BOME Experience Over 2,030% Spike After Binance’s Announcement
The Book Of Meme (BOME) token saw an incredible rise after the plan of being listed on Binance was announced. The spike, which caused BOME’s price to soar by more than 2,030%, shocked the cryptocurrency world and demonstrated the enormous interest in and promise for meme-based tokens.
Intrigue erupted in the cryptocurrency markets upon hearing about Binance Futures’ incentive scheme, and traders looked forward to BOME’s listing on the exchange. Within two days of its launch on March 14, BOME’s price shot to an all-time high of $0.02 as anticipation continues to skyrocket among traders.
Meme-based tokens have become a significant player in the cryptocurrency markets, drawing in many traders and investors. These tokens typically gain traction through social media buzz and viral marketing initiatives, most of which were hyped by cryptocurrency industry influencers.
Anonymous Wallets Withdraws 12,721 SOL to Acquire 314 Million BOME
Most Solana altcoins have also generated significant attention from investors and traders, hence the latest price increase. Jupiter (JUP) is among the top performers, which rose by almost 50% in 24 hours. The price of Solana also rallied 10% earlier today, settling for $193.79 on CoinMarketCap.
Lookonchain, on the other hand, has reported considerable activity in the BOME section, showing that investors are still reacting to the latest Binance announcement. Lookonchain also said that an anonymous wallet withdrew 12,721 SOL, valued at $2.3 million, from Binance yesterday to acquire 314 million units of BOME at $0.0074 in a 30-minute transaction.
Meanwhile, Anshuman Roy from Coin Chapter platform has warned traders about the growing enthusiasm for the latest event. He explained that meme tokens are inherently risky investments due to their excessive volatility and speculative trading activity despite the temptation of overnight riches and quick returns.
BOME Future Uncertain, As Solana Tops the Most Traded Memecoin
Anshuman also stated that what will happen to BOME token and other meme-based tokens in the future still needs to be determined, as a lot will depend on investor enthusiasm, market mood, and general developments in the cryptocurrency markets. The Book Of Meme has been described as a Solana-based cryptocurrency project that offers meme generators, an NFT library, and an e-magazine.
Darkfarms, the creators of the BOME token, has explained how the token takes advantage of InterPlanetary File System (IPFS), Inscriptions, and Arweave to manage its data. It has readied itself as a reputable social space for decentralized storage that extends across multiple blockchains.
CoinGecko analysis said that meme coins, led by Solana, have started experiencing increased investment activities, having traded by over $9 billion in trading volume within 24 hours. At press time, the available trading pairs warming up to be introduced into the market (according to the announcement) are BOME/USDT, BOME/TRY, BOME/BTC, and BOME/FDUSD.
Binance Futures Announces Incentive Program, As BOME Rise by 145%
The company says the project was designed to unify every meme-related content with a single NFT ecosystem. Data from CoinMarketCap says that BOME, at the moment, has hit a market capitalization of $878.5 million. Binance exchange has officially announced that it will be listing the Book Of Memes on March 16, at precisely 12:30 (UTC).
The token will be listed as a USDⓈ-M contract, with the shirt term BOME/USDT as the trading pair. Binance said it would be offering as much as 50X leverage. The maximum funding rate at launch is +/- 2.00%.
Also, the BOME token contract would receive a funding payment every four hours. However, Binance Futures has announced its incentive program to encourage its customer base. The program comes with a 0.005% discount on transaction market fees for the next 14 – 15 days.
As of press time, BOME had over 145% increase in 24 hours, and then did another 220% afterwards. The sudden rise in the price of BOME is attributed to the latest Binance announcement, as many traders have started seeing prospects in it.
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