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The meme coin sensation Book of Meme (BOME) has rebounded sharply, surging over 50% in the past 24 hours.
This price spike comes after a period of bearish momentum between Monday and Wednesday.
Meanwhile, the highly anticipated Dogecoin20 (DOGE20) ICO is generating immense buzz, with funding nearing the $6 million milestone as retail investors pile in.
Book of Meme Madness Erupts with 50% Price Spike
Book of Meme has experienced a successful 24 hours in the market.
BOME’s price has spiked significantly, reaching around $0.016 per token – its highest level since Monday morning.
But what’s driving this surge?
Firstly, trading volumes have exploded, up 89% to $1.8 billion in the past day.
To put that in perspective, only Dogecoin (DOGE) has higher daily meme coin trading action right now.
This surge in demand has pushed BOME to the top of CoinMarketCap’s list of trending cryptocurrencies globally.
Secondly, Book of Memes’ rally has attracted an influx of new investors looking to get in on the action – 73,000 people now hold the BOME token.
The token’s impressive performance has occurred despite having no actual use case.
Like previous meme coin success stories, Book of Meme is designed purely for speculation – yet this hasn’t stopped it from producing life-changing returns for early investors.
BOME Bucks Broader Meme Coin Market Downturn
Book of Meme’s rally stands in stark contrast to the overall meme coin market, which is largely in the red today.
While Dogecoin (DOGE) has eked out a 5% gain in the last 24 hours, most other popular meme coins are down.
Pepe (PEPE), dogwifhat (WIF), Floki (FLOKI), and Bonk (BONK) have all declined, with SLERF (SLERF) taking an especially brutal 15% hit.
The sell-off could simply be profit-taking after many top meme coins rallied on Tuesday and Wednesday
But BOME has managed to buck the downtrend in a major way.
Rather than following the pack lower, it has charged higher, leaving most of its rivals in the dust – at least for today.
Whether this is the start of an extended revival for BOME or just a “dead cat bounce” remains to be seen.
However, crypto analysts like @Sulfie0x believe BOME is “going to a dollar,” suggesting there’s still tremendous community support for the token.
Dogecoin20 ICO Frenzy Nears $6M as Buyers Chase 170% Staking APYs
Alongside Book of Meme, the upcoming Dogecoin20 project is generating tremendous buzz among crypto enthusiasts.
This presale event has already raised an impressive $5.7 million – and could cross the $6 million milestone in the next day if momentum continues.
For those looking to get in early, DOGE20 tokens are currently available at a discounted price of $0.000205 each during the ICO phase.
However, the ICO features a stage-based structure, meaning the token price will increase incrementally in just two days’ time as the sale progresses.
Dogecoin20’s ICO has already been a huge hit since the project capitalizes on the cultural phenomenon of Dogecoin while also adding real-world utility through its staking program.
Over 16.5 billion DOGE20 tokens have already been locked up by early investors attracted by the potential to earn 170% APYs.
The creators tout these staking rewards as an opportunity to invest in a “more sustainable” token relative to other low-cap meme coins.
This sustainability is showcased through Dogecoin20’s whitepaper, which outlines ambitious goals like launching on Uniswap and using 10% of the supply for liquidity.
With a capped supply of 140 billion tokens, Dogecoin20 also avoids the inflation issues that have hampered DOGE’s price appreciation in recent years.
Ultimately, whether this Dogecoin offshoot can truly “upgrade” the original remains to be seen.
But there’s no denying the immense hype it has already generated – making it one to watch as it prepares for its DEX debut.
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