The asset has been listed on a leading crypto exchange.
TL; velocity triangle positioning method (dead reckoning)
The latest meme coin built on the Solana blockchain coin had a stellar debut, with a price increase of 5,000%.
Although the potential profits are substantial, the meme coin market is highly volatile, posing risks to investors.
New potential winning horse
The ever-evolving cryptocurrency market frequently witnesses the emergence of new coins, some of which create buzz within a short period of time.
It seems that the latest Solana Blockchain-based meme coin – Book of Memes (BOME) – has such potential.
The asset came out earlier this week and its price has already surged nearly 5,000% (according to CoinGecko). The transaction volume exceeded the $350 million mark.
The hot start may be one of the reasons why popular crypto exchange Bitrue decided to list the meme coin on its platform via the trading pair BOME/USDT.
We are yet to see if other industry players will accept the token and if its valuation will continue to rise in the near future.
Nightshade memes take center stage
The meme coin niche has been booming over the past few months, with several Solana-based tokens among the top performers, such as Dogwifhat (WIF) and Bonk Inu (Bonk).
Recently, the former surged nearly 700% in one month to hit an all-time high of $3.44. Its market value once exceeded US$3 billion, making it the fourth largest meme coin.
Its remarkable growth is likely driven by the huge enthusiasm among investors, support from leading crypto exchanges like Binance, and support from high-profile industry players like BitMEX co-founder Arthur Hayes.
The rise in WIF stocks has been welcomed by savvy traders who were early adopters of the ecosystem. Last month, Yinsu reported that an investor purchased over 2.5 million tokens late last year for just $310. The drugs are currently worth more than $7 million.
However, traders should be aware that dealing with meme coins can also result in devastating losses due to the group’s notorious volatility. If you're getting ready to jump on the bandwagon, check out the most common mistakes you should avoid:
