#write2earn Binance Adds #Solana -Based #Memecoin #BOME to Spot Market: A Meteoric Rise and Whale Activity #SolanaMemes
It's not surprising that following today's futures listing, Binance, a cryptocurrency exchange, also added the memecoin BOOK OF MEME (BOME) to its spot market.
Earlier, Bybit had already listed BOME on the spot market, but Binance had initially only listed it in futures. However, given the growing popularity of this altcoin, Binance didn't delay its spot listing.
What's interesting is that BOME, a memecoin based on Solana, emerged just two days ago and quickly surpassed a market value of $1 billion, proving to be quite successful despite being SOL-based. Typically, memecoins have been issued on the Ethereum network up until now.
The success of SOL memecoins lately could be attributed to the low transaction fees on the Solana blockchain and the opportunity to buy them early at a lower cost.
Following the Binance listing, the price of BOME surged again, increasing by approximately 300% in the last 24 hours at the time of writing. However, it's important to remember that despite the recent hype around memecoins, they don't hold any intrinsic value and investors mainly buy them with the hope of the price going up.
Upon analyzing Onchain data, it's worth noting that a large investor, known as a whale, had put a significant amount into this altcoin before the BOME listings.
This whale bought $2.3 million worth of SOL on Binance yesterday evening and later used them to purchase 314 million BOME from their off-exchange wallet at a price of $0.0074. As of now, the price of BOME is trading at $0.01827.
