Unsurprisingly, following today’s futures listing, cryptocurrency exchange Binance also listed memecoin BOOK OF MEME (BOME) on the spot market.
A few hours ago, Bybit listed BOME on the spot market, but Binance was content with listing it in futures. Considering the increasing popularity of the altcoin, Binance’s spot listing was not delayed.
However, it is noteworthy that BOME, a Solana-based memecoin that emerged only two days ago, exceeded the market value of $ 1 billion in such a short time and was so successful as a memecoin despite being SOL-based. Until now, Memecoins have generally been issued on the Ethereum network.
However, the low transaction fees on the Solana blockchain and the ability to purchase memecoins early at a low cost may explain the recent success of SOL memecoins.
After the Binance listing, BOME price made another attack and at the time of writing this article, it has increased by approximately 300% in the last 24 hours. However, it should also be noted that despite the recent memecoin hype, such coins do not have any intrinsic value and are purchased by investors entirely on the assumption that the price will rise.
When Onchain data was examined, it was noteworthy that a whale invested a large amount in this altcoin before the BOME listings.
The whale in question purchased $2.3 million of SOL on the cryptocurrency exchange Binance yesterday evening and later used them to buy 314 million BOME from his off-exchange wallet at a price of $0.0074. BOME price is trading at $0.01827 at the time of writing this article.
*This is not investment advice.