Binance launches new altcoin: A giant whale buys a day early
As expected, following today’s futures listing, cryptocurrency exchange Binance has also listed memecoin BOOK OF MEME (BOME) on the spot market.
Bybit listed BOME on the spot market a few hours ago, but Binance is content with listing it on the futures market. Considering the growing popularity of altcoins, Binance’s spot listing has not been delayed.
It is worth noting, however, that the Solana-based memecoin BOME, which emerged just two days ago, has surpassed $1 billion in market capitalization in such a short period of time, despite being a SOL-based memecoin and yet being so successful as a memecoin. As of now, Memecoin is commonly issued on the Ethereum network.
However, low transaction fees on the Solana blockchain and the ability to purchase memecoin early and at low cost may explain the SOL memecoin’s recent success.
Following the Binance listing, BOME price is on the attack again, rising by around 300% in the past 24 hours as of this writing. However, it should also be noted that despite the recent memecoin hype, such coins have no intrinsic value and investors are buying solely on the assumption that the price will increase.
When examining Onchain data, it’s worth noting that there were whales investing heavily in this altcoin prior to BOME’s listing.
Last night, the whale purchased $2.3 million of SOL on cryptocurrency exchange Binance and later purchased 314 million BOME from its OTC wallet for $0.0074. At the time of writing, BOME price is $0.01827.
*This is not investment advice.
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