Solana and BOME Experience Pullback Amid Market Correction
After its strong outperformance in the broader cryptocurrency market, Solana and its meme coins have faced some pullback amid the broader market correction. While the Solana price is down by 10% at $185, the BOME price has corrected by a massive 50%, as of press time.
BOME Price Sees Major Selling Across Counter
The BOME price has entered a steep correction, dropping another 50% in the last 24 hours. At press time, BOME is trading at $0.009813 with a market cap of $541 million. It is currently the 11th most-traded cryptocurrency with daily volumes of $2,367,455,325.
The BOME price has already corrected 55% from its weekly high of $0.026 but still shows staggering gains of 1000% on the weekly chart.
- The major selling comes from BOME’s personal holding address sundayfundday.sol.
- Over the last nine hours, the leading holder of BOME tokens sold 340 million BOME tokens, earning 18,660 SOL.
- The tokens were sold at an average price of $0.0107 per token, resulting in a profit of $3.62 million.
- Despite retaining 900 million tokens, the holder’s assets decreased to $8.38 million due to a significant decline in the price of BOME tokens.
BOME and Solana are currently the most discussed assets across social media platforms according to on-chain data provider Santiment. This increased attention is largely due to their recent strong performance in the markets and their perceived credibility as alternatives to Ethereum-based projects.
What’s Behind the Recent Crash?
The major reason behind the BOME price correction is the strong pullback in the broader cryptocurrency market ahead of the FOMC meeting. Additionally, after experiencing a massive run-up in a short period of time, this correction seemed overdue.
Reports of BOME insider trading at Binance also contributed to the recent crash. The crypto exchange has addressed these concerns and welcomed any proof regarding these allegations.
Other meme coins have also experienced significant declines, with PEPE, WIF, FLOKI, BONK, and others dropping by nearly 20% within a 24-hour period.
Solana Benefits from Meme Coin Trading Boom
The meme coin trading boom has significantly benefited Solana. Token Terminal reports that amid the flourishing on-chain trading of memecoins, Solana’s fee capture has surged to $17.8 million in the last week, surpassing that of Bitcoin, which stood at $17.5 million. Solana’s daily fee capture has consistently exceeded $3 million for three consecutive days, setting continuous new all-time highs.
Hot Take: Solana and BOME Face Steep Correction Amid Broader Market Pullback
After showing exceptional performance in the cryptocurrency market, Solana and its meme coins have faced a significant pullback alongside the broader market correction. The BOME price has plummeted by 50%, while Solana is down by 10%. This correction comes after an impressive bull run and increased attention from social media platforms.
The major selling pressure in BOME is coming from its personal holding address sundayfundday.sol, resulting in substantial profits but decreasing assets due to token price decline. The recent crash can be attributed to both market-wide pullback and reports of insider trading at Binance.
Despite the correction, Solana continues to benefit from the meme coin trading boom, with its fee capture surpassing that of Bitcoin. This indicates the growing popularity and usage of Solana as an alternative to Ethereum-based projects.
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