The Book of Meme became a hot topic as the price of BOME surged by over 25%, grabbing everyone’s attention. This sudden rise was accompanied by a significant increase in its open interest, sparking even more interest in the cryptocurrency.
Book of Meme (BOME), a new meme coin on the Solana network, has gained a lot of attention due to its sudden price surge. Today, the price of BOME jumped by more than 25%, attracting a lot of interest from investors. Additionally, the open interest for this Solana meme coin also saw a considerable increase, adding to its growing popularity.
Book of Meme Crypto Sees Dramatic Price Surge and Market Activity
The price of the Book of Meme crypto (BOME) experienced a remarkable surge of over 42%, soaring from a low of $0.0118 to a high of $0.01681 on Friday, March 22. As of the latest update, BOME’s price has risen by 25.06% to $0.01494, with a market cap of $825.06 million. Notably, the 24-hour trading volume for BOME surged by an impressive 100.10% to $1.90 billion.
Furthermore, the open interest for the Book of Meme surged by 11.76% to $156.16 million, indicating a growing interest among derivatives traders. Additionally, the derivatives volume skyrocketed by an astonishing 111.96% to $3.51 billion.
The surge in BOME’s open interest played a significant role in today’s price surge, alongside the impact of a short squeeze. Coinglass reported approximately $2.54 million in short liquidations over the past 24 hours, with expectations that short traders will repurchase their positions, potentially driving the BOME price even higher before a major correction. Long liquidations were also significant, with nearly $2.30 million recorded for BOME.
Binance Investigates Book of Meme Amid Allegations
However, despite its surging popularity, the Book of Meme crypto has drawn scrutiny from Binance, the world’s largest cryptocurrency exchange. On March 18, Binance launched an investigation into allegations surrounding the Book of Meme following discussions within the community regarding a “BOME rat warehouse” incident.
These allegations raised concerns about potential insider trading practices within the project, contributing to the unprecedented volatility in BOME’s price. In response, Binance swiftly initiated an internal inquiry to address the situation. Additionally, Binance announced rewards of up to $5 million for tips related to the BOME insider trading case.
Book of Meme 2.0 (BOME2) Listing on LBank
Book of Meme 2.0 (BOME2) is gearing up for its debut on the renowned crypto exchange LBank. The listing is scheduled for 08:00 a.m. on March 23, 2024 UTC, with trading set to commence promptly. Traders will have the opportunity to engage in BOME2/USDT spot pairs within the MEME Zone, starting from 08:00 on March 23.
To facilitate the trading frenzy, deposits for BOME2 will open at 06:00 a.m. on March 22, 2024 UTC, providing users with ample time to prepare for the launch. Withdrawals, on the other hand, will be enabled from 06:00 a.m. on March 24, 2024 UTC.
It’s essential for traders to take note of an additional transaction fee of 3%, applied on top of the standard LBank fee, for each transaction. This fee will contribute to supporting the project team, ensuring the sustainability and development of BOME2. As the second iteration of the renowned Book of Meme project, BOME2 offers a second chance for those who missed out on its predecessor.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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