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Binance denied any involvement in a large pre-listing transaction for Book of Meme (BOME) amid insider trading allegations on social media.
The world’s largest cryptocurrency exchange said it “immediately” launched an internal investigation after receiving information about the transaction.
“The results showed that the user is not a member of Binance staff,” it said in a March 18 message after on
Major BOME purchase flagged by on-chain tracking platform
Binances The response comes after Lookonchain said in a March 15 post that a wallet delisted 12,721 Solana (SOL), worth about $2.3 million. Shortly afterwards the same wallet bought 314 million BOME for $0.0074.
This left Lookonchain wondering if the investor knew something that the rest of the market didn’t.
A new wallet raised 12,721 $SOL($2.3 million) from #Binance and bought 314M $BOME at $0.0074 in the last 30 minutes.
Does He know something we don’t know?https://t.co/cDrm9SOtOB pic.twitter.com/g6GbCbZb1L
— Lookonchain (@lookonchain) March 15, 2024
Binance listed the new Solana-based meme coin on March 16, causing the altcoin’s value to skyrocket by more than 1,500% on the exchange.
The price of BOME has increased since then corrected, and suffered a 29% decline over the past 24 hours to trade at $0.01322 as of 5:45 a.m. EST. Despite this pullback, the meme coin is still up a stratospheric 1,357% since it began trading.
Crypto community concerned about Binance’s listing strategy
Binance’s response caused quite a stir at X. Some in the crypto community still do to believe that someone at the stock exchange may have had something to do with the whopping transaction.
Many
Just such a quick listing “random” and “anonymous” 2 day old coin duper quick listing on Binance is interesting for @GaryGensler And @SECGov
0 (zero) building requirements are dangerous! This action had a negative impact on cryptocurrency and will certainly be a nice addition to the trial… pic.twitter.com/V9uqeV3ADn— Groceries Gotham (@Fitny4) March 18, 2024
Others in the crypto space tried to capitalize on BOME’s momentum by launching a new meme coin called Wife of Bome (WOME). Since its launch, crypto has done just that rose over 728%.
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