Outside Source
TL;DR
- The latest meme coin built on the Solana blockchain experienced a remarkable debut, with its price rallying by 5,000%.
- Despite the potential for substantial profits, the meme coin market is highly volatile, posing risks to investors.
The New Potential Winning Horse
The ever-evolving cryptocurrency market often witnesses the emergence of new tokens, with some of them turning into sensations in a short period of time.
It seems that the latest meme coin built on the Solana blockchain – BOOK OF MEME (BOME) – has such potential.
The asset saw the light of day earlier this week, and its price had already skyrocketed by nearly 5,000% (per CoinGecko’s data). Trading volume has surpassed the $350 million mark.
The explosive start might be one reason the popular crypto exchange Bitrue decided to list the meme coin on its platform via the trading pair BOME/USDT.
🔥 New listing $BOME is coming to #Bitrue Spot in the #Meme sector. @Darkfarms1
🔹 Deposits open now (Solana)
🔹 BOME/USDT trading: 10:00 UTC, 15 March👉 Details: https://t.co/ou3q9WtXNm pic.twitter.com/uZCqAXVjVv
— Bitrue (@BitrueOfficial) March 15, 2024
We are yet to see whether other industry players will embrace the token and whether its valuation will keep rising in the near future.
Solana Memes Have Taken Center Stage
The meme coin niche has been booming in the past few months, with several Solana-based tokens, such as Dogwifhat (WIF) and Bonk Inu (BONK), being among the best performers.
The former has skyrocketed by almost 700% in a month, recently hitting an all-time high of $3.44. Its market capitalization briefly exceeded the $3 billion level, making it the fourth-biggest meme coin.
Its significant increase has likely been fueled by a massive frenzy from investors, support from leading crypto exchanges like Binance, and endorsements from prominent industry participants, such as BitMEX’s co-founder Arthur Hayes.
WIF’s rally has been more than welcomed by savvy traders who entered the ecosystem in its early days. Last month, CryptoPotato reported the case of one particular investor who purchased over 2.5 million tokens at the end of last year, spending just $310. The stash is currently worth more than $7 million.
However, traders should be aware that dealing with meme coins could also lead to devastating losses due to the infamous volatility of the cohort. If you are about to hop on the bandwagon, please check the most common mistakes that you should avoid:
This article first appeared at CryptoPotato
