Book of Meme (BOME), a recently launched meme coin on the Solana network, has attracted significant attention due to its remarkable price surge. The BOME price surged by over 25% today, alongside a notable increase in open interest.
Reasons Behind the Surge: The price of Book of Meme crypto experienced a substantial rally, increasing by 42% from its recent low of $0.0118 to reach a peak of $0.01681 on March 22. Currently, the BOME price stands at $0.01494, marking a 25.06% increase, with a market capitalization of $825.06 million. Additionally, the 24-hour trading volume for BOME surged by 100.10% to $1.90 billion.
Moreover, the open interest for Book of Meme soared by 11.76% to $156.16 million, indicating growing interest from derivatives traders. The derivatives volume also witnessed a substantial surge, increasing by 111.96% to $3.51 billion.
The surge in open interest significantly contributed to today’s price surge. Additionally, the short squeeze phenomenon played a significant role in driving up the price. Approximately $2.54 million worth of short liquidations were observed in the past 24 hours, suggesting that short traders may need to repurchase their positions, potentially leading to further price increases before a correction occurs. Long liquidations totaling nearly $2.30 million were also noted for BOME.
However, the Book of Meme crypto has recently come under scrutiny from Binance, the world’s largest crypto exchange. Binance initiated an investigation on March 18 following community discussions regarding a potential “BOME rat warehouse” incident, raising concerns about insider trading. These allegations prompted Binance to launch an internal inquiry and offer rewards of up to $5 million for information on the BOME insider trading case.
In other developments, LBank has announced the listing of Book of Meme 2.0 (BOME2), scheduled for March 23, 2024. This listing offers traders a new opportunity to engage with the Book of Meme project, with trading commencing promptly. Additionally, users can participate in BOME2/USDT spot pairs within the MEME Zone. Deposits will be accepted starting from March 22, 2024, while withdrawals will be enabled from March 24, 2024. However, traders should be aware of an additional 3% transaction fee, which will support the sustainability and development of BOME2 as the project’s second iteration.