Book of Meme (BOME), a newly launched meme coin in the Solana ecosystem, has grabbed massive attention owing to its price surge. The BOME price rallied over 25% today. Moreover, the Solana meme coin also witnessed a significant gain in its open interest.

Why Is BOME Price Soaring?

The Book of Meme crypto price surged over 42% from its low of $0.0118 and attained a high of $0.01681 on Friday, March 22. At press time, the BOME price was up by 25.06% to $0.01494. Whilst, the crypto boasted a market cap of $825.06 million. Moreover, the 24-hour trading volume for BOME skyrocketed 100.10% to $1.90 billion.

Furthermore, the Book of Meme open interest soared 11.76% to $156.16 million. This underscores the growing popularity of BOME amid derivatives traders. In addition, the derivatives volume soared by a whopping 111.96% to $3.51 billion.

The surge in the BOME open interest played a significant role in the price surge today. Moreover, the short squeeze also influenced the price movement significantly. According to Coinglass, around $2.54 million short liquidations were noted in the last 24 hours.

These short traders are expected to buy their positions back, which could send the BOME price higher before a massive correction. Shorts dominated the market but significant long liquidations were also noted. Nearly $2.30 million long liquidations were recorded for BOME.

However, the Book of Meme crypto has attracted scrutiny from Binance, the world’s largest crypto exchange. Binance launched an investigation on March 18 into allegations surrounding the Book of Meme. The investigation was prompted by concerns about potential insider trading following discussions within the community about a “BOME rat warehouse” incident.

These allegations led to speculation about unethical practices within the project due to the unprecedented volatility in the BOME price. In response, Binance swiftly initiated an internal inquiry to address the situation. In addition, Binance announced rewards of upto $5 million for tips on the BOME insider trading case.

Also Read: BOOK OF MEME (BOME) Spikes 41.3%: What’s Next?

LBank Announces Book Of Meme 2.0 Listing

Book of Meme 2.0 (BOME2) is set to make its debut on the renowned crypto exchange LBank. The listing is scheduled for 08:00 a.m. on March 23, 2024 UTC, with trading kicking off promptly. Moreover, traders can also engage in BOME2/USDT spot pairs within the MEME Zone, starting from 08:00 on March 23.

Meanwhile, the commencement of deposits is slated at 06:00 a.m. on March 22, 2024 UTC. This ensures users have ample time to prepare for the trading frenzy. Withdrawals, on the other hand, will be enabled from 06:00 a.m. on March 24, 2024 UTC.

However, traders should note an additional transaction fee of 3%, on top of the standard LBank fee, applied to each transaction. This fee will contribute to supporting the project team, ensuring the sustainability and development of BOME2. It serves as the second iteration of the renowned Book of Meme project, offering a second chance for those who missed out on its predecessor.

Also Read: Floki Inu vs BOME: Which Meme Coin Should You Invest In?

The post Here’s Why Book Of Meme (BOME) Price Skyrockets 25% appeared first on CoinGape.

---

Filed under: News - @ January 1, 1970 12:00 am