A newly launched memecoin on Solana (SOL) has reached a market capitalization of $1.1 billion in less than 48 hours after listing on Binance, the world’s largest crypto exchange.
Early Saturday, Binance announced it is launching perpetual futures for Book of Meme (BOME), a coin launched by art producer Dark farms which specializes in pieces based on Pepe the Frog, a character often used for various memes.
BOME shot up immediately after launch and followed suit announcement from Binance, BOME went from $0.0077 to $0.0268 in just a few hours, an additional rally of almost 250%.
BOME has since bounced back and at the time of writing is trading at $0.0186 with a market cap of $1.037 billion and a fully diluted valuation of $1.297 billion.
First spotted by blockchain tracking company Lookonchain withdrawn an unknown wallet for $2.3 million from Solana to buy BOME shortly before its Binance listing.
Says Lookonchain,
“A new wallet raised 12,721 SOL ($2.3 million) from Binance and bought 314 million BOME for $0.0074 [in] 30 minutes.
Does he know something we don’t know?”
Around the same time as its listing on Binance, crypto exchange Kucoin – known for its ‘altcoin gems’ – also launched announced it would support the new memecoin. KuCoin says users can now trade the BOME/USDT pair on its spot trading platform.
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Generated image: Midjourney