- BOME had already surpassed a market value of $1 billion at the time of writing.
- Binance announced the listing of the meme coin on its spot and derivatives exchange.
The crypto market’s unquenchable hunger for meme coins continues as a newcomer has grabbed attention.
The flowering of BOME
In a sensational turn of events, Solana [SOL]-based BOOK OF MEME [BOME] token shot up 322% in the last 24 hours.
Moreover, according to market capitalization, it has risen to 100th place in just over 48 hours since its launch. Coin gecko.
The coin already had a market value of over $1 billion at the time of writing, with a trading price of $0.02202.
Source: CoinGecko
Tracing its origins and growth
Created by art producer Darkfarms, who also designed a similar frog-themed token Pepe [PEPE]BOME is an experimental token project that aims to combine memes and decentralized storage solutions.
The presale started on March 13, requiring users to send SOL tokens to a designated address to claim the airdrop.
As part of the campaign, over 10,000 SOL was raised, which was then added to a liquidity pool.
Since then, demand for BOME has steadily increased as users rushed to place massive purchase orders. Seeing the rise, several prominent crypto exchanges such as Kucoin, Bitget, and Gate.io listed the memecoin.
According to AMBCrypto’s analysis of Santiment’s data, trading volumes have skyrocketed, increasing by nearly $4 billion as of March 16.
Source: Santiment
The first mention
The biggest bull’s-eye came when the world’s largest exchange, Binance, launched the mention of BOME spot trading pairs.
Interestingly, the notification came hours after BOME was listed on its derivatives arm, Binance Futures.
This major announcement was preceded by the intriguing moves of a whale investor, which piqued the interest of market watchers.
How much are 1,10,100 SOLs worth today?
According to on-chain data tracker Check outChainthe whale withdrew 12.7K SOL from Binance and used it to buy 314 million BOME tokens, hours before Binance’s announcement.
Whales, because of their large pockets, exert significant influence on the market. So the fact that they have access to non-public information did not come out of the blue.