingview.com
Featured image from KuCoin, chart from Tradingview
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