Why is BOOK OF MEME (BOME) Price Pumping?

Following the recent crash in the crypto market, where Bitcoin price dropped to $65,000 from its all-time high, it is worth noting that BOOK OF MEME (BOME) took a different path and saw an upward trend. Ethereum price also experienced a decline of nearly 10%, trading below $4,000. Notably, meme coins like Shiba Inu and Dogecoin were also affected by the market crash. However, BOME witnessed a significant price surge of $170.35 in the past 24 hours, accompanied by a trading volume increase of 114.35%. As this new Solana-based token continues to capture market attention, it is essential to explore the factors contributing to its price surge.

Market Performance of BOOK OF MEME (BOME)

Meme coin entered the trading scene on March 14 at a price of $0.0009838. Within a span of 48 hours, its value skyrocketed by 1650% to hit $0.01393. The token experienced a trading volume of $2.36, reflecting a substantial 118.74% surge in the past 24 hours. This highlights a strong trading momentum surrounding BOME as it gains popularity in the market. With a market cap of $944.81 million, the coin is ranked 2373rd on CoinMarketCap.

Top Reasons Behind the Surge in Book of Meme Price

Several factors drove up the price of BOME as discussed below.

1. BOME Pre-sale

BOME quickly gained popularity among the Sino-British community, surpassing Darkfarms’s initial expectations of 500 to 600 SOL by a significant margin with an unexpected 10,131 SOL raised during the pre-sale. The overwhelming response prompted a community vote to determine the allocation of the pre-sale funds.

Following the successful pre-sale, Darkfarms utilized the raised funds to establish liquidity pools, which resulted in an initial price of $0.0000496 for BOME. The presence of large purchase orders of 100 SOL created a highly liquid market, leading to a price surge reaching $0.0012. This surge subsequently propelled the token’s market capitalization to $375 million.

2. Listing on Major Crypto Exchanges

The surge in price of BOME can also be attributed to its availability on multiple prominent cryptocurrency exchanges. One of these exchanges is KuCoin, a leading platform for crypto trading, which recently announced the listing of the BOME/USDT trading pair. As a result, users can now deposit BOME on the Solana network, and trading began on March 15, 2024.

In addition to KuCoin, Gate.io has also listed BOME, and trading started on the same date. Furthermore, Crypto.com has integrated BOME into its platform, making it convenient for users to purchase the token using various fiat currencies such as USD, EUR, and GBP.

BOOK OF MEME is listed in the https://t.co/vCNztATkNg App
Purchase $BOME easily with USD, EUR, GBP, and 20+ fiat currencies.

Download the App to start trading #BOME now!
https://t.co/jt6bDD8HsI

For more details – https://t.co/s9nGCK18M6 @Darkfarms1 pic.twitter.com/9woBqvqk2x

— Crypto.com (@cryptocom) March 15, 2024

BitMart has confirmed the primary listing of BOME, offering an initial trading pair with USDT. Additionally, MEXC and HTX have also listed the token, further expanding its availability in the market.

3. Binance Futures Trading

Binance Futures, the derivatives arm of the prominent cryptocurrency exchange Binance, has broadened its range of trading products by launching a perpetual futures contract for the meme coin BOOK OF MEME (BOME), which is not yet listed on the spot market. The newly introduced BOME-based contract commences trading today, offering traders additional investment opportunities.

To ensure a smooth market launch, the contract will have a maximum funding rate of +/- 2.00%, with funding fee payments scheduled every four hours. To enhance liquidity, Binance Futures is rewarding market makers by offering a reduced transaction fee of 0.005%. This discount will be valid for a limited period of approximately two weeks, for participants who provide liquidity in the BOMEUSDT market. New Spot Trading Pairs include BOME/BTC, BOME/USDT, BOME/FDUSD and BOME/TRY. This development has sparked market interest in the meme coin.

However, the Seed Tag will be applied to BOME. It symbolizes an innovative project that could display increased volatility and risks in comparison to other tokens on the list.

About the Book of Meme (BOME)

The Book of Meme (BOME) token, was created by the artist behind Pepe, Darkfarms. Book of Meme comprises an updateable electronic magazine, a meme creation tool, and a comprehensive meme library with non-mint JPEGs. Built on Solana by the artist behind the Pepe meme coin, the project uses Arweave, IPFS, and inscriptions for data storage and doubles as a social platform for cross-chain storage. Its later plans include using a single NFT to link all stored content related to a particular meme.

Conclusion

Amid the broader crypto-market slowdown, BOOK OF MEME (BOME) defied the odds with an impressive rise in price and trading volume. While major cryptocurrencies like Bitcoin and Ethereum declined, BOME surged, showing resilience and attracting a lot of attention. Driving factors are the growth and successful pre-sale, the strategy of underwriting in large exchanges, and the introduction of new marketing features such as perpetual futures contracts When BOME gains traction, its unique features and community support establish it as a significant player in the emerging landscape of meme cryptocurrencies

The post Why is BOOK OF MEME (BOME) Price Pumping? appeared first on CoinGape.

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