Reasons Behind BOME's Decline – CoinEdition Analysis

The recently introduced memecoin, BOOK OF MEME (BOME), built on the #Solana blockchain, saw a drop in value after its primary holder address, sundayfunday.sol, sold 340 million units of the crypto token.

The sale resulted in 18,660 SOL, with an average selling price of $0.0107, yielding a profit of $3.62 million. On-chain data indicates that the holder conducted the transaction in seven installments, comprising six batches of 50 million BOME and one batch of 40 million tokens. Following the transaction, the top holder's BOME balance stood at 900 million.

Simultaneously, the memecoin's value plummeted by 47% within 24 hours, causing the address's assets to decrease to $8.38 million.

Sundayfunday.sol emerged as BOME's primary investor after injecting 420 SOL, valued at $67,200, during the initial fundraising. The cost of BOME during the investment phase was approximately $0.00004691, resulting in up to $34.56 million in profit at BOME's peak price.

BOME's price surged to $0.02689 shortly after its launch on the Solana blockchain, gaining significant adoption across various crypto exchanges, including prominent platforms like Binance, HTX, and Bybit. However, several exchanges such as Kraken and WhiteBIT refrained from listing BOME due to security concerns. #HotTrends #BOME $BOME