BOME Price Rallies 220% After This Binance Announcement

The Book Of MEME crypto, a meme coin built on the Solana blockchain, has taken the crypto market by storm, as the BOME price witnessed an astounding surge of over 220% in its price. Meanwhile, there is a flurry of factors that may have contributed to the recent gains in the BOME price. Notably, the sudden spike in BOME’s value can be largely attributed to a groundbreaking announcement from Binance, shaking up the trading landscape for this burgeoning cryptocurrency.

Binance Unveils USDS-M BOME Perpetual Contract

Binance, a leading crypto exchange, has set the stage for a seismic shift in the trading realm with its latest announcement. Notably, the announcement unveils the launch of the USDS-M BOME Perpetual Contract on Binance Futures, boasting leverage of up to 50x. This move not only expands Binance’s trading offerings but also injects fresh momentum into BOME’s price trajectory.

Meanwhile, the newly introduced perpetual contract, scheduled for launch on March 16, 2024, at 12:30 (UTC), underscores Binance’s commitment to empowering traders with diverse opportunities. With BOME USDT Perpetual Contract set as the underlying asset, traders can leverage up to 50 times their initial investment, amplifying potential gains in the burgeoning cryptocurrency market.

In addition, Binance’s announcement comes hot on the heels of Bybit’s revelation of Spot listing for BOME/USDT pairs on its platform. This dual endorsement from major exchanges further bolsters investor confidence in BOME’s potential, setting the stage for further growth in the near term.

Also Read: Top Analyst Predicts Bitcoin Price Correction to $63K, Best Time to Sell Meme Coins

Solana Surge & Whale Activity Sparks Discussions

The meteoric rise of BOME’s price finds additional support in the broader uptrend witnessed in Solana’s ecosystem. Solana-based altcoins, including BOME, have garnered significant attention from investors, fueled by the recent price surge of Solana and related projects like Jupiter (JUP), which surged nearly 50% in a single day. Notably, the Solana price also rallied 10% during writing, suggesting the growing confidence of the investors towards the crypto’s potential.

In addition, the on-chain analytics platform Lookonchain reports massive BOME transactions, hinting at insider knowledge. Lookonchain’s report of a recent transaction reveals a wallet withdrawing 12,721 SOL, worth $2.3 million, from Binance yesterday, to purchase 314 million BOME at $0.0074 in just 30 minutes.

Meanwhile, another wallet spends 14,371 SOL, worth $2.69 million, for 715 million BOME, stirring price manipulation concerns. Besides, the first transaction of buying 314 million BOME has sparked discussions over potential insider knowledge.

Notably, as BOME continues to capture headlines with its remarkable price rally, the crypto market braces for further developments fueled by Binance’s game-changing announcement and the evolving dynamics within the meme coin ecosystem.

Meanwhile, the BOME price was up 220.21% to $0.01327 during writing, while its trading volume skyrocketed 105.61% to $2.39 billion. Notably, the crypto has touched a high of $0.01507 and a low of $0.003909 in the last 24 hours.

Also Read: Fantom (FTM) Price Jumps to $1.0 In Major Rally, Analyst Expects Another 50% Gains

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.