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Newly listed memecoin on Solana reaches $1.1 billion market cap on Binance in less than 48 hours.
The newly launched memecoin on Solana (SOL) has reached a market cap of $1.1 billion in less than 48 hours after its listing on Binance, the world's largest crypto exchange. Learn more about the explosive rise of Book of Meme (BOME) and the background to its launch.
Newly listed memecoin on Solana reaches $1.1 billion market cap on Binance in less than 48 hours.
Summary
A newly launched memecoin on Solana (SOL) has reached a market cap of $1.1 billion in less than 48 hours after its listing on the world's largest crypto exchange Binance. The coin, called Book of Meme (BOME), was launched by DarkFarms, an art producer specializing in works based on Pepe the Frog. BOME experienced a surge immediately after launch, rising from $0.0077 to $0.0268 following Binance's announcement, an additional rally of almost 250%. BOME has since declined again and is trading at $0.0186 at the time of writing. The market cap is $1.037 billion and the full valuation is $1.297 billion.
Context and possible impacts
BOME’s rapid market capitalization shows investors’ continued interest in cryptocurrencies, especially memecoins. Memecoins are coins based on internet memes and often have a humorous or satirical element. These coins are gaining popularity due to their viral nature and potential for quick profits. The fact that BOME launched on Solana, a fast-growing and scalable smart contract platform, also added to its appeal.
It is important to note that the success of memecoins like BOME also comes with high risks. Their value can be extremely volatile and often there is no fundamental basis of value. Therefore, investors should exercise extreme caution and do thorough research before investing in such coins.
Additionally, it was reported that an unknown wallet withdrew 12,721 SOL worth $2.3 million to purchase BOME shortly before BOME’s Binance listing. This incident raises questions about possible insider information and market manipulation, although this has not been clearly proven.
With the listing of BOME on the Kucoin crypto exchange, the coin will receive even more attention and trading opportunities. This shows the growing acceptance of memecoins in the cryptocurrency market and their increasing integration into the existing infrastructure of crypto exchanges.
It remains to be seen whether BOME's rapid rise will continue or whether a correction will occur, as such memecoins are often subject to high volatility and hype. Nevertheless, the success of BOME remains an interesting example of the influence of memecoins on the crypto market.
Table of relevant information
| Memecoin | Book of Memes (BOME) |
|---|---|
| Stock exchange listing | Binance, Kucoin |
| Market capitalization | $1,037 billion |
| Full review | $1,297 billion |
| platform.platform | Solana |
| Launch artist | DarkFarms |
| Starting price | $0.0077 |
| Current price | $0.0186 |
| Surge after Binance announcement | 250% |
Conclusion
The rapid rise of Book of Meme (BOME) on Solana and its rapid achievement of a billion-dollar market cap after the Binance listing demonstrates the continued interest of investors in memecoins. These new types of cryptocurrencies have the potential for quick profits, but also significant risks. Investors should be extremely careful and do thorough research before investing in such coins. The success of BOME is another example of the growing influence of memecoins on the cryptocurrency market and their integration into established exchange infrastructures. It remains to be seen how BOME and other memecoins will develop and whether they can remain successful in the long term.