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Book of Meme, a Solana-based meme coin, sees a 35% monthly price drop, making investors to flock to Wall Street Pepe for potential gains.
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Book of Meme (BOME), a Solana-based meme coin created by the artist Darkfarms to serve as a digital archive for memes, has experienced a significant price decline during the last month.
Its initial promise of a platform where users could create and add new meme coins seems to have lost some of its appeal. The price drop from $0.00818565 a month ago to $0.0053134, representing a decrease of approximately 35%, has likely dampened trader enthusiasm.
According to CoinGecko, BOME’s price has declined by approximately 10% in the past week, underperforming both the broader cryptocurrency market, which has seen a slight increase of almost 1%, and similar meme coins, which have experienced an average decline of 6%
Declining trading volume and Open Interest for BOME
Derivative data also paints a picture of declining interest.
According to Coinglass, trading volume has plummeted by 45.6%, indicating a significant decrease in trading activity for BOME options.
The declining open interest (OI), which represents the total number of outstanding contracts, also indicates that traders are losing interest in BOME futures.
Since Dec. 8, when OI reached $172.92 million, it has steadily declined to its current level of $75.20 million, representing a decrease of approximately 56.5%. This significant drop in OI suggests that traders are reducing their exposure to BOME futures, potentially due to a combination of price declines, profit-taking, and a general loss of confidence in the asset.
This could be due to a number of factors, such as disappointing price performance, lack of significant news catalysts, or the emergence of more attractive investment opportunities elsewhere.
The long/short ratio for accounts, which reveals the proportion of accounts holding long (bullish) positions to those holding short (bearish) positions, shows a bearish bias as well, as per Coinglass data. This suggests that a larger number of accounts are anticipating or betting on a further price decline.
Traders move into Wall Street Pepe presale
While BOME struggles, Wall Street Pepe (WEPE), a new meme coin on Ethereum that promotes financial empowerment and community growth, has emerged as a potential contender.
Unlike typical meme coins, Wall Street Pepe aims to combine entertainment with practical value. Its unique selling point lies in its ability to serve not only as a fun and quirky digital asset but also as a gateway to a thriving trading community. WEPE is more than just a token; it’s a passport to a new community, wrapped in the viral appeal of a meme.
A core focus of the project is to empower smaller investors often overlooked in traditional finance. By fostering transparency and providing accessible trading knowledge, Wall Street Pepe aims to create a platform where everyone can participate.
Token holders enjoy exclusive benefits, such as access to in-depth market reports, weekly trading strategies, or alpha tips. The ecosystem also features a rewarding system that incentivizes active participation. Traders who consistently achieve positive results are rewarded with additional WEPE tokens.
This community-driven approach has proven to be highly attractive to investors, as evidenced by the successful presale, which has already raised $48.5 million.
WEPE tokenomics
Wall Street Pepe operates on a well-designed tokenomics model that is created to drive growth and actively engage the community.
Out of the total 200 billion WEPE tokens, 20% are allocated to the FROG Fund, providing an early investment opportunity for presale participants.
Another significant portion, 12%, is reserved for staking rewards, allowing holders to earn passive income by locking up their tokens. A substantial 38% is dedicated to marketing efforts, ensuring the project’s continued growth and expansion. The remaining tokens are allocated for liquidity (15%) and trading rewards (15%).
WEPE tokens can be easily purchased using ETH, USDT, or credit card via the official website. Early investors benefit from tiered pricing structures, allowing them to lock in profits.
For more information, visit the WEPE presale website.
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This article first appeared at crypto.news
