The token that exploded to $2B market cap, is now down 50%.
To answer the question, it’s clear that $BOME has not "rugged" overnight. There have been no confirmed reports or evidence of the project's team abandoning it or running away with investors' funds. However, it the cryptocurrency market is highly volatile and unpredictable, and given it’s huge surge in price, it’s normal to experience a large pullback.
One of the main reasons for the recent price drop is the overall market sentiment, as investors have been more cautious and risk-averse in recent times. This has led to a decrease in demand and volume which in turn has caused its price to drop.
Additionally, there have been some concerns about the project's development progress and the lack of significant updates from the team. The price was increasing from hype only - This led to some holders losing confidence in the project and taking profits, which contributed to the decline in the token's value.
On top of this, the entire market has been experiencing increased volatility, with many tokens experiencing significant price fluctuations. This has also had an impact on the price of $BOME , as it is not immune to the broader market trends.
In conclusion, the recent decline in the value of $BOME can be attributed to a combination of factors, including market sentiment, concerns about the project's development progress, and overall market volatility. In times like this, it’s a good idea to load up on the tokens you love the most as this is when you will generally find the best entry prices.
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Did $BOME rug?
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