Here’s Why Book Of Meme (BOME) Price Skyrockets 25% !!
#BNBChain #BOME #BTC #sol #ETH
Book of Meme (BOME), a newly launched meme coin in the Solana ecosystem, has grabbed massive attention owing to its price surge. The BOME price rallied over 25% today. Moreover, the Solana meme coin also witnessed a significant gain in its open interest.
Why Is BOME Price Soaring?
The Book of Meme crypto price surged over 42% from its low of $0.0118 and attained a high of $0.01681 on Friday, March 22. At press time, the BOME price was up by 25.06% to $0.01494. Whilst, the crypto boasted a market cap of $825.06 million. Moreover, the 24-hour trading volume for BOME skyrocketed 100.10% to $1.90 billion.
Furthermore, the Book of Meme open interest soared 11.76% to $156.16 million. This underscores the growing popularity of BOME amid derivatives traders. In addition, the derivatives volume soared by a whopping 111.96% to $3.51 billion.
The surge in the BOME open interest played a significant role in the price surge today. Moreover, the short squeeze also influenced the price movement significantly. According to Coinglass, around $2.54 million short liquidations were noted in the last 24 hours.
These short traders are expected to buy their positions back, which could send the BOME price higher before a massive correction. Shorts dominated the market but significant long liquidations were also noted. Nearly $2.30 million long liquidations were recorded for BOME.
However, the Book of Meme crypto has attracted scrutiny from Binance, the world’s largest crypto exchange. Binance launched an investigation on March 18 into allegations surrounding the Book of Meme. The investigation was prompted by concerns about potential insider trading following discussions within the community about a “BOME rat warehouse” incident.
These allegations led to speculation about unethical practices within the project due to the unprecedented volatility in the BOME price. In response, Binance swiftly initiated an internal inquiry to address the situation.
