BOOK OF MEME (BOME) is currently a sensation in the market, with a massive increase in just a few days, especially when it was listed on the Binance exchange on March 15, 2024. This cryptocurrency has recently adopted the Solana blockchain, a popular choice for many new meme coins.
Despite being listed for only a few days, BOME immediately skyrocketed by 2,433% in just a few days before cooling down. Currently, BOME has only increased by over 1,000% since its launch and ranks as the top trending cryptocurrency on the CoinMarketCap cryptocurrency data statistics.
With the hot rally of BOME, Binance has warned its users that BOME is a new token, so it will experience increased volatility, especially in the early days of listing.
BOME currently has a market capitalization of 683 million USD, after reaching over 1.278 billion USD at one point. This cryptocurrency has entered the top 125 largest cryptocurrencies in the world, making an impressive debut, according to CoinMarketCap’s statistics.
However, the rally of BOME has also raised doubts among some observers about its potential to increase by thousands of percentage points.
History is not lacking in cases where newly launched meme coins have experienced rapid increases, but then quickly plummeted. A similar cryptocurrency to BOME is Pepe (also featuring a green frog as its mascot), which also experienced a shocking increase before quickly cooling down. Even a meme coin created for fun, like Dogecoin, also experienced a hot rally.
These cases show that these skyrocketing moves do not necessarily reflect the potential of these cryptocurrencies, but rather measure the excitement of investors towards cryptocurrencies at that particular time.
