Meme cryptocurrencies are standing out in the ongoing crypto market rally, with investors hoping selected coins will emulate some of the notable gains recorded during the last bull run in 2021.
Among the meme coins, one name is emerging on top: Book of Meme (BOME), which has seen triple-figure gains. By press time, BOME was valued at $0.0226, having surged by 243% at some point within the past 24 hours.
Over the past seven days, the coin has recorded staggering gains of 2,500%, pushing its market cap to $1.3 billion, ranking it 88th overall. Significantly, the rally has positioned BOME as the biggest gainer in both the last 24 hours and over the past seven days.
BOME seven-day price chart. Source: CoinMarketCap
Due to the sudden listing by Binance, MEMECOIN BOME rose sharply by 243% in 24h, but other MEMECOINs generally fell sharply, PEPE WIF FLOKI BONK fell by more than 10%. The current market value of BOME has exceeded US$1.38 billion, ranking seventh in MEMECOIN in terms of market…
— Wu Blockchain (@WuBlockchain) March 16, 2024BOME boosted by Binance listing
The gains by BOME come after the world’s largest crypto exchange, Binance, listed the token on its futures market with up to 50x leverage. The announcement noted that the move to welcome BOME aimed “to expand the list of trading choices offered on Binance Futures and enhance users’ trading experience.”
Additionally, the coin gained confidence from Bybit, which also listed the meme coin.
Worth noting is that, the hype surrounding BOME is reminiscent of what was experienced by other Solana (SOL)-based meme coins, such as Bonk (BONK), which rallied significantly at their launch. Interestingly, at the current market cap, BOME is closing in on other competitors such as Bonk.
Top meme cryptocurrencies by market cap. Source: CoinMarketCap
Although BOME has received support from notable exchanges, the coin’s rally mirrors the pattern observed by meme coins in general where they record parabolic rallies at their launch.
At the moment, BOME’s trajectory has seen hype supersede all fundamentals. This phase is likely to fade off, as seen historically.
Looking ahead, BOME will be tested regarding its ability to sustain the current gains. However, its prospects will rely on how the overall market moves.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
