Meme tokens built on the Solana blockchain have been booming over the past few months, with new tokens being launched frequently in the industry.
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The best performer on the list today is Book of Meme (BOME). The asset's price rose by about 50% in 24 hours, while its market capitalization briefly topped $900 million. This is a significant achievement for a coin that launched just a week ago.
Currently, BOME is the 126th largest cryptocurrency and briefly entered the top 100 club. This happened on March 16, when its market cap was close to $1.5 billion.
The token’s impressive price appreciation has allowed savvy traders to pocket significant profits. CryptoPotato reported on the case of one such investor who exchanged 50 SOL for 767 SOL (equivalent to over $137,000 at current exchange rates).
BOME is not the only meme coin that has exploded into triple-digit growth in a short period of time, leaving some traders with an investment in a favorable position.
Last year, a mysterious individual purchased more than 2.5 million Dogwifhat (WIF) tokens for just $310. The stash is currently worth nearly $6 million.
Despite offering the opportunity for life-changing profits, dealing in memecoins can result in significant losses due to the niche’s notorious volatility.
