BOME fell 14% as investors oversold amid widespread panic in the market.
As the cryptocurrency market undergoes a bearish storm, the eighth-largest meme coin BOME has also experienced a sharp drop. According to crypto.news, the Solana-based meme coin has fallen more than 5.7% to $0.00976 in the past 24 hours, down 14% after reaching a six-week high of $0.0114 at 07:25 UTC on July 31.
Despite the recent decline, BOME has remained the biggest gainer among the top 100 cryptocurrencies by market cap over the past seven days. BOME's price decline has brought its market cap down to $680 million, making it the 95th-ranked digital asset at the time of reporting. The meme coin's daily trading volume has also fallen by 24.7%, currently hovering at $282 million.
Data shows that BOME’s relative strength index (RSI, 100-point scale), which measures price momentum, is around 37, which indicates that the meme coin is oversold at current price levels.
According to data provided by Santiment, BOME’s total open interest plummeted from $109.58 million on July 30 to $76.76 million at the time of reporting.
With the decrease in trading volume and open interest, BOME’s price volatility is expected to decrease due to fewer liquidations. Data from the market intelligence platform shows that the number of transactions betting on a surge in the price of the meme coin has increased again.
According to Santiment, the total funding rate aggregated by BOME fell from 0.0052% on July 30 to 0.0021% on July 31 and is currently hovering at 0.0059%. The chart shows that traders remain bullish on the meme coin despite a 3.1% drop in the global cryptocurrency market capitalization.
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