Memecoins
BOME’s 37% gains cloud SHIB, PEPE price predictions – Are memecoins done?
BOME has ascended to a $1 billion-market cap in less than three weeks after its launch.
- BOME was an outlier in the memecoin space in the last week.
- More than 25 million BOME tokens were burned in the last seven days.
Book of Meme [BOME] continued its upward march in recent days, rising by more than 11% in the last 24 hours, per CoinMarketCap data.
It also became the second-most traded meme coin in the last 24 hours after Dogecoin [DOGE], with nearly $1.14 billion in sales. With this, token extended its weekly gains to 37%.
In fact, the Solana [SOL]-based token was an outlier in the meme coin landscape, with popular coins Shiba Inu [SHIB] and Pepe [PEPE] grappling with weekly losses as of this writing.
Source: CoinMarketCap
BOME still going strong
Amongst other factors, the latest pump could be attributed to a dramatic spike in the token’s burning rate.
More than 25 million tokens were kicked out of circulation in the last seven days, AMBCrypto noticed using a Dune dashboard, helping apply deflationary pressure on BOME.
BOME’s daily active users have increased significantly in the last two days, after stabilizing in late March. Consequently, daily on-chain transactions also rose.
The total number of BOME wallets have swelled to nearly 64k as of the 2nd of April.
However, robust on-chain activity hasn’t translated to more social media commentary around the coin.
BOME’s mentions on top crypto-focused channels fell steeply after the initial frenzy, according to AMBCrypto’s analysis of Santiment data. This could potentially impact retail participation in the days ahead.
Source: Santiment
The background
A product of the Solana presale mania, BOME has ascended to a $1 billion-market cap in less than three weeks from its launch.
Created by art producer Darkfarms, who also designed a similar frog-themed token PEPE, BOME is an experimental token project aiming to combine memes and decentralized storage solutions.
Since the presale, BOME’s demand has skyrocketed, with several high-profile crypto exchanges listing it on their platforms.
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Retail traders have been aggressively chasing the avalanche of meme coins on the Solana chain in pursuit of quick gains.
However, reports of mismanagement and foul play have surfaced, leading skeptics to warn against these initiatives.
