Solana (SOL) and its affiliated meme coin, Book Of Meme (BOME), have emerged as strong contenders in the crypto market, surpassing Ethereum projects in popularity. The price of Solana has seen a significant increase of nearly 12%, while BOME has gained traction following its listing on Binance. This has captured the attention of investors who are now looking towards these alternatives.
However, recent developments, such as a probe into potential insider trading of BOME, have created uncertainty. Despite this, Solana and BOME continue to reshape the crypto landscape.
Both Solana and BOME have dominated discussions on various social media platforms, signaling their increasing popularity. They are viewed as viable alternatives to Ethereum-based projects due to their recent outperformance. The price rally of SOL and BOME reflects growing investor confidence in these cryptocurrencies.
While BOME faced a setback after Binance’s probe announcement, Solana’s momentum remains strong, particularly during Asian trading hours. Over the past 12 months, Solana has surged by 807%, with an impressive 85% rally in the last 30 days, a significant portion of which occurred during Asian trading sessions.
The rise of Solana and BOME raises questions about the future of Ethereum projects, as investors explore alternative options in the blockchain space. This competition poses challenges and opportunities for the Ethereum ecosystem.
According to debit data and analysis from Rekt Capital, the Solana price may reach $210 before options expiry on March 22. However, some analysts warn that investors might take advantage of the recent surge in SOL price as an opportunity to book profits. Currently, the Solana price stands at $203.38, up 11.78% during writing and experiencing a 35% increase over the last seven days.
On the other hand, the BOME price suffered a decline after Binance’s announcement. As of now, the BOME price is down by 22.38% to $0.1564, with a 60% decrease in trading volume to $2 billion. However, since March 14, its price has surged over 1630%, reflecting the buzz surrounding the meme coin.