BOME has attracted the attention of the crypto market for the past couple of days after its price surged significantly only after a couple of hours that it was created.
The token rose more than 45,000% in just a span of three days to it’s all time high from March 14th, 2024 when it started trading to around March 16th, 2024.
Most investors are confused on what triggered this price jump as it seems as just another ordinary meme coin.
In this article, we will be talking about the meme coin and how it managed to surge over the last couple of days.
What is Book of Meme (BOME)?
Book of Meme or BOME is a token that was created by an artist that goes by the Twitter (X) handle, Darkfarms1.
The artist is an art producer and a meme enthusiast who spends most of his time drawing meme related art, which got a lot of interest in the Reddit and Twitter community.
Book of Meme was created by the artist as a new meme coin project, where it previously had no information about its plans and how the project will be developed into the future.
It has no product aside from the meme that was used as its token logo which has now attracted a lot of people’s attention in the crypto space.
The meme itself was inspired by the Pepe Green Frog meme, but note that the Pepe Green Frog meme is not created by DarkFarms1.
Similarities between the logo of BOME and PEPE prompted the first interest towards the project as both uses the green project which created an assumption in the market that the two projects are correlated.
This has successfully created a new FOMO, seeing how PEPE performed, thus creating a huge surge of buying volume towards BOME.
How it Surged for More Than 46,000% in 2 Days
According to Coingecko, the token itself rose quickly, achieving close to 2,500% increase in less than a day since its launch.
The token continues to go higher and higher to now reaching an all time high of around $0.0268 giving investors huge profit if they bought in early since its launch.
The rise of more than 46,000% to it’s all time high was caused by the rumours around its correlation with PEPE, and the fact that it suddenly got listed by many big exchanges that caused a new assumption that the project is serious.
Not only did big exchanges like Kucoin and HTX listed the token, Binance and Bybit also got involved as they listed the token after its price surged.
Binance and Bybit was not shy to immediately accommodate traders to transact this token on their platform as they provided a new derivatives contract, specifically a futures contract that is based on the BOME Token.
With the existence of the futures contract, usually a token will get more volume as traders usually speculate with it more, because most traders prefer to speculate with the futures contract more rather than the spot asset.
The assumption of volume increase is also caused by the fact that futures contracts are supported by a leverage mechanism where traders can open big positions.
This is why the token received an influx of volume as the exchange must buy the same amount of token as the leverages opened.
Currently there are more than $100 Million of BOME futures contracts being opened with Binance, Bybit, and BingX handling the most transactions out of other exchanges.
Data from Coinglass also suggested that the open interest is still rising, meaning that traders are continuing to increase their transaction volume on the market, which contributed to the rise of the token’s price.
But to open the week, BOME is currently sitting at a 15% correction which might prompt more speculators to buy more in the hopes of achieving profit in the future.
Looking at the price surge that has given investors a significant profit of around 46,000% it is unlikely that the token will go up by another 46,000%.
However, since the token itself is a meme coin crypto, there is no impossibility as the movement might rise up more or might end up going to zero.
If you want to use this token as a part of your speculation portfolio, it is better to have a specific capital allocation and a proper risk management to minimise losses since the token has risen significantly and might become more volatile.