The Book of Meme token is one of the most popular Solana coins. More importantly, it gained popularity at the beginning of the year when the price of BOME increased exponentially in a matter of days, bringing huge profits to holders. However, as the crypto market shifted from bull dominance to neutrality, the hype and spikes gradually faded over time, resulting in a 67% drop in value since ATH.
However, things could change with the upcoming crypto market bull run, as October is known as Uptober, which determines the profitable nature of the market this month. Given the performance of this token today, it could be a sign of the same.
Book of Meme Token Price Spikes 20% Today
Despite the initial downtrend and investors losing interest, the Book of Meme token has recovered over the past few days. This recovery is all the more significant as the crypto market is not completely bullish or in an Uptober as was previously expected. Instead, the red zone of the crypto market has taken over, leaving many concerned.
However, beating all expectations, the price of BOME has increased by 20% and 40% in the last 24 hours and in the week. This brought the value of the token to $0.009413, a 2-month high. Additionally, its market capitalization and trading volume of $651.17 million and $481.58 million, also increased significantly.
This sudden surge in the price of the Book of Meme token has attracted attention, leading to its trending status on CoinmarketCap. However, the token is far below usersâ expectations compared to its early days, when its value was as high as $0.02805 in early March.
Why is BOME price rising today and will this increase sustain?
BOME is among the top meme coins to buy and has maintained that popularity, leading to a steady price rally. The token has been waiting for this recovery for months and has finally come to fruition with one, with the Bitcoin price hitting $64,000 and aiming for $70,000 next.
Additionally, with this, there was a boost in the crypto market, where the global market capitalization increased by 3% and trading volume increased by 60%, showing investor interest in the market. It can also be seen in the trading volume of the Book of Meme token, which increased by 70%, showing increased demand for this particular token.
Although this is a sudden surge, many crypto analysts have been talking about this anticipated crypto rally. Some of them have identified a breakout from a long-standing descending triangle as the reason behind this rally. However, there is a possibility of consolidation, as the RSI is above 70, which is a sign of overbought conditions and a prolonged uptrend. This usually leads to temporary consolidation, as the remaining technical factors point to the continuation of this uptrend.
With this, many have pointed out that the rest of the year will be bullish for this Solana Coin, as the BOME price could reach a new high of $0.15. However, uncertainty is part of the cryptocurrency market and further consolidation could see this token fall.
