A New Memecoin on Solana Achieves $1.1 Billion Market Cap After Binance Listing
A newly launched memecoin on Solana (SOL) has quickly reached a market capitalization of $1.1 billion within 48 hours of being listed on Binance, the world’s largest cryptocurrency exchange.
Early on Saturday, Binance announced the launch of perpetual futures for Book of Meme (BOME), a coin created by art producer DarkFarms. DarkFarms specializes in creating artwork featuring Pepe the Frog, a character commonly used in memes.
Following Binance’s announcement, BOME experienced a significant surge in value. Within just a few hours, the price of BOME increased from $0.0077 to $0.0268, representing a rally of nearly 250%.
Although BOME has retraced since then and is currently trading at $0.0186, it still boasts a market cap of $1.037 billion and a fully diluted valuation of $1.297 billion.
Interestingly, just before the listing on Binance, an unknown wallet withdrew $2.3 million worth of Solana to purchase BOME. This transaction was first spotted by blockchain tracking firm Lookonchain.
Kucoin, another popular cryptocurrency exchange known for its “altcoin gems,” also announced its support for BOME around the same time as the Binance listing. Kucoin users can now trade the BOME/USDT pair on its spot trading platform.
🚀 Key Points:
– A memecoin called Book of Meme (BOME) on Solana has achieved a $1.1 billion market cap within 48 hours after its listing on Binance.
– The coin was launched by art producer DarkFarms, who specializes in creating artwork featuring Pepe the Frog.
– Following Binance’s announcement, the price of BOME surged by nearly 250%.
– BOME is currently trading at $0.0186 with a market cap of $1.037 billion and a fully diluted valuation of $1.297 billion.
– An unknown wallet withdrew $2.3 million worth of Solana to purchase BOME shortly before the Binance listing.
– Kucoin, another cryptocurrency exchange, also announced its support for BOME.
📊 Market Performance:
– BOME price surged from $0.0077 to $0.0268 after Binance’s announcement, representing a rally of nearly 250%.
– Currently, BOME is trading at $0.0186.
– Market cap: $1.037 billion.
– Fully diluted valuation: $1.297 billion.
🔍 Lookonchain’s Observation:
– A fresh wallet withdrew 12,721 SOL ($2.3 million) from Binance and bought 314 million BOME at $0.0074 within just 30 minutes.
– Lookonchain questioned whether the wallet owner had insider information.
💡 Hot Take: Memecoin Mania Continues to Drive Crypto Market
The rapid success of Book of Meme (BOME) on Solana highlights the ongoing trend of memecoin mania in the crypto market. Memecoins have gained significant attention and investment due to their association with popular memes and viral content.
While memecoins offer potential for quick gains, investors should exercise caution as these projects often lack fundamental value and may be subject to extreme volatility.
It remains to be seen how long the hype around memecoins will last and whether they can sustain their market capitalizations in the long run.
🎯 Key Takeaways:
– The launch of Book of Meme (BOME) on Solana resulted in a market cap of $1.1 billion within 48 hours after being listed on Binance.
– BOME experienced a significant surge in value, reaching a high of $0.0268 before retracing to its current price of $0.0186.
– Kucoin also announced its support for BOME, allowing users to trade the BOME/USDT pair on its platform.
– The success of BOME reflects the ongoing popularity of memecoins in the crypto market.
– Investors should approach memecoin investments with caution due to their speculative nature and potential volatility.
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