Binance has recently listed a new altcoin called BOOK OF MEME (BOME) on its spot market. This comes just a day after a giant whale made a massive purchase of BOME tokens. While other exchanges like Bybit had already listed BOME, Binance’s spot listing was not delayed due to the altcoin’s increasing popularity.
What makes BOME stand out is its quick rise to a market value of over $1 billion within just two days of its launch. It is worth noting that BOME is a memecoin based on the Solana blockchain, which is a departure from the more common Ethereum-based memecoins. The success of SOL-based memecoins can be attributed to the low transaction fees on the Solana network and the opportunity for early, low-cost purchases.
After being listed on Binance, the price of BOME surged by approximately 300% in the last 24 hours. However, it is important to recognize that memecoins like BOME do not possess any inherent value and are primarily bought by investors on the assumption that their prices will rise.
An interesting observation from Onchain data is that a whale invested a significant sum in BOME before its listings on exchanges. The whale purchased $2.3 million worth of SOL on Binance, which was used to buy 314 million BOME from an off-exchange wallet at a price of $0.0074. Currently, the price of BOME stands at $0.01827.
As always, it is crucial to remember that this information is not investment advice.